Market breadth turns negative from positive

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Telecom stocks and index heavyweight ITC led losses for key benchmark indices. At 12:18 IST, the barometer index, the S&P BSE Sensex was off 85.12 points or 0.32% at 26,925.02. The 50-unit CNX Nifty was down 25.85 points or 0.32% at 8,153.65. The Sensex was currently trading below the psychological 27,000 level after falling below that level in early trade. The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,274 shares fell and 1,098 shares rose. A total of 149 shares were unchanged. The BSE Mid-Cap index was off 0.06%. The BSE Small-Cap index was down 0.12%. The decline in both these indices were lower than the Sensex's decline in percentage terms.

In overseas stock markets, Chinese and Japan stocks edged higher on stimulus hopes in those countries in the wake of recent weak economic data. US stocks surged yesterday, 15 October 2015, as falling US consumer prices added to the batch of disappointing economic data that reduces the odds of an interest-rate increase this year from the Federal Reserve.

Shares of cigarette major ITC were off 1.39% at Rs 344.80. The stock hit a high of Rs 349.20 and a low of Rs 344.15 so far during the day.

IT stocks witnessed a mixed trend. Tech Mahindra (up 0.28%), HCL Technologies (up 0.43%) and MindTree (up 2.05%) edged higher. Oracle Financial Services Software (down 0.31%), Wipro (down 1.06%) and Infosys (down 0.42%) edged lower.

TCS rose 0.38% at Rs 2,478. The company announced during market hours today, 16 October 2015, that it has been selected by Dutch insurance firm VIVAT Verzekeringen to help the company deliver greater operational efficiency and enhance customer experience.

Cement stocks gained. Shree Cement (up 2.2%), Ambuja Cements (up 0.31%) and ACC (up 0.3%) edged higher. UltraTech Cement (down 1.19%) edged lower.

Grasim Industries was off 0.5% at Rs 3,623.35. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Meanwhile, data released by the government after market hours yesterday, 15 October 2015, showed that India's merchandise exports declined for tenth straight month in September 2015. Merchandise exports dropped 24.3% to $21.85 billion in September 2015 over September 2014. Imports dipped 25.4% to $32.32 billion. The trade deficit narrowed 27.6% to $10.5 billion in September 2015 from $14.47 billion in September 2014.

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