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Market declines further on negative European signals

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Key benchmark indices hit fresh intraday low in afternoon trade, tracking a negative opening in European market. At 13:18 IST, the barometer index, the S&P was down 106.19 points or 0.38% at 27,944.69. The 50 index was currently down 35.10 points or 0.40% at 8,642.80. The was currently trading below the psychologically important 28,000 level after alternately swinging above and below that level in intraday trade.

The lost 114.08 points or 0.41% at the day's low of 27,936.80 in afternoon trade. The barometer index rose 80.19 points or 0.28% at the day's high of 28,131.07 in early trade, its highest level since 10 October 2016. The lost 35.25 points or 0.41% at the day's low of 8,642.65 in afternoon trade. The index rose 20.85 points or 0.24% at the day's high of 8,698.75 in early trade, its highest level since 10 October 2016.

In overseas stock markets, European stocks were trading lower in early trade today, 19 October 2016. Most Asian stocks edged higher tracking overnight gains in US stock markets. In mainland China, the Shanghai Composite ended higher by 0.03%. In Hong Kong, the Hang Seng was currently down 0.55%. Latest data showed that China's gross domestic product (GDP) rose 6.7% in the third quarter from a year earlier. Another data showed that China's industrial output increased 6.1% in September 2016, from a year earlier. US stocks registered modest gains yesterday, 18 October 2016, helped by stronger-than-expected quarterly reports and after mixed inflation data.

Closer home, the market breadth indicating overall health of the market was strong. On BSE, 1,485 shares rose and 1,138 shares declined. A total of 184 shares were unchanged. The Mid-Cap index was currently down 0.30%. The decline in this index was lower than the Sensex's decline in percentage terms. The Small-Cap index was currently up 0.38%, outperforming the Sensex.

Bharat Heavy Electricals (Bhel) was up 3.71%. Media reports suggested that the Supreme Court allowed appeal against Madras High Court's stay over construction of Ennore SEZ supercritical thermal power project. Bhel had won a contract in October 2014 worth Rs 7800 crore from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) for setting up 2X660 megawatt (MW) thermal power plant on engineering, procurement and construction (EPC) basis at Ennore SEZ. However, the contract was challenged by a rival consortium.

Metal shares were mixed. JSW Steel (down 1.19%), Hindalco Industries (down 0.92%), Jindal Steel & Power (down 0.52%), Hindustan Copper (down 0.25%), Tata Steel (down 0.24%) and Steel Authority of India (down 0.21%), edged lower. Bhushan Steel (up 0.93%), Vedanta (up 1.33%), National Aluminium Company (up 1.47%), Hindustan Zinc (up 2.14%) and NMDC (up 3.17%), edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2016 delivery was currently down 0.14% at $2.1025 per pound on the COMEX.

FMCG shares were mixed. Tata Global Beverages (up 2.53%), Colgate Palmolive (India) (up 2.06%), Britannia Industries (up 1.66%), Marico (up 1.34%), Dabur India (up 0.93%) and Bajaj Corp (up 0.87%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.04%), Procter & Gamble Hygiene & Health Care (down 0.06%), Nestle India (down 0.22%), Jyothy Laboratories (down 0.31%), Godrej Consumer Products (down 0.34%) and Hindustan Unilever (down 0.63%), edged lower.

Garden Silk Mills was locked at 20% upper circuit at Rs 38.55 after the company announced that a meeting of board of directors will be held on 25 October 2016, to consider the proposal for raising of funds aggregating to Rs 30 crore by issue of convertible share warrants/convertible securities in favour of promoter/ promoter group of the company upon such terms and conditions as may be deemed appropriate by the board. The announcement was made after market hours yesterday, 18 October 2016.

