Market hits fresh intraday low

After seeing a range bound movement in early afternoon trade, key benchmark indices edged lower to hit fresh intraday low in afternoon trade as European stocks drifted lower. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 73.79 points or 0.26% at 28,049.65. The Nifty 50 index was currently down 18.65 points or 0.22% at 8,654.60. The Sensex lost 97.32 points, or 0.35% at the day's low of 28,026.12 in afternoon trade, its lowest level since 17 August 2016. The index rose 88.86 points, or 0.32% at the day's high of 28,212.30 at the onset of trading session. The Nifty fell 26.15 points, or 0.3% at the day's low of 8,647.10 in afternoon trade, its lowest level since 17 August 2016. The index rose 23.35 points, or 0.27% at the day's high of 8,696.60 at the onset of trading session, its highest level since 9 August 2016.

The market breadth indicating the overall health of the market was positive. On BSE, 1,335 shares rose and 1,174 shares fell. A total of 166 shares were unchanged. The BSE Mid-Cap index was up 0.19%. The BSE Small-Cap index was currently up 0.24% each. Both these indices outperformed the Sensex.

In overseas stock markets, European stocks edged lower amid uncertainty over the trajectory of US monetary policy. Asian stocks witnessed a mixed trend after some Federal Reserve officials reiterated the case for raising US interest rates in coming months. US stocks eked out gains yesterday, 18 August 2016, following upbeat earnings and forecast from Wal-Mart and as higher oil lifted energy shares.

Coal India extended losses registered during the previous trading session triggered by reports that the government proposes to divest 5-10% stake in the company in Q4 March 2017. The stock was down 1.55% to Rs 333.55. The stock had declined 2.59% to settle at Rs 338.80 yesterday, 18 August 2016. GoI currently holds 79.65% in Coal India (as on 30 June 2016).

Telecom stocks fell. Bharti Airtel (down 1.45%), Idea Cellular (down 0.43%), MTNL (down 0.48%) and Reliance Communications (down 0.2%) declined. Tata Teleservices (Maharashtra) rose 1.9%.

Shares of Bharti Infratel fell 1.74%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Realty stocks saw mixed trend. D B Realty (up 1.27%), Sobha (up 0.13%), Prestige Estates Projects (up 0.91%), Hubtown (up 1.12%), Oberoi Realty (up 0.2%) and Parsvnath Developers (up 2.95%) gained. Godrej Properties (down 0.59%), Unitech (down 0.19%), DLF (down 0.06%), Indiabulls Real Estate (down 1.07%), Housing Development and Infrastructure (down 0.71%) fell.

PC Jeweller gained 2.48% after the company said that it is opening its new showroom on Sunday, 21 August 2016, at Najafgarh, Delhi. PC Jeweller said that after opening the new showroom, it will have a total of 65 showrooms located across 52 cities in India. The announcement was made after market hours yesterday, 18 August 2016.

Powered by Capital Market - Live News