Market trims intraday losses

Bargain hunting at lower levels helped key benchmark indices trim intraday losses in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 48.77 points or 0.19% at 26,181.89. The Nifty 50 index was down 11.10 points or 0.14% at 8,075.70. Weakness in other Asian markets spoiled investors' sentiment.

The Sensex hit its lowest intraday levels in more than one week. The Nifty hit its lowest intraday levels in one week. The Sensex rose 42.63 points, or 0.16% at the day's high of 26,273.29 in early trade. The index fell 79.50 points, or 0.30% at the day's low of 26,151.16 in early trade, its lowest level since 25 November 2016. The Nifty rose 16.50 points, or 0.20% at the day's high of 8,103.30 in early trade. The index fell 14.90 points, or 0.18% at the day's low of 8,071.90 in early trade, its lowest level since 28 November 2016

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,145 shares rose and 755 shares fell. A total of 95 shares were unchanged. The BSE Mid-Cap index was currently up 0.24%. The BSE Small-Cap index was currently up 0.13%. Both these indices outperformed the Sensex.

Overseas, most Asian stocks edged lower as investors feared the no vote in Italy's referendum on Sunday, 4 December 2016, could hurt the country's banking system and lead to global contagion. Italy's prime minister resigned following a heavy referendum defeat.

US stocks struggled for direction on Friday, 2 December 2016, with the Dow industrials finishing lower and the S&P 500 and the Nasdaq closing slightly higher as investors digested a weaker-than-expected payroll report, favoring sectors viewed as safe in economically uncertain times.

The uncertainty was underlined by the November jobs report, which showed 178,000 jobs added in the month, fewer than had been expected, while the count over the prior two months was reduced. However, the jobless rate fell sharply to a nine-year low of 4.6%.

Back home, most IT stocks edged lower. MindTree (down 1.77%), TCS (down 1.58%), Wipro (down 0.88%), MphasiS (down 0.83%), HCL Technologies (down 0.8%), Persistent Systems (down 0.79%), Oracle Financial Services Software (down 0.58%) and Infosys (down 0.33%), edged lower. Hexaware Technologies (up 0.17%) and Tech Mahindra (up 0.29%), edged higher.

FMCG shares were in demand. Procter & Gamble Hygiene & Health Care (up 2.27%), Godrej Consumer Products (up 1.66%), Dabur India (up 1.63%), Jyothy Laboratories (up 1.53%), Hindustan Unilever (up 1.44%), Nestle India (up 1.20%), Britannia Industries (up 0.80%), GlaxoSmithKline Consumer Healthcare (up 0.63%), Colgate Palmolive (India) (up 0.37%), Tata Global Beverages (up 0.37%) and Marico (up 0.04%), edged higher. Bajaj Corp was down 0.79%.

Simplex Infrastructures dropped 2.46% after net profit fell 30.76% to Rs 18 crore on 11.88% drop in revenue to Rs 1290 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Sunday, 4 December 2016.

Simplex Infrastructures' order book as on 30 September 2016 stood at Rs 13485 crore excluding the L1 of Rs 2543 crore. The new order intake during Q2 September 2016 was Rs 978 crore.

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