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

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Market declines further on negative European signals

Key benchmark indices hit fresh intraday low in afternoon trade, tracking a negative opening in European market. At 13:18 IST, the barometer index, the S&P BSE Sensex was down 106.19 points or 0.38% at 27,944.69. The Nifty 50 index was currently down 35.10 points or 0.40% at 8,642.80. The Sensex was currently trading below the psychologically important 28,000 level after alternately swinging above and below that level in intraday trade.

Key benchmark indices hit fresh intraday low in afternoon trade, tracking a negative opening in European market. At 13:18 IST, the barometer index, the S&P was down 106.19 points or 0.38% at 27,944.69. The 50 index was currently down 35.10 points or 0.40% at 8,642.80. The was currently trading below the psychologically important 28,000 level after alternately swinging above and below that level in intraday trade.

The lost 114.08 points or 0.41% at the day's low of 27,936.80 in afternoon trade. The barometer index rose 80.19 points or 0.28% at the day's high of 28,131.07 in early trade, its highest level since 10 October 2016. The lost 35.25 points or 0.41% at the day's low of 8,642.65 in afternoon trade. The index rose 20.85 points or 0.24% at the day's high of 8,698.75 in early trade, its highest level since 10 October 2016.

In overseas stock markets, European stocks were trading lower in early trade today, 19 October 2016. Most Asian stocks edged higher tracking overnight gains in US stock markets. In mainland China, the Shanghai Composite ended higher by 0.03%. In Hong Kong, the Hang Seng was currently down 0.55%. Latest data showed that China's gross domestic product (GDP) rose 6.7% in the third quarter from a year earlier. Another data showed that China's industrial output increased 6.1% in September 2016, from a year earlier. US stocks registered modest gains yesterday, 18 October 2016, helped by stronger-than-expected quarterly reports and after mixed inflation data.

Closer home, the market breadth indicating overall health of the market was strong. On BSE, 1,485 shares rose and 1,138 shares declined. A total of 184 shares were unchanged. The Mid-Cap index was currently down 0.30%. The decline in this index was lower than the Sensex's decline in percentage terms. The Small-Cap index was currently up 0.38%, outperforming the Sensex.

Bharat Heavy Electricals (Bhel) was up 3.71%. Media reports suggested that the Supreme Court allowed appeal against Madras High Court's stay over construction of Ennore SEZ supercritical thermal power project. Bhel had won a contract in October 2014 worth Rs 7800 crore from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) for setting up 2X660 megawatt (MW) thermal power plant on engineering, procurement and construction (EPC) basis at Ennore SEZ. However, the contract was challenged by a rival consortium.

Metal shares were mixed. JSW Steel (down 1.19%), Hindalco Industries (down 0.92%), Jindal Steel & Power (down 0.52%), Hindustan Copper (down 0.25%), Tata Steel (down 0.24%) and Steel Authority of India (down 0.21%), edged lower. Bhushan Steel (up 0.93%), Vedanta (up 1.33%), National Aluminium Company (up 1.47%), Hindustan Zinc (up 2.14%) and NMDC (up 3.17%), edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2016 delivery was currently down 0.14% at $2.1025 per pound on the COMEX.

FMCG shares were mixed. Tata Global Beverages (up 2.53%), Colgate Palmolive (India) (up 2.06%), Britannia Industries (up 1.66%), Marico (up 1.34%), Dabur India (up 0.93%) and Bajaj Corp (up 0.87%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.04%), Procter & Gamble Hygiene & Health Care (down 0.06%), Nestle India (down 0.22%), Jyothy Laboratories (down 0.31%), Godrej Consumer Products (down 0.34%) and Hindustan Unilever (down 0.63%), edged lower.

Garden Silk Mills was locked at 20% upper circuit at Rs 38.55 after the company announced that a meeting of board of directors will be held on 25 October 2016, to consider the proposal for raising of funds aggregating to Rs 30 crore by issue of convertible share warrants/convertible securities in favour of promoter/ promoter group of the company upon such terms and conditions as may be deemed appropriate by the board. The announcement was made after market hours yesterday, 18 October 2016.

