Market hits fresh intraday low

Key benchmark indices hit fresh intraday low in negative zone in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 33.69 points or 0.12% at 27,425.30. The Nifty 50 index was down 10.55 points or 0.12% at 8,486.50. The Sensex fell 51.62 points, or 0.19% at the day's low of 27,407.37 in afternoon trade. The index rose 141.72 points, or 0.52% at the day's high of 27,600.71 in early trade, its highest level since 3 November 2016. The Nifty fell 16.50 points, or 0.19% at the day's low of 8,480.55 in afternoon trade, its lowest level since 4 November 2016. The index rose 46.10 points, or 0.54% at the day's high of 8,543.15 in early trade, its highest level since 2 November 2016.

The market breadth indicating the overall health of the market was negative. On BSE, 1,549 shares fell and 1,139 shares rose. A total of 124 shares were unchanged. The BSE Mid-Cap index was currently down 0.22%. The BSE Small-Cap index was currently down 0.19%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

Most metal and mining stocks rose. Vedanta (up 1.74%), Steel Authority of India (Sail) (up 0.2%), Jindal Steel & Power (up 0.92%), NMDC (up 0.28%) rose.

Tata Steel (down 0.49%), National Aluminium Company (down 0.29%), Hindustan Zinc (down 0.19%), Hindustan Copper (down 0.25%) edged lower.

Hindalco Industries rose 1.97% to Rs 170.80 on reports that a foreign brokerage has maintained buy call on the stock for a target price of Rs 200. The stock hit a high of Rs 172.25 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 169.75 so far during the day.

JSW steel rose 0.92% after the company said that crude steel production rose 31% to 13.35 lakh tonnes in October 2016 over October 2015. JSW Steel said that the production of flat rolled products rose 30% to 9.58 lakh tonnes in October 2016 over October 2015. The production of long rolled products rose 36% to 2.79 lakh tonnes in October 2016 over October 2015. The announcement was made during market hours today, 8 November 2016.

Copper edged lower in the global commodities market. High Grade Copper for December 2016 delivery was currently off 0.09% at $2.3075 per pound on the COMEX.

Most realty stocks fell. DLF (down 1.22%), Indiabulls Real Estate (down 0.75%), Housing Development and Infrastructure (down 1.47%), D B Realty (down 0.44%), Unitech (down 0.18%), Prestige Estates Projects (down 0.14%), Oberoi Realty (down 1.1%) declined. Godrej Properties (up 0.07%), Parsvnath Developers (up 0.15%) and Sobha (up 2.15%) rose.

In overseas stock markets, Asian stocks were trading higher as the world's most closely watched election draws near. Japan's Nikkei 225, however, settled lower by 0.03%. US stocks on Monday, 7 November 2016, had their best trading day since March on a percentage basis. Gains were broad, with the Dow Jones Industrial Average reclaiming the key 18,000 level and the S&P 500 snapping its nine-day losing streak, the longest since 1980. The slide had been attributed partly to polls showing a closer contest between Clinton and Republican rival Donald Trump.

The outcome of United States presidential elections of 2016, which will be held today, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.

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