Private sector bank stocks and index heavyweight ITC led small losses for key benchmark indices in a lacklustre trading session. The barometer index, the S&P BSE Sensex, fell 66.51 points or 0.24% to settle at 27,984.37. The Nifty 50 index fell 18.80 points or 0.22% to settle at 8,659.10. The Sensex settled below the psychologically important 28,000 level after alternately swinging above and below that level in intraday trade.
In overseas stock markets, European stocks were mixed. 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 ended 0.38% lower. 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.
Back home, the Sensex fell 66.51 points or 0.24% to settle at 27,984.37, its lowest closing level since 17 October 2016. The index rose 80.19 points, or 0.29% at the day's high of 28,131.07. The index fell 124.71 points, or 0.44% at the day's low of 27,926.17.
The Nifty 50 index fell 18.80 points or 0.22% to settle at 8,659.10, its lowest closing level since 17 October 2016. The index rose 20.85 points, or 0.24% at the day's high of 8,698.75. The index fell 41.20 points, or 0.47% at the day's low of 8,636.70.
Closer home, the market breadth indicating overall health of the market was positive. On BSE, 1,641 shares rose and 1,174 shares declined. A total of 215 shares were unchanged. The BSE Mid-Cap index rose 0.06%. The BSE Small-Cap index rose 0.55%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3940.14 crore, higher than turnover of Rs 3703.61 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Utilities index (up 1.17%), the S&P BSE Power index (up 1.16%), the S&P BSE Telecom index (up 0.91%), the S&P BSE Oil & Gas index (up 0.75%), the S&P BSE Basic Materials index (up 0.62%), the S&P BSE Energy index (up 0.55%), the S&P BSE Healthcare index (up 0.51%), the S&P BSE Teck index (up 0.26%), the S&P BSE IT index (up 0.23%), the S&P BSE Metal index (up 0.18%), the S&P BSE Consumer Durables index (up 0.08%), the S&P BSE Industrials index (up 0.03%) and the S&P BSE Capital Goods index (down 0.05%), outperformed the Sensex. The S&P BSE Finance index (down 0.26%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.28%), the S&P BSE Bankex (down 0.52%), the S&P BSE Auto index (down 0.54%), the S&P BSE Realty index (down 0.91%) and the S&P BSE FMCG index (down 1.09%), underperformed the Sensex.
Index heavyweight and cigarette major ITC fell 2.44% at Rs 239.80 on reports that the Goods and Services Tax (GST) Council is pondering over having multiple tax slabs for GST along with a 'sin' cess on demerit goods such as tobacco and luxury products. The company currently pays 25% value-added tax (VAT) and 40% excise duty. After GST, ITC may have to pay 26% GST along with 'sin' cess, reports suggested.
Bank stocks witnessed a mixed trend. Among public sector banks, Indian Bank (up 4.48%), IDBI Bank (up 3.93%), Punjab & Sind Bank (up 2.94%), Dena Bank (up 1.09%), Bank of Maharashtra (up 0.66%), Bank of India (up 0.44%), Allahabad Bank (up 0.20%), Andhra Bank (up 0.18%), Punjab National Bank (up 0.14%), Syndicate Bank (up 0.14%), edged higher. Canara Bank (down 0.13%), UCO Bank (down 0.14%), Union Bank of India (down 0.38%), State Bank of India (down 0.82%) and Central Bank of India (down 1.74%), edged lower.
Bank of Baroda (BoB) fell 0.29% to Rs 155.20 after the bank announced that a meeting of the Capital Raising Committee of the Board is scheduled to meet on 21 October 2016, to consider and approve the issue of bonds. The announcement was made after market hours yesterday, 18 October 2016. It may be recalled that BoB had announced on 15 October 2016 that it had initiated the process of raising funds through issuance of Basel III Compliant AT-I (Additional Tier-I Capital) Bonds of Rs 1000 crore with Green Shoe option of Rs 1000 crore (Total size not to exceed Rs 2000 crore) on private placement basis.
Among private sector banks, RBL Bank (up 1.41%), City Union Bank (up 0.92%), Axis Bank (up 0.57%), HDFC Bank (up 0.09%), Yes Bank (up 0.04%) and IndusInd Bank (up 0.03%), edged higher. Kotak Mahindra Bank (down 0.41%), Federal Bank (down 1.46%) and ICICI Bank (down 2%), edged lower.
Capital goods stocks were mixed. Jindal Saw (up 5.44%), Suzlon Energy (up 3.06%), Praj Industries (up 2.29%), ABB India (up 0.97%), AIA Engineering (up 0.42%), SKF India (up 0.26%), Crompton Greaves (up 0.13%) and Lakshmi Machine Works (up 0.01%), edged higher. BEML (down 0.12%), Larsen & Toubro (L&T) (down 0.18%), Siemens (down 0.33%), Bharat Electronics (down 0.44%), Punj Lloyd (down 0.44%), GE T&D India (down 0.78%), Thermax (down 1.04%), Reliance Defence and Engineering (down 1.22%), GE Power India (down 1.62%) and Havells India (down 4.78%), edged lower.
Bharat Heavy Electricals (Bhel) rose 3.75% at Rs 141.25 on reports 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.
Havells India edged lower as the company's Q2 September 2016 net profit was boosted by other income. The stock fell 4.78% at Rs 410.55. The company's net profit rose 21.97% to Rs 145.79 crore on 9.8% rise in total income to Rs 1477.54 crore in Q2 September 2016 over Q2 September 2015. The net profit was boosted by 158.16% surge in other income to Rs 25.30 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 18 October 2016.
The Sensex has risen 118.41 points or 0.42% in this month so far (till 19 October 2016). The Sensex has risen 1,866.83 points or 7.15% in calendar year 2016 so far (till 19 October 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,489.76 points or 24.40%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 1,092.91 points or 3.76%. The Sensex is off 2,040.37 points or 6.80% from a record high of 30,024.74 hit on 4 March 2015.
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