Most power generation stocks slide

Key benchmark indices were hovering in negative terrain in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 46.28 points or 0.14% at 33,766.47. The Nifty 50 index was off 9.95 points or 0.10% at 10,425.60.

Among secondary barometers, the BSE Mid-Cap index was down 0.87%. The BSE Small-Cap index was down 0.81%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,747 shares fell and 1,015 shares rose. A total of 113 shares were unchanged. Breadth was strong in early trade.

Engineering and construction major L&T was down 1.02% to Rs 1,248.95. The company announced during trading hours today, 2 January 2017, that its construction arm, L&T Construction, won orders worth Rs 1454 crore across various business segments.

Most power generation stocks declined. Jaiprakash Power Ventures (down 6.73%), Reliance Power (down 5.28%), Torrent Power (down 2.45%), GMR Infrastructure (down 2.02%), Reliance Infrastructure (down 1.23%), NHPC (down 1.09%), CESC (down 1.07%) and JSW Energy (down 1.04%), edged lower. Tata Power (up 0.31%), Adani Power (up 0.35%) and NTPC (up 0.91%), edged higher.

State-run Power Grid Corporation of India was down 0.12% at Rs 200.05.

State-run Coal India was up 1.28% at Rs 269.85. The company said that on provisional basis, the company and its subsidiary companies achieved production of 93% of targeted production at 54.63 million tonnes in December 2017. The company reported offtake at 99% of targeted offtake at 53.44 million tonnes in December 2017. The announcement was made after market hours yesterday, 1 January 2018.

FMCG shares were mixed. Britannia Industries (down 1.67%), Tata Global Beverages (down 1.26%), Hindustan Unilever (down 1.06%), Godrej Consumer Products (down 0.27%) and GlaxoSmithKline Consumer Healthcare (down 0.15%), edged lower. Procter & Gamble Hygiene & Health Care (up 0.01%), Bajaj Corp (up 0.13%), Colgate Palmolive (India) (up 0.18%), Nestle India (up 0.48%), Marico (up 0.53%) and Jyothy Laboratories (up 1.09%), edged higher.

On the macro front, the Nikkei India Manufacturing Purchasing Managers' Index rose to 54.70 in December 2017 from 52.60 in November 2017. The data was announced during trading hours today, 2 January 2018.

Overseas, European markets were trading lower as investors continued to monitor geopolitical unrest in Iran.

Asian shares were trading higher after a survey of Chinese manufacturing activity showed stronger-than-anticipated market sentiment. Market in Japan was closed for holiday. US market was shut yesterday, 1 January 2018, on account of New Year's Day.

Chinese factory activity accelerated in December. The Caixin Purchasing Managers Index (PMI) an indicator of conditions at small manufacturers rose to 51.5 in December, up from 50.8 in November and the highest reading since August. A PMI figure above 50 represents growth while anything below points to contraction.

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