Key indices continue to languish in negative zone

Weakness persisted on the bourses in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was off 94.49 points or 0.36% at 26,074.92. The losses for the Nifty 50 index Nifty were higher in percentage terms than those for the Sensex. The Nifty was currently off 36.55 points or 0.46% at 7,918.35.

Index heavyweight and housing finance major HDFC edged lower. Realty stocks declined. Sugar stocks edged higher on renewed buying.

The market breadth indicating the overall health of the market was negative. On BSE, 1,298 shares fell and 1,285 shares rose. A total of 136 shares were unchanged. The BSE Mid-Cap index was down 0.06%. The BSE Small-Cap index was down 0.13%. The decline in both these indices was lower in percentage terms than the Sensex's fall.

In overseas stock markets, Chinese stocks edged higher as disappointing manufacturing data spurred hopes of stimulus for the world's second biggest economy. US stocks edged higher yesterday, 1 December 2015, after downbeat manufacturing report hinted at gradual pace of US interest rate increases next year. The US Federal Reserve is widely expected to announce an increase of 25 basis points in the federal funds rate after a regular monetary policy review scheduled during the middle of this month. With markets having already priced in a 25 basis points rate hike in mid-December, the focus has shifted to the likely pace and quantum of rate hikes once this first move is done.

Index heavyweight and housing finance major HDFC dropped 1.37% to Rs 1,208.55. The stock hit high of Rs 1,233 and low of Rs 1,207.90 so far during the day.

Realty stocks declined. Housing Development and Infrastructure (down 1.48%), Unitech (down 1.12%), DLF (down 0.85%), Omaxe (down 0.33%), Indiabulls Real Estate (down 0.4%), Sobha (down 0.49%) and Hubtown (down 0.99%) fell. Godrej Properties (up 0.87%), Oberoi Realty (up 0.12%) and D B Realty (up 1.96%) rose.

Tyre stocks were mixed. Apollo Tyres (up 1.23%), JK Tyre & Industries (up 5.32%) and MRF (up 0.92%) rose. TVS Srichakra (down 0.19%), Balkrishana Industries (down 0.52%) and Goodyear India (down 0.7%) fell.

CEAT rose 2.82% after the company and Pirelli announced their exclusive partnership for distribution of Pirelli's global range of premium motorcycle tyres in the Indian market. The announcement was made after market hours yesterday, 1 December 2015. This sole partnership will leverage CEAT's vast distribution and dealer network pan India. Riding on CEAT's ever-expanding network, Pirelli will offer its entire gamut of motorcycle tyres, the statement said. Italy-based Pirelli is a leading tyres manufacturing company.

Sugar stocks edged higher on renewed buying. Bajaj Hindusthan (up 1.9%), Dhampur Sugar Mills (up 4.84%), Sakthi Sugars (up 3.91%), Balrampur Chini Mills (up 4.69%), Shree Renuka Sugars (up 2.79%), EID Parry India (up 3.32%) and Dwarikesh Sugar Industries (up 4.94%) gained. Triveni Engineering & Industries fell 0.77%.

Natco Pharma fell 1.85% after the company said its wholly-owned subsidiary's active pharmaceuticals ingredient (API) plant operations at Manali Industrial Area in Chennai are temporarily suspended due to flooding caused by incessant rains in the plant area. The unit manufactures a few oncology related APIs at its Manali site. The company believes that this temporary shutdown will not impact/impair its pipeline launches associated with this plant, Natco Pharma said. The unit is also adequately insured for any losses it has incurred in fixed assets, raw materials and loss in production including work-in-progress. Actual losses will be assessed once this natural calamity passes b, and the plant is back in full operational mode, the company added.

Powered by Capital Market - Live News