Powered by Capital Market - Live News

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

image
Business Standard
177 22

Market declines further on negative European signals

Key benchmark indices hit fresh intraday low in afternoon trade, tracking a negative opening in European market. At 13:18 IST, the barometer index, the S&P was down 106.19 points or 0.38% at 27,944.69. The 50 index was currently down 35.10 points or 0.40% at 8,642.80. The was currently trading below the psychologically important 28,000 level after alternately swinging above and below that level in intraday trade.

The lost 114.08 points or 0.41% at the day's low of 27,936.80 in afternoon trade. The barometer index rose 80.19 points or 0.28% at the day's high of 28,131.07 in early trade, its highest level since 10 October 2016. The lost 35.25 points or 0.41% at the day's low of 8,642.65 in afternoon trade. The index rose 20.85 points or 0.24% at the day's high of 8,698.75 in early trade, its highest level since 10 October 2016.

In overseas stock markets, European stocks were trading lower in early trade today, 19 October 2016. Most Asian stocks edged higher tracking overnight gains in US stock markets. In mainland China, the Shanghai Composite ended higher by 0.03%. In Hong Kong, the Hang Seng was currently down 0.55%. Latest data showed that China's gross domestic product (GDP) rose 6.7% in the third quarter from a year earlier. Another data showed that China's industrial output increased 6.1% in September 2016, from a year earlier. US stocks registered modest gains yesterday, 18 October 2016, helped by stronger-than-expected quarterly reports and after mixed inflation data.

Closer home, the market breadth indicating overall health of the market was strong. On BSE, 1,485 shares rose and 1,138 shares declined. A total of 184 shares were unchanged. The Mid-Cap index was currently down 0.30%. The decline in this index was lower than the Sensex's decline in percentage terms. The Small-Cap index was currently up 0.38%, outperforming the Sensex.

Bharat Heavy Electricals (Bhel) was up 3.71%. Media reports suggested that the Supreme Court allowed appeal against Madras High Court's stay over construction of Ennore SEZ supercritical thermal power project. Bhel had won a contract in October 2014 worth Rs 7800 crore from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) for setting up 2X660 megawatt (MW) thermal power plant on engineering, procurement and construction (EPC) basis at Ennore SEZ. However, the contract was challenged by a rival consortium.

Metal shares were mixed. JSW Steel (down 1.19%), Hindalco Industries (down 0.92%), Jindal Steel & Power (down 0.52%), Hindustan Copper (down 0.25%), Tata Steel (down 0.24%) and Steel Authority of India (down 0.21%), edged lower. Bhushan Steel (up 0.93%), Vedanta (up 1.33%), National Aluminium Company (up 1.47%), Hindustan Zinc (up 2.14%) and NMDC (up 3.17%), edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2016 delivery was currently down 0.14% at $2.1025 per pound on the COMEX.

FMCG shares were mixed. Tata Global Beverages (up 2.53%), Colgate Palmolive (India) (up 2.06%), Britannia Industries (up 1.66%), Marico (up 1.34%), Dabur India (up 0.93%) and Bajaj Corp (up 0.87%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.04%), Procter & Gamble Hygiene & Health Care (down 0.06%), Nestle India (down 0.22%), Jyothy Laboratories (down 0.31%), Godrej Consumer Products (down 0.34%) and Hindustan Unilever (down 0.63%), edged lower.

Garden Silk Mills was locked at 20% upper circuit at Rs 38.55 after the company announced that a meeting of board of directors will be held on 25 October 2016, to consider the proposal for raising of funds aggregating to Rs 30 crore by issue of convertible share warrants/convertible securities in favour of promoter/ promoter group of the company upon such terms and conditions as may be deemed appropriate by the board. The announcement was made after market hours yesterday, 18 October 2016.

Powered by Capital Market - Live News

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

image
Business Standard
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