Key benchmark indices extended fall and hit fresh intraday low in mid-morning trade. At 11:22 IST, the S&P BSE Sensex was down 75.24 points or 0.27% at 28,030.97. The Nifty 50 index was down 24.20 points or 0.28% at 8,685.35. The market breadth indicating the overall health of the market was positive. On BSE, 1,265 shares gained and 1,072 shares fell. A total of 176 shares were unchanged. The BSE Mid-Cap index was up 0.08%. The BSE Small-Cap index was up 0.06%. Both these indices outperformed the Sensex. Domestic bourses fell in tandem with Asian stocks as investors looked ahead to a key employment report.
The Sensex fell 77.39 points or 0.28% at the day's low of 28,028.82 in mid-morning trade, , its lowest level since 3 October 2016. The barometer index rose 49.47 points or 0.18% at the day's high of 28,155.68 in early trade. The Nifty lost 25.35 points or 0.29% at the day's low of 8,684.20 in morning trade, its lowest level since 3 October 2016. The index rose 14.15 points or 0.16% at the day's high of 8,723.70 in early trade.
IT stocks saw mixed trend. HCL Technologies (down 1.22%), TCS (down 0.85%), Infosys (down 0.76%), MindTree (down 0.52%) and Hexaware Technologies (down 0.99%) fell. Oracle Financial Services Software (up 0.12%), Tech Mahindra (up 0.46%), Wipro (up 0.2%) and MphasiS (up 0.02%) rose.
Cement stocks fell. Ambuja Cements (down 0.67%), ACC (down 0.79%), UltraTech Cement (down 0.62%) and Shree Cement (down 0.21%) fell.
Grasim Industries was up 0.44% at Rs 1,012.80. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
G M Breweries lost 5.46% after net profit rose 17.9% to Rs 11.12 crore on 6.5% decline in net sales to Rs 87.67 crore in Q2 September 2016 over Q2 September 2015. G M Breweries' bottom line growth in Q2 September 2016 was boosted by surge in non-operational income. Other income spurted 4100% to Rs 1.26 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 6 October 2016.
Deepak Nitrite fell 2.76% after the company said it has received an order from the Telangana State Pollution Control Board for closure of one of its three units situated at Hyderabad. The announcement was made after market hours yesterday, 6 October 2016. Deepak Nitrite makes diamino stilbene disulfonic acid (DASDA) at its facility at Hyderabad and the unit for which order has been received, is a processing unit. The company's DASDA production will be affected due to the order. The company said it is taking all the necessary effective steps to correct the anomalies pointed out by the authorities in the manufacturing system. Efforts are being put to get the closure notice revoked within a week or so. There will not be any major impact on service to DASDA customers. The week long interruption in production shall not have any major impact on the optical brightening agents production also, as adequate inventories are available, the company added.
In overseas stock markets, Asian stocks were trading lower as investors looked ahead to a key employment report. Markets in China remained closed for the Golden Week public holidays. US stocks closed near the flatline yesterday, 6 October 2016 as investors abstained from making big bets ahead of much-anticipated September jobs report. The US Bureau of Labor Statistics will announce the non farm payrolls report for September 2016 later in the global day today, 7 October 2016. Total nonfarm payroll employment in the United States increased by 151,000 in August of 2016, lower than a upwardly revised 275,000 in July. Investors and traders have been keeping a close eye on economic data as they gauge the likelihood of the US Federal Reserve raising interest rates later this year.
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