Market registers small decline ahead of US jobs data

Key benchmark indices logged small losses on last trading day of the week led by decline in index heavyweights HDFC and Infosys. The barometer index, S&P BSE Sensex fell 45.07 points or 0.16% at 28,061.14, as per the provisional closing data. The Nifty 50 index fell 11.95 points or 0.14% at 8,697.60, as per the provisional closing data. The Sensex provisionally settled above the psychologically important 28,000 mark. The index swung above and below that level after dropping below that mark in early afternoon trade. Domestic bourses declined in tandem with global stocks as investors looked ahead to US jobs data for September 2016. .

The Sensex fell 141.30 points or 0.5% at the day's low of 27,964.91 in afternoon trade, its lowest level since 3 October 2016. The barometer index rose 49.47 points or 0.18% at the day's high of 28,155.68 in early trade. The Nifty lost 45.75 points or 0.52% at the day's low of 8,663.80 in afternoon trade, its lowest level since 3 October 2016. The index rose 14.15 points or 0.16% at the day's high of 8,723.70 in early trade.

In overseas stock markets, European and Asian stocks declined as investors looked ahead to a key employment report. Markets in China remained closed for the Golden Week public holidays. US stocks closed near the flat line yesterday, 6 October 2016 as investors abstained from making big bets ahead of much-anticipated September jobs report. The US Bureau of Labor Statistics will announce the non farm payrolls report for September 2016 later in the global day today, 7 October 2016. Total nonfarm payroll employment in the United States increased by 151,000 in August of 2016, lower than a upwardly revised 275,000 in July. Investors and traders have been keeping a close eye on economic data as they gauge the likelihood of the US Federal Reserve raising interest rates later this year.

Closer home, the market breadth indicating the overall health of the market was just about negative. On BSE, 1,388 shares fell and 1,386 shares rose. A total of 223 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.01%, outperforming the Sensex. The BSE Small-Cap index was provisionally off 0.02%. The fall in this index was lower than Sensex's decline in percentage terms.

The total turnover on BSE amounted to Rs 3334.91 crore, lower than turnover of Rs 3674.61 crore registered during the previous trading session.

IT stocks declined ahead of US jobs data for September 2016. US is the biggest outsourcing market for the Indian IT firms. Oracle Financial Services Software (down 0.76%), Tech Mahindra (down 0.48%), Wipro (down 0.54%), MphasiS (down 0.16%), TCS (down 0.5%), Hexaware Technologies (down 0.97%) fell. HCL Technologies (up 0.62%), MindTree (up 0.03%) rose.

Index heavyweight and software major Infosys fell 1.43% to Rs 1,011.95. The stock hit high of Rs 1,032.75 and low of Rs 1,010.05 in intraday trade.

Index heavyweight and housing finance major HDFC lost 1.11% to Rs 1,408. The stock hit high of Rs 1,425 and low of Rs 1,398.60 in intraday trade.

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