Nifty hits fresh intraday low

The barometer index, the S&P BSE Sensex, hoevered in tight range, while the Nifty 50 index hit fresh intraday low in afternoon trade. At 13:20 IST, the Sensex was up 129.72 points or 0.46% at 28,114.09. The Nifty was currently up 38.80 points or 0.45% at 8,697.90.

The Sensex rose 228.13 points or 0.81% at the day's high of 28,212.50 in morning trade, its highest level since 10 October 2016. The barometer index rose 47.20 points or 0.16% at the day's low of 28,031.57 in opening trade. The Nifty rose 67.90 points or 0.78% at the day's high of 8,727 in morning trade, its highest level since 10 October 2016. The index rose 19.20 points or 0.22% at the day's low of 8,678.30 in afternoon trade.

In overseas stock markets, European shares were mixed in early trade today, 20 October 2016, as a clutch of profit warnings from companies throughout the region took their toll on the market. Investors were cautious ahead of a European Central Bank (ECB) meeting later in the day. Asian stocks witnessed a mixed trend. US stocks registered small gains yesterday, 19 October 2016, helped by better-than-expected earnings and rising oil prices. The Federal Reserve released the latest iteration of its Beige Book, which summarizes economic conditions in the US. In it, the Fed said economic activity increased at a modest pace in most regions.

Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,575 shares rose and 1,059 shares declined. A total of 207 shares were unchanged. The BSE Mid-Cap index was currently up 0.19%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.72%, outperforming the Sensex.

Yes Bank rose 1.85% afer the bank reported 31.31% rise in net profit to Rs 801.54 crore on 24.7% rise in total income to Rs 4982.23 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 20 October 2016.

FMCG shares were mixed. Jyothy Laboratories (down 1.19%), Marico (down 0.99%), Tata Global Beverages (down 0.61%), GlaxoSmithKline Consumer Healthcare (down 0.57%), Britannia Industries (down 0.26%), Procter & Gamble Hygiene & Health Care (down 0.26%) and Hindustan Unilever (down 0.12%), edged lower. Bajaj Corp (up 0.60%), Godrej Consumer Products (up 0.74%), Nestle India (up 0.78%), Colgate Palmolive (India) (up 0.85%) and Dabur India (up 1.08%), edged higher.

Capital goods shares were mixed. Punj Lloyd (up 4.16%), Suzlon Energy (up 2.30%), Praj Industries (up 1.53%), SKF India (up 1.38%), Reliance Defence and Engineering (up 0.82%), BEML (up 0.68%), Jindal Saw (up 0.53%), Crompton Greaves (up 0.46%), Lakshmi Machine Works (up 0.08%), GE Power India (up 0.06%) and Bharat Heavy Electricals (up 0.04%), edged higher. Bharat Electronics (down 0.11%), Siemens (down 0.4%), GE T&D India (down 0.5%), Havells India (down 0.56%), ABB India (down 0.87%), Thermax (down 1.26%) and AIA Engineering (down 2.92%), edged lower.

Engineering & construction major L&T was up 0.28% to Rs 1,490 after the company announced during trading hours today, 20 October 2016, that L&T Construction's Smart World Communications Business Unit signed a formal contract with the Department of Information Technology, Maharashtra Government, under which Nagpur will be converted into the country's first large-scale integrated Smart City.

The scope of work will cover laying of 1200 km of optical fiber network backbone, creating 136 city wi-fi hotspots at key locations, establishing 100 digital interactive kiosks and developing city surveillance systems with 3800 IP based cameras. Further, as an avant-garde endeavor, the city has identified a strip of approximately six km (from Japanese Garden Square to Orange City Hospital Square) to be developed as a 'Smart Strip' with smart ICT interventions & IOT solutions like smart lighting, smart transport, smart parking, smart bins, etc.

The company has completed detailed surveys of the proposed junctions, smart strip and zonal ring and even procured the requisite approvals for conducting the LiDAR survey for surveillance wi-fi deployment, L&T said in a statement.

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