Key benchmark indices ended the volatile session with small gains. The barometer index, the S&P BSE Sensex, rose 32.67 points or 0.10% to 31,846.89, as per the provisional closing data. The Nifty 50 index rose 9.05 points or 0.09% to 9,988.75, as per the provisional closing data.
The Sensex pared gains after hitting its highest intraday level in two weeks in morning trade. The Nifty pared gains after hitting its highest intraday level in more than two weeks in morning trade. The Nifty pared gains after crossing the psychologically important 10,000 mark in morning trade.
The Sensex rose 121.41 points, or 0.38% at the day's high of 31,935.63 in morning trade, its highest level since 25 September 2017. The index fell 32.47 points, or 0.10% at the day's low of 31,781.75 in early trade. The Nifty rose 36.05 points, or 0.36% at the day's high of 10,015.75 in morning trade, its highest level since 22 September 2017. The index fell 20.25 points, or 0.20% at the day's low of 9,959.45 in early trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,531 shares rose and 1,176 shares fell. A total of 148 shares were unchanged. Market breadth was strong in morning trade.
The total turnover on BSE amounted to Rs 3654.74 crore, lower than turnover of Rs 3679.42 crore registered during the previous trading session.
Most cement shares rose. UltraTech Cement (up 0.61%) and Ambuja Cements (up 0.31%), edged higher. ACC fell 0.63%.
Grasim Industries rose 0.16%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Real estate firm Sobha jumped 17.09% after the company reported impressive growth in sales value in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours on Friday, 6 October 2017.
Sobha's sales value rose 14.37% to Rs 592.70 crore in Q2 September 2017 over Q2 September 2016. The company's new sales volume grew marginally by 0.63% to 8.61 lakh square feet in Q2 September 2017 over Q2 September 2016. Sobha continued to perform well in its principal market Bengaluru. This was supported adequately by an improved performance in the Kochi market followed with a consistent traction in other markets. Further, it is notable that the company has achieved this without launching any new projects, Sobha said in a statement.
JSW Steel dropped 0.25% after the company said that its crude steel production fell 1% to 3.94 million tonnes in Q2 September 2017 over Q2 September 2016. The company made the announcement during market hours today, 9 October 2017.
JSW Steel said that production of flat rolled products rose 1% to 2.89 million tonnes in Q2 September 2017 over Q2 September 2016. Production of long rolled products declined 2% to 0.77 million tonnes in Q2 September 2017 over Q2 September 2016.
Jain Irrigation Systems gained 1.61% after the company said that its pipe division has bagged Bhusawal, Maharashtra water supply project of Rs 84.50 crore. The announcement was made during market hours today, 9 October 2017.
Jain Irrigation Systems said that the project was won from Bhusawal Municipal Council, Maharashtra through national competitive bidding. The project has received funding under the AMRUT Scheme of the Central Government. The project will be implemented in 24 months. The scheme will take care of water supply to Bhusawal city for the next 30 years. Under the project, water will be delivered from Tapi river to the people staying in Bhusawal city.
Arrow Greentech gained 2.41% after the company said it has received patent rights from European Patent Authorities for its patent titled High Security Paper. The announcement was made after market hours on Friday, 6 October 2017.
The invention relates to high security paper wherein the security features are incorporated into the paper during the manufacturing process using a polymeric film as a carrier for security features. The security features may be light source readable or machine readable or both, Arrow Greentech said in a press release.
On the macro front, the Goods and Services Tax (GST) Council under chairmanship of Union Finance Minister Arun Jaitley in its 22nd meeting held at Delhi on Friday, 6 October 2017, decided to provide taxpayers the option of availing the so-called composition scheme given their turnover stands at less than Rs 1 crore. The previous limit was Rs 75 lakh. The Finance Minister also stated that the tax refunds of July and August for exporters will be processed from 10 October, adding that e-wallet for exporters will start from 1 April 2018. Jaitley also announced that GST rates on 27 items have been reduced. He further said businesses with turnover of up to Rs 1.5 crore have been allowed to file quarterly returns as against monthly filings.
The GST rate on unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra has been reduced to 5% from 12%, while the same on man-made yarn used in textile sector has been reduced to 12% from 18%. Tax rate on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18% from 28%. The GST rate on e-waste has also been reduced to 5% from 28%.
Overseas, European shares were trading lower. Industrial output in Germany grew more than expected in August, official data showed Monday. Industrial output increased by 2.6% in August from July, adjusted to seasonal swings and calendar effects, the economic ministry said.
French economic growth in the third quarter will keep the pace it set in the first half of the year, a Bank of France survey showed Monday. The eurozone's second-largest economy will post on-quarter growth of 0.5% in the third quarter, as it did in the first two quarters of 2017, according to business activity indicators for September, the central bank said. Industrial production grew moderately in September, while the services sector registered "robust growth" and the construction sector firmed, the Bank of France said. Business sentiment indicators in manufacturing and services were unchanged in September. The indicator in construction rose one point to 104 from 103.
Asian stocks ended higher. Stock markets in Japan, South Korea and Taiwan were shut for public holiday. China's Shanghai Composite ended higher by 0.76%. Growth in activity in China's service sector slowed sharply in September, a private gauge showed Monday. The Caixin China services purchasing managers' index slipped to 50.6 in September 2017 from 52.7 in August 2017, marking a 21-month low, Caixin Media Co. and research firm Markit said. A reading above 50 indicates an expansion in activity from the previous month, while a result below that points to a contraction.
China's foreign-exchange reserves rose for an eighth straight month in September, official data showed Monday. The reserves increased by $16.98 billion from the previous month to $3.109 trillion, the highest level since October 2016, the People's Bank of China said.
In US, the S&P 500 and Dow Jones Industrial Average logged minor losses on Friday, 6 October 2017, though the Nasdaq eked out a closing record as investors mostly shrugged off a September jobs report that showed the first monthly drop in payrolls in seven years.
The Dow Jones Industrial Average declined 1.72 points, or 0.01%, to 22,773.67. The S&P 500 fell 2.74 points, or 0.11%, to finish at 2,549.33. The Nasdaq Composite Index ended slightly higher, eking out a record close. The tech-heavy index ended up 4.82 points, or 0.07%, to 6,590.18.
Nonfarm payrolls shrank by 33,000 in September, the first monthly decline since 2010. The unemployment rate fell to 4.2% from 4.4% in August while wages increased by 0.5% to an average of $26.55 an hour, per Labor Department data.
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