Market stuck in a range

Lacklustre trading session continued as key benchmark indices hovered in narow range in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 58.12 points or 0.21% at 28,119.26. The Nifty 50 index was up 22.60 points or 0.26% at 8,720.20. The market breadth indicating the overall health of the market was strong. On BSE, 1,698 shares rose and 1,069 shares fell. A total of 127 shares were unchanged. The BSE Mid-Cap index was currently down 0.03%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.34%, outperforming the Sensex.

In overseas stock markets, European stocks were trading lower as shares of banks and energy companies declined. Most Asian stock markets were trading lower. Markets in Hong Kong, Japan and Taiwan were shut for public holidays. US stocks fell on Friday, 7 October 2016, to end the week lower following a report on US employment that came in below expectations but was viewed as strong enough for the US central bank to consider raising interest rates by the end of the year. The US economy added 156,000 jobs last month, while the unemployment rate ticked up to 5% as more workers entered the labor market.

Most automobile shares rose. TVS Motor Company (up 1.31%), Hero MotoCorp (up 0.70%), Mahindra & Mahindra (up 0.5%), Maruti Suzuki India (up 0.48%), Escorts (up 0.28%) and Eicher Motors (up 0.14%), edged higher. Bajaj Auto (down 0.2%), Tata Motors (down 0.25%) and Ashok Leyland (down 0.92%) edged lower.

India's largest cigarette maker by sales ITC rose 0.65% to Rs 240.70 after the corporate management committee of the company approved divestment of the company's entire shareholding (204 shares of common stock with no par value) in King Maker Marketing Inc, US, a wholly-owned subsidiary, along with assignment of certain trademarks owned by the company. The announcement was made on Sunday, 9 October 2016. The consideration to be received is estimated at around $24 million in terms of the share purchase agreement and subject to regulatory approvals and customary closing conditions, ITC said. The buyer in the transaction is Premier Manufacturing, Inc., USA, it added.

Capital goods shares were mixed. Jindal Saw (up 5.51%), Punj Lloyd (up 2.18%), Suzlon Energy (up 1.66%), Praj Industries (up 1.10%), Lakshmi Machine Works (up 0.94%), Havells India (up 0.71%), SKF India (up 0.29%), BEML (up 0.25%) and ABB India (up 0.23%), edged higher. Reliance Defence and Engineering (down 0.16%), Crompton Greaves (down 0.2%), Siemens (down 0.2%), Larsen & Toubro (down 0.23%), Thermax (down 0.44%), GE Power India (down 0.46%), Bharat Electronics (down 0.99%), AIA Engineering (down 1.25%) and GE T&D India (down 1.45%), edged lower.

Bharat Heavy Electricals was flat at Rs 135.55. The company has commissioned yet another 660 megawatts coal based supercritical thermal power plant in Uttar Pradesh. The commissioning of the unit will result in significant improvement of electricity availability in the state of Uttar Pradesh. The project is owned by Prayagraj Power Generation Company (PPGCL), a subsidiary company of Jaiprakash Power Ventures. The announcement was made during market hours today, 10 October 2016.

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