A range bound movement was witnessed as key benchmark indices languished in negative zone in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was off 32.95 points or 0.12% at 27,437.86. The losses for the 50-unit CNX Nifty were higher in percentage terms than those for the Sensex. The Nifty was currently off 19.70 points or 0.24% at 8,275.75.
The market breadth indicating the overall health of the market was weak. On BSE, 1,543 shares declined and 886 shares rose. A total of 115 shares were unchanged. The BSE Mid-Cap index was off 0.38%. The BSE Small-Cap index was off 0.45%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
Lupin (down 1.9%), Coal India (down 1.96%) and Reliance Industries (down 1.17%) were the top losers from the Sensex pack.
Auto stocks were mixed. Ashok Leyland (down 1.74%), Mahindra & Mahindra (M&M) (down 0.31%), Eicher Motors (down 1%) and TVS Motor Company (down 1.41%) declined. Tata Motors (up 0.67%), Bajaj Auto (up 1.85%) and Hero MotoCorp (up 1.27%) rose.
Maruti Suzuki India gained 1.34%. The company is set to announce its Q2 September 2015 results tomorrow, 27 October 2015.
Force Motors rose 4.03% after net profit rose 65.33% to Rs 42.48 crore on 27.45% rise in net total income from operations to Rs 763.24 crore in Q2 September 2015 over Q2 September 2014. The result was announced on Saturday, 24 October 2015.
Sugar stocks edged lower on profit booking after recent steep rally. Bajaj Hindusthan (down 5.6%), Dhampur Sugar Mills (down 3.17%), Sakthi Sugars (down 5.93%), Balrampur Chini Mills (down 1.56%), Triveni Engineering & Industries (down 3.09%), Shree Renuka Sugars (down 3.23%), Simbhaoli Sugar Mills (down 5.43%) declined.
Kanoria Chemicals & Industries jumped 7.35% after the company's announcement that its African subsidiary Kanoria Africa Textiles plc has set up an integrated project at Bishoftu in Ethiopia for manufacture of denim fabric with an annual capacity of 12 million metres.
Binani Industries lost 1.06% after the company reported a net loss of Rs 0.24 crore in Q2 September 2015 compared with net profit of Rs 6.85 crore in Q2 September 2014. Binani Industries' net sales declined 68.1% to Rs 4.85 crore in Q2 September 2015 over Q2 September 2014. The Q2 result was announced on Saturday, 24 October 2015.
In overseas stock markets, Asian stocks edged higher after China's central bank unexpectedly cut interest rates and lenders' reserve requirements in a bid to lower corporate financing costs and pump liquidity into the economy. After close of trading hours in Asia on Friday, 23 October 2015, the People's Bank of China announced reduction in one-year lending rate by 25 basis points to 4.35% and cut its one-year deposit rate by 25 basis points to 1.5%. It also announced reduction in banks' reserve-requirement ratio requirement. US stocks rallied during the previous trading session on Friday, 23 October 2015, after a surprise interest-rate cut from the People's Bank of China and a string of better-than-expected earnings from heavyweight tech companies.
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