Metal and mining stocks decline

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Amid movement in a small range, key benchmark indices hovered in negative zone in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was down 95.57 points or 0.35% at 27,266.39. The 50-unit CNX Nifty was down 27.50 points or 0.33% at 8,233.05.

Earlier, the Sensex and the Nifty, both, hit their lowest level in almost one week. The Sensex fell 111.56 points, or 0.4% at the day's low of 27,250.40 at onset of the day's trading session, its lowest level since 21 October 2015. The Nifty fell 32.70 points, or 0.39% at the day's low of 8,227.85 at onset of the day's trading session, its lowest level since 21 October 2015.

The market breadth indicating the overall health of the market was negative. On BSE, 964 shares fell and 858 shares rose. A total of 106 shares were unchanged. The BSE Mid-Cap index was up 0.11%. The index outperformed the Sensex. The BSE Small-Cap index was off 0.07%. The fall in the index was lower than Sensex's decline in percentage terms.

In overseas markets, mainland Chinese stocks lead Asian markets lower as investors awaited policy decisions by the Federal Reserve and the Bank of Japan later in the week. The US Federal Reserve's two-day meeting for deliberating on interest rate decision begins today, 27 October 2015 and the Bank of Japan's (BoJ) meeting on interest rate decision is scheduled on Friday, 30 October 2015. US stocks ended on a mixed note yesterday, 26 October 2015 as energy shares led decliners following a drop in oil prices.

Metal and mining stocks declined. JSW Steel (down 0.31%), Tata Steel (down 1.38%), Steel Authority of India (Sail) (down 1.69%), National Aluminium Company (down 1.87%), Jindal Steel & Power (down 2.46%), Hindalco Industries (down 1.81%), NMDC (down 0.15%), edged lower.

Vedanta fell 1.62% ahead of its Q2 result today, 27 October 2015.

Hindustan Zinc (up 0.91%) and Hindustan Copper (up 0.44%) rose.

State-run coal miner Coal India fell 1.41%. Coal India said that two new coal mines with a total capacity to produce 6.75 million tonnes of coal per annum were inaugurated by the Minister of State (Independent Charge) for Power, Coal and New & Renewable Energy Piyush Goyal yesterday, 26 October 2015. The two new coal mines belong to Western Coalfields (WCL) and are situated in Nagpur district in Maharashtra. WCL is a wholly-owned subsidiary of Coal India.

Tyre stocks fell. Balkrishana Industries (down 1.21%), CEAT (down 1.06%), Apollo Tyres (down 0.5%), JK Tyre & Industries (down 1.33%), MRF (down 0.6%) and TVS Srichakra (down 0.56%) declined. Goodyear India rose 0.44%.

Den Networks jumped 7.12% after the Reserve Bank of India (RBI) gave its nod to the company for enhancing the limit for the purchases by foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) to 74% of the paid up capital of the company. The purchases could be made through primary market and stock exchanges, RBI said. The RBI issued notification after market hours yesterday, 26 October 2015.

Gujarat Apollo Industries rose 4.49% after the company said that its board of directors will meet on 5 November 2015, to consider a proposal for buyback of equity shares of the company. The announcement was made after market hours yesterday, 26 October 2015.

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