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Market breadth turns negative from positive

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Key benchmark indices hovered in a small range in positive zone in mid-morning trade. At 11:22 IST, the barometer index, the S&P Sensex, was up 39.73 points or 0.15% at 26,692.54. The gains for the 50 index were lower in percentage terms than those for the The was currently up 2.45 points or 0.03% at 8,226.95.

The breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,170 shares fell and 1,073 shares rose. A total of 114 shares were unchanged. The Mid-Cap index was currently off 0.4%. The Small-Cap index was currently up 0.01%. Both these indices underperformed the

Index heavyweight and housing finance major HDFC advanced 1.27% to Rs 1,280.75. The stock hit high of Rs 1,285.75 and low of Rs 1,261 so far during the day.

FMCG stocks rose. GlaxoSmithkline Consumer Healthcare (up 2.16%), Colgate-Palmolive (India) (up 0.57%), Dabur India (up 0.69%), Godrej Consumer Products (up 2.07%), Hindustan Unilever (up 0.68%), Marico (up 2.22%), Nestle India (up 0.43%), Procter & Gamble Hygiene and Health Care (up 0.33%) and Bajaj Corp (up 0.28%) rose. Britannia Industries (down 0.27%), Tata Global Beverages (down 0.04%) and Jyothy Laboratories (down 0.23%) fell.

Telecom stocks fell. Idea Cellular (down 1.1%), Bharti Airtel (down 0.99%), Tata Teleservices (Maharashtra) (down 1.58%) and Reliance Communications (down %) fell. MTNL (up 0.29%) rose.

Shares of Bharti Infratel rose 2.08%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

MOIL rose 1.09% after the company said it has increased prices of different grades of manganese ore, effective from today, 1 December 2016. Prices of ferro grade ore have been hiked by 30%. Prices of SMGR grade and fines have been raised by 25% each and prices of chemical grade ore have been raised by 10%. Price of elctrolyte manganese dioxide (EMD) has remain unchanged. The announcement was made during trading hours today, 1 December 2016.

Among macro economic data, the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index stood at 52.3 in November, down from October's 22-month high of 54.4, data released by Markit Economics revealed today, 1 December 2016. The withdrawal of high-value banknotes in India reportedly hampered manufacturing growth in November, with companies signalling softer increases in order books, buying levels and output, Markit Economics said.

The gross domestic product (GDP) rose at 7.3% in the second quarter ended September 2016. GDP expanded by 7.1% in the first quarter ended June 2016 and at 7.6% in the second quarter ended September 2015, data released after market hours yesterday, 30 November 2016 from the Central Statistics Office showed.

The output of eight core infrastructure sector comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) has posted healthy 6.6% growth in October 2016 over October 2015. Its cumulative growth during April to October 2016-17 was 4.9%, data released after market hours yesterday, 30 November 2016 showed.

Overseas, Asian stock markets rose as investor sentiment was boosted by news that the Organization of Petroleum Exporting Countries (OPEC) reached a deal yesterday, 30 November 2016 to cut oil production. The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices.

In mainland China, the Shanghai Composite index was currently up 0.51%. China's manufacturing sector continued to expand at faster rate in November. The National Bureau of Statistics today, 1 December 2016 said that China's manufacturing PMI score was 51.7 in November, up from 51.2 in October.

In Japan, the Nikkei 225 Average was currently up 1.22%. The latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in November, although at a slightly slower pace, with a PMI score of 51.3. That's down marginally from 51.4 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

US stocks ended on a mixed note yesterday, 30 November 2016 in a volatile session of trade. Stocks retreated from their earlier highs after the Beige Book suggested there were no signs of any post-election euphoria and that the economy was expanding moderately.

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

First Published: Thu, December 01 2016. 11:22 IST