Sensex, Nifty hit one-week low

The divergent trend in key benchmark indices continued in morning trade as the barometer index, the S&P BSE Sensex, was trading a tad higher while the Nifty 50 index was trading with small losses. At 10:15 IST, the barometer index, the S&P BSE Sensex was up 2.78 points or 0.01% at 27,777.66. The Nifty 50 index was currently off 9.40 points or 0.11% at 8,565.90. The Sensex and the Nifty, both, hit one-week low.

The Sensex rose 53.54 points or 0.19% at the day's high of 27,828.42 in morning trade. The barometer index lost 77.55 points or 0.28% at the day's low of 27,697.33 in early trade, its lowest level since 4 August 2016. The Nifty rose 11.25 points or 0.13% at the day's high of 8,586.55 in morning trade. The index fell 27.85 points or 0.32% at the day's low of 8,547.45 in early trade, its lowest level since 4 August 2016.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks closed slightly lower yesterday, 10 August 2016 with the S&P 500 index and Nasdaq Composite index retreating from record levels as crude-oil futures slumped following data on supply and production. The US Energy Information Administration reported an increase crude supplies last week, while Saudi Arabia revealed record crude production in July. Saudi Arabia is Organization of the Petroleum Exporting Countries (OPEC)'s largest oil producer.

Closer home, the market breadth indicating the overall health of the market turned positive from negative in morning trade. On BSE, 1,013 shares rose and 837 shares fell. A total of 75 shares were unchanged. The BSE Mid-Cap index was currently up 0.11%. The BSE Small-Cap index was currently up 0.2%. Both these indices outperformed the Sensex.

Cement stocks rose. Ambuja Cements (up 0.73%), ACC (up 0.91%) and UltraTech Cement (up 1.35%) gained. Shree Cement fell 1.67%.

Grasim Industries was off 1.31% at Rs 4,788. Grasim has exposure to the cement sector through its holding in UltraTech Cement. The company unveils its Q1 June 2016 results today, 11 August 2016.

FMCG stocks rose. Britannia Industries (up 1.67%), Colgate-Palmolive (India) (up 0.3%), Hindustan Unilever (up 0.43%), Marico (up 0.05%), Nestle India (up 0.64%), Tata Global Beverages (up 0.07%), Procter & Gamble Hygiene and Health Care (up 0.72%) and Jyothy Laboratories (up 0.44%) rose.

GlaxoSmithkline Consumer Healthcare (down 0.65%), Dabur India (down 0.07%), Godrej Consumer Products (down 0.39%) and Bajaj Corp (down 0.27%) fell.

Punj Lloyd rose 3.13% after the company's net loss narrowed in Q1 June 2016 over Q1 June 2015. Punj Lloyd reported net loss of Rs 211.39 crore in Q1 June 2016, lower than net loss of Rs 581.84 crore in Q1 June 2015. Total income rose 45.5% to Rs 1010.17 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 10 August 2016.

The company's chairman and managing director, Atul Punj, said that the company improved its performance as a result of the turnaround efforts put in across various fronts. The order backlog remains strong at Rs 21618 crore and execution of all projects across geographies is progressing in line with defined timelines. The firm is seeing a gradually improving environment both in India and overseas and are optimistic of opportunities unfolding. The company's thrust is on improving the quality of its balance sheet, execution of projects, recovery of claims, cash flows and settling all legacy issues.

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