Key benchmark indices extended gains and hit fresh intraday high in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex was up 90.13 points or 0.32% to 28,020.34. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently up 35.35 points or 0.41% at 8,661.05. The Sensex hit an intraday high above the psychologically important 28,000 level in early afternoon trade. Data released today, 1 November 2016 showing that the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) has climbed to a 22-month peak in October 2016 boosted sentiment on the domestic bourses.
The Sensex rose 97.08 points or 0.35% at the day's high of 28,027.29 in early afternoon trade. The barometer index fell 58.06 points or 0.21% at the day's low of 27,872.15 in early trade, its lowest level since 28 October 2016. The Nifty rose 35.35 points or 0.41% at the day's high of 8,661.05 in early afternoon trade. The index fell 11.20 points or 0.13% at the day's low of 8,614.50 in early trade, its lowest level since 28 October 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,458 shares rose and 1,168 shares fell. A total of 121 shares were unchanged. The BSE Mid-Cap index was currently up 0.35%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.2%, underperforming the Sensex.
IT stocks saw mixed trend. Infosys (down 0.94%), Wipro (down 0.16%), TCS (down 0.76%), Oracle Financial Services Software (down 0.35%), Tech Mahindra (down 1.71%)declined. HCL Technologies (up 0.52%), MindTree (up 0.32%), Hexaware Technologies (up 0.64%) and MphasiS (up 0.58%) rose.
Realty stocks were mostly lower. Oberoi Realty (down 1%), Sobha (down 1.09%), Housing Development and Infrastructure (down 1.45%), Godrej Properties (down 0.16%), Prestige Estates Projects (down 0.52%), D B Realty (down 0.93%), DLF (down 0.27%) fell. Indiabulls Real Estate (up 0.46%), Unitech (up 0.33%) and Parsvnath Developers (up 2.77%) rose.
Kitex Garments lost 11.26% after net profit fell 52.41% to Rs 12.92 crore on 20.5% decline in net sales to Rs 95.55 crore in Q2 September 2016 over Q2 September 2015. The result was announced yesterday, 31 October 2016. The stock market was closed on that day for a holiday.
Among macro economic data, data released by Markit Economics today, 1 November 2016 indicated that the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) climbed to a 22-month peak to54.4 in October from 52.1 in September supported by stronger contributions from three of its five sub-components - new orders, output and stocks of purchases. The latest reading was indicative of a robust improvement in manufacturing business conditions that was in line with the long-run series average, Markit Economics said.
The growth in the Index of Eight Core Industries stood at 5% in September 2016, stronger than the 3.2% growth seen in August, data released by the government yesterday, 31 October 2016 showed. The Eight Core Industries comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP).
In overseas stock markets, Chinese stocks were trading higher after the release of encouraging purchasing managers index data from China. Other Asian stocks were trading mixed. China's official manufacturing PMI rose to 51.2 in October from 50.4 in September, adding to signs that the world's second-largest economy is stabilizing. China's official non-manufacturing purchasing managers index, a measure of activity outside factory gates, edged up to 54 in October from 53.7 in September. The Caixin manufacturing PMI for China was 51.2 in October, up from 50.1 in September. Japan's central bank largely held fire in a policy update today, 1 November 2016. The Bank of Japan (BOJ) said it would keep its deposit rate steady at -0.1%, and would continue to target a zero yield for 10-year Japan government bonds. Its only notable move was to push back the timeline for achieving 2% inflation by one year, to fiscal 2018. US stocks closed lower yesterday, 31 October 2016 as stronger-than-expected consumer spending data underlined the view that the economy is growing at a steady pace, while a drop in oil prices and election uncertainty weighed on the minds of investors.
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