Key benchmark indices alternately swung between positive and negative zone near the flat line in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 5.05 points or 0.02% at 26,657.86. The Nifty 50 index was currently off 6.15 points or 0.07% at 8,218.35. Trading activity was lackluster so far due to absence of clear directional cues from global markets.
The breadth indicating the overall health of the market was negative. On BSE, 1,392 shares fell and 1,150 shares rose. A total of 141 shares were unchanged. The BSE Mid-Cap index was currently off 0.64%. The BSE Small-Cap index was currently off 0.12%. Both these indices underperformed the Sensex.
Power Grid Corporation of India (down 4.13%), Asian Paints (down 3.29%) and Bharti Airtel (down 2.93%) were the top losers from the 30-share Sensex pack.
Capital goods stocks saw mixed trend. L&T (up 1.17%), Siemens (up 1.96%), Bharat Electronics (up 0.08%), Crompton Greaves (up 0.78%) rose. Thermax (down 1.24%), ABB India (down 0.65%), Bharat Heavy Electricals (Bhel) (down 0.92%), BEML (down 1.09%) fell.
Steel Strips Wheels rose 11.16% after the company reported 14% rise in total wheel rim sales of 11.99 lakh units in November 2016 over November 2015. The company said the sales were heavily skewed towards the heavier wheels. Export volumes declined 24% in November 2016 over November 2015, due to a very high base of last year and it will normalise going ahead with many new exports orders starting from the month of December 2016. The announcement was made during trading hours today, 1 December 2016.
In terms of value, SSWL recorded 22% growth in gross turnover to Rs 128.62 crore in November 2016 over November 2015. Net turnover rose 22% to Rs 115.25 crore in November 2016 over November 2015.
Hindustan Construction Company (HCC) surged 19.88% after the company said it will receive arbitral award payment of approximately Rs 2000 crore from NHPC and NHAI within 4 to 6 weeks. NITI Ayog has gen the SOP (Standard Operating Procedures) for release of payment for timely implementation.
The communication came in the backdrop of the Government setting into motion the process to release 75% of arbitration amounts against margin free guarantee in situations where awards have been given but have been contested by the concerned authorities. The announcement was made after trading hours yesterday, 30 November 2016.
KPIT Technologies rose 0.64% after the company said it has completed agreement for a strategic partnership in a Germany headquartered engineering services company. The fixed consideration will be euro 9.3 million. The total consideration will include additional variable consideration, which is based on achievement of certain financial parameters over the next 4 years. The announcement was made during market 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 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, stocks in Europe edged lower, as financial markets got off to a slow start for the final month of the year. 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 rose 0.72%. 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. The Caixin China manufacturing purchasing managers' index, a private gauge of nationwide factory activity, fell to 50.9 in November from 51.2 in October but stayed out of contractionary territory for a fifth straight month, Caixin Media Co. and research firm Markit said
In Japan, the Nikkei 225 Average rose 1.12%. 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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