After witnessing a recovery in mid-morning trade, key benchmark indices reversed trend and hit fresh intraday low in early afternoon trade. Trading was volatile. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 82.52 points or 0.31% at 26,148.14. The Nifty 50 index was down 23.25 points or 0.29% at 8,063.55. The market breadth, indicating the overall health of the market, was positive. On BSE, 1,185 shares rose and 1,137 shares fell. A total of 133 shares were unchanged. The BSE Mid-Cap index was currently up 0.06%, outperforming the Sensex. The BSE Small-Cap index was currently down 0.16%. The decline in this index was lower than the Sensex's decline in percentage terms.
The Sensex and the Nifty, both, hit their lowest intraday levels in more than one week. The Sensex fell 105.31 points, or 0.40% at the day's low of 26,125.35 in early afternoon trade, its lowest level since 25 November 2016. The index rose 42.63 points, or 0.16% at the day's high of 26,273.29 in early trade. The Nifty fell 29.95 points, or 0.37% at the day's low of 8,056.85 in early afternoon trade, its lowest level since 25 November 2016. The index rose 16.50 points, or 0.20% at the day's high of 8,103.30 in early trade.
Telecom shares were mixed. Bharti Airtel (up 2.02%) and MTNL (up 0.29%), edged higher. Reliance Communications (down 0.28%), Tata Teleservices (Maharashtra) (down 0.64%) and Idea Cellular (down 0.75%), edged lower. Telecom tower infrastructure provider Bharti Infratel was up 0.52%.
Capital goods shares were mixed. Crompton Greaves (down 7.16%), SKF India (down 0.8%), GE Power India (down 0.73%), GE T&D India (down 0.69%), Bharat Heavy Electricals (down 0.67%), Praj Industries (down 0.46%), ABB India (down 0.29%), Larsen & Toubro (down 0.28%), AIA Engineering (down 0.22%) and BEML (down 0.19%), edged lower. Punj Lloyd (up 0.25%), Reliance Defence and Engineering (up 0.29%), Thermax (up 0.31%), Jindal Saw (up 0.47%), Siemens (up 0.56%), Lakshmi Machine Works (up 0.57%), Bharat Electronics (up 0.63%) and Havells India (up 1.30%), edged higher.
IL&FS Engineering and Construction Company rose 3.39% after the company secured orders worth Rs 677.8 crore in West Bengal. The announcement was made on Saturday, 3 December 2016.
IL&FS Engineering and Construction Company (IL&FS Engg) said it has emerged as the lowest bidder for two rural electrification (RE) works and additional two Integrated Power Development Works (IPDS) of West Bengal State Electricity Distribution Company (WBSEDCL), Kolkata worth Rs 677.8 crore. The completion schedule of work is 24 months. IL&FS Engineering Services is already working in 24 Paraganas South and North for RE works for WBSEDCL, worth around Rs 657 crore.
Bajaj Finance rose 1.59% after the company raised Rs 105 crore by allotting 1,050 unsecured subordinated, tier II, redeemable, non-convertible debentures. The announcement was made on Saturday, 3 December 2016.
Bajaj Finance announced that the debenture allotment committee of the company at a meeting held on 2 December 2016, allotted 1,050 unsecured subordinated, tier II, redeemable, non-convertible debentures aggregating Rs 105 crore, on private placement basis.
Overseas, most Asian stocks edged lower as investors feared the no vote in Italy's referendum on Sunday, 4 December 2016, could hurt the country's banking system and lead to global contagion. Italy's prime minister resigned following a heavy referendum defeat.
US stocks struggled for direction on Friday, 2 December 2016, with the Dow industrials finishing lower and the S&P 500 and the Nasdaq closing slightly higher as investors digested a weaker-than-expected payroll report, favoring sectors viewed as safe in economically uncertain times.
The uncertainty was underlined by the November jobs report, which showed 178,000 jobs added in the month, fewer than had been expected, while the count over the prior two months was reduced. However, the jobless rate fell sharply to a nine-year low of 4.6%.
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