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Capital goods, sugar stocks decline

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Weakness persisted on the bourses in mid-afternoon trade as the key benchmark indices hovered near day's low in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P Sensex, was down 138.35 points or 0.43% at 31,875.84. The index was down 47.25 points or 0.47% at 9,931.30. Global stocks fell today, 9 August 2017, as rising geopolitical concerns after the US and North Korea exchanged threats marred investors' sentiment.

The was trading below the psychological 32,000 mark after sliding below that level in opening trade. Domestic stocks saw a gap-down opening on negative global cues. Stocks cut losses in morning trade as select index pivotals were off intraday day lows. Key indices extended fall in mid-morning trade on fresh selling in index pivotals. Stocks languished in the red till afternoon trade.

The S&P Mid-Cap index was down 1.24%. The S&P Small-Cap index was down 1.21%. The fall in both these indices was higher than the Sensex's decline in percentage terms.

The broad market depicted weakness. There were more than three losers against every gainer on 1,879 shares declined and 596 shares rose. A total of 115 shares were unchanged.

Capital goods stocks fell. Punj Lloyd (down 2.44%), Siemens (down 1.33%), Thermax (down 2.66%), ABB India (down 0.58%), BEML (down 1.64%), Bharat Electronics (down 1.18%) and L&T (down 0.8%) declined.

Sugar stocks edged lower. Bajaj Hindusthan (down 2.28%), Mills (down 1.1%), Sakthi Sugars (down 3.05%), Balrampur Chini Mills (down 1.15%), Triveni Engineering & Industries (down 2.31%), Shree Renuka Sugars (down 4.03%), Simbhaoli Sugar Mills (down 1.99%) declined.

Jindal Steel & Power shed 0.141%. The company's net loss narrowed in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 8 August 2017.

On a consolidated basis, Jindal Steel & Power (JSPL) reported net loss of Rs 420.46 crore in Q1 June 2017, lower than net loss of Rs 1238.11 crore in Q1 June 2016. Net sales rose 23.61% to Rs 5607.27 crore in Q1 June 2017 over Q1 June 2016.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 33% to Rs 1353 crore in Q1 June 2017 over Q1 June 2016.

Deepak Nitrite was down 3.81% after net profit fell 70.2% to Rs 20.10 crore on 6.1% growth in net sales to Rs 337.36 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 8 August 2017.

The company's profit after tax (PAT) excluding exceptional items grew by 32% to Rs 20.10 crore in Q1 June 2017 over Q1 June 2016.

Meanwhile, India's diplomatic efforts to end a seven-week military standoff with China have reportedly hit a roadblock, prompting Chinese state-run media to trumpet rhetoric of "unavoidable countermeasures" on the unmarked border. China has insisted that India unilaterally withdraw its troops from the remote Doklam plateau claimed by both Beijing and Indian ally Bhutan.

Overseas, European and Asian stocks declined as investors took a risk-off approach after the US and North Korea exchanged threats amid escalating tensions between the two nations. North Korea reportedly said it is considering plans for a missile strike on the US Pacific territory of Guam, just hours after President Donald Trump told North Korea that any threat to the United States would be met with "fire and fury".

Meanwhile, China's producer price gains held steady in July on surging commodity prices, as demand stayed resilient and the government's drive to reduce industrial capacity takes hold. China's consumer inflation unexpectedly slowed in July on continued weakness in food prices and cheaper non-food items. China's consumer price index in July increased 1.4% from a year earlier, compared with a 1.5% gain in June.

US stocks finished near lows of the session yesterday, 8 August 2017 reversing earlier gains as an early rally in financial, tech and energy stocks fizzled amid tough talk from President Donald Trump on North Korea. In US economic news, the Labor Department reported on Tuesday that the number of job openings in June vaulted to 6.16 million from 5.7 million in May.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 09 2017. 14:28 IST
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