Metal & mining stocks decline

A bout of volatility was witnessed in mid-afternoon trade as key benchmark indices slipped into the red after regaining positive terrain for a brief period tracking reversal of losses in European stocks. At 14:20 IST, the barometer index, the S&P BSE Sensex was down 55.32 points or 0.2% at 27,781.19. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently down 35.30 points or 0.41% at 8,579.95.

In overseas stock markets, European stocks reversed losses after data showed UK GDP grew 0.5% in Q3, beating forecasts. Asian stocks witnessed mixed trend amid a slew of earnings. Data showed that profit growth in China's industrial firms slowed in September from the previous month's rapid pace as several sectors showed weak activity, suggesting the world's second-biggest economy remains underpowered despite emerging signs of stability. Profits in September rose 7.7% to 577.1 billion yuan, slowing sharply from August's 19.5% jump, according to data released by the National Bureau of Statistics (NBS). US stocks edged lower yesterday, 26 October 2016 as health care companies fell and Apple pulled technology companies down.

Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 1,572 shares fell and 1,000 shares rose. A total of 220 shares were unchanged. The BSE Mid-Cap index was currently down 1.01%. The BSE Small-Cap index was currently down 0.71%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

Shares of power generation and power distribution companies were mixed. Torrent Power (down 1.18%), GVK Power & Infrastructure (down 1.18%), Tata Power Company (down 1.61%), Reliance Infrastructure (down 1.1%) and Reliance Power (down 0.74%) declined. NHPC (up 0.39%), NTPC (up 0.2%), Adani Power (up 2.5%), and Power Grid Corporation of India (up 0.26%) gained.

Most metal and mining stocks declined on tepid economic data from China. Bhushan Steel (down 1.9%), Jindal Steel & Power (down 1.43%), Vedanta (down 0.25%), Tata Steel (down 0.98%), Hindalco Industries (down 0.13%), Steel Authority of India (down 1.28%), JSW Steel (down 1.05%), and National Aluminium Company (down 0.69%) edged lower. NMDC (up 2.74%) and Hindustan Zinc (up 0.06%) gained. China is the world's largest consumer of steel, copper and aluminum.

High Grade Copper for December 2016 delivery was currently up 0.21% at $2.15 per pound on the COMEX.

ONGC fell 0.57% after the company reported 6.27% rise in net profit to Rs 4974.92 crore on 9.76% decline in total income to Rs 19578.65 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 27 October 2016.

ONGC said that the board of directors of the company at a meeting held today, 27 October 2016 recommended 1:2 bonus issue. The board also approved Interim Dividend of Rs 4.50 per share for the year ending 31 March 2017 (FY 2017).

Excel Crop Care surged 6.48% after net profit rose 35.54% to Rs 25.21 crore on 13.1% rise in net sales to Rs 274.44 crore in Q2 September 2016 over Q2 September 2015. The Q2 result was announced after market hours yesterday, 26 October 2016.

Just Dial lost 4.72% after net profit dropped 26.85% to Rs 29.62 crore on 10.05% growth in net sales to Rs 180.32 crore in Q2 September 2016 over Q2 September 2015. The result was announced before market hours today, 27 October 2016.

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