Metal sector stocks and index heavyweights ITC, HDFC Bank and Infosys led small losses for key benchmark indices. The barometer index, the S&P BSE Sensex lost 77.38 points or 0.3% to settle at 26,150.24. The decline in the Nifty 50 index was lower than the Sensex's fall in percentage terms. The Nifty fell 5.85 points or 0.07% to settle at 8,074.10. The Sensex, and the Nifty, hit their lowest closing level in more than 5-1/2-months.
The Sensex declined for the fifth straight trading session.
Stocks of public sector banks edged higher. Stocks of private sector banks were mixed. Index heavyweight Reliance Industries (RIL) nudged higher after the company announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space whereby RIL and GE will work together to build out joint applications on GE's Predix platform.
The Sensex lost 77.38 points or 0.3% to settle at 26,150.24, its lowest closing level since 25 May 2016. The index rose 121.40 points or 0.46% at the day's high of 26,349.02. The index lost 120.84 points or 0.46% at the day's low of 26,106.78.
The Nifty fell 5.85 points or 0.07% to settle at 8,074.10, its lowest closing level since 26 May 2016. The index rose 49 points or 0.6% at the day's high of 8,128.95. The index lost 31.65 points or 0.39% at the day's low of 8,048.30.
The BSE Mid-Cap index rose 0.61%. The BSE Small-Cap index rose 0.25%. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,328 shares rose and 1,253 shares declined. A total of 166 shares were unchanged.
The total turnover on BSE amounted to Rs 2408.44 crore, lower than turnover of Rs 2660.23 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (down 1.26%), the BSE Metal index (down 1.19%) and the BSE Bankex index (down 0.6%) underperformed the Sensex. The BSE Healthcare index (up 1.29%), the BSE Utilities index (up 1.07%), the BSE Auto index (up 0.82%), the BSE Oil & Gas index (up 1.45%), the BSE Power index (up 1.22%) and the BSE Realty index (up 1.26%) outperformed the Sensex.
Stocks of public sector banks edged higher. Union Bank of India (up 5.18%), IDBI Bank (up 2.07%), Punjab National Bank (up 1.39%) and Bank of Baroda (up 1.14%) gained. State Bank of India (down 0.7%) edged lower.
Stocks of private sector banks were mixed. HDFC Bank (down 1.47%), ICICI Bank (down 1.18%), RBL Bank (down 1.08%) and Axis Bank (down 0.2%) declined. Kotak Mahindra Bank (up 0.47%), Yes Bank (up 0.45%) and IndusInd Bank (up 0.09%) edged higher.
Index heavyweight and housing finance major HDFC was up 0.08%. The company after market hours yesterday, 17 November 2016, announced that it intends to raise Rs 1500 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.4% per annum and will have a tenor of 2 years.
IT major TCS was down 0.89%. The company's board of directors at a meeting held yesterday, 17 November 2016, decided to convene an extraordinary general meeting (EGM) pursuant to the special notice & requisition dated 9 November 2016 sent by Tata Sons, shareholder of the company holding 73.26% of the paid-up equity share capital of the company, to consider and if thought fit, to pass a resolution for removal of C. P. Mistry as Director of the company. The EGM will be held on 13 December 2016. The announcement was made after market hours yesterday, 17 November 2016.
Index heavyweight Infosys was down 1.05%. The company said it has made an investment of DKK 14,920,000 from its innovation Fund in UNSILO, a Danish artificial intelligence startup focused on advanced text analysis. The announcement was made during market hours today, 18 November 2016.
Index heavyweight Reliance Industries (RIL) was up 0.63% after the company announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space whereby RIL and GE will work together to build out joint applications on GE's Predix platform. The partnership marks the coming together of two of the world's largest industrial conglomerates to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries. The announcement was made after market hours yesterday, 17 November 2016.
GE will provide its Predix cloud offering, Industrial Internet applications and data science expertise. RIL will develop solutions on Predix as an Independent Software Vendor (ISV), bringing to bear its over 30 years of data, process and operational expertise. RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture.
Power Grid Corporation of India (PGCIL) was down 0.54%. Piyush Goyal, Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, in a written reply to a question in Lok Sabha yesterday, 17 November 2016 said that PGCIL has sought a loan assistance of $1,000 million from the Asian Development Bank (ADB) comprising of Sovereign guaranteed loan of $500 million and Non-Sovereign loan of $500 million. The Minister further informed that the loan would be utilized for funding of the transmission projects including a project under Green Energy Corridor projects in next 3-4 years.
Metal and mining stocks edged lower as copper prices declined in global commodities markets. Tata Steel (down 2%), NMDC (down 2.52%), Hindalco Industries (down 1.72%), Steel Authority of India (down 1.4%), Jindal Steel & Power (down 0.74%), Hindustan Copper (down 1.6%) and Hindustan Zinc (down 0.94%) declined. JSW Steel (up 2.05%) and National Aluminium Company (up 1.11%) edged higher.
High Grade Copper for December 2016 delivery was currently down 0.76% at $2.472 per pound on the COMEX.
Vedanta was down 4.47%. The company said it proposes to offer rated secured redeemable non-convertible debentures aggregating to Rs 300 crore. In this regard, the company will hold a meeting of its duly constituted committee of the board on 22 November 2016. The announcement was made after market hours yesterday, 17 November 2016.
Index heavyweight and cigarette major ITC was down 1.92% at Rs 227.90. The stock hit a high of Rs 231.20 and a low of Rs 227.10 in intraday trade.
In overseas stock markets, European stocks edged lower as rising US bond yields pushed the dollar higher as investors upped bets on a December rate hike. According to minutes of the European Central Bank's (ECB) most recent meeting, policymakers were ready to boost their 1.7 trillion stimulus again, if needed to ensure that Eurozone's economy remains on its recovery path. Further, it revealed that board members widely agreed to wait until December to get a clearer picture of the inflation outlook to form a policy view as they found it premature to make a firm assessment of the outlook for price stability and to discuss its implications. Asian stocks witnessed a mixed trend.
US stocks registered modest gains yesterday, 17 November 2016, as investors parsed through economic data and Federal Reserve Chair Janet Yellen's testimony. Yellen has stressed the importance of central bank independence in her first public remarks after Donald Trump's election victory as new data showed the president-elect will inherit a strengthening economy. The Federal Reserve chair told a congressional hearing yesterday, 17 November 2016 that an increase in short-term interest rates could become appropriate relatively soon, raising expectations of a rise at the Fed's next meeting in December.
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