Sensex slips below 27,000 mark

Key benchmark indices hit fresh intraday low in afternoon trade, dragging the Sensex below the psychologically important 27,000 mark. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 255.58 points or 0.94% at 26,997.86. The losses for the Sensex were higher in percentage terms than those for the Nifty. The 50-unit CNX Nifty was down 71.35 points or 0.87% at 8,161.55.

The Sensex and the Nifty, both, hit their lowest level in almost two weeks. The Sensex fell 256.93 points or 0.94% at the day's low of 26,996.51 in afternoon trade, its lowest level since 16 October 2015. The Nifty fell 71.40 points or 0.87% at the day's low of 8,161.50 in afternoon trade, its lowest level since 16 October 2015.

The market breadth indicating the overall health of the market was positive. On BSE, 1,326 shares rose and 1,080 shares fell. A total of 180 shares were unchanged. The BSE Mid-Cap index was down 0.40%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was up 0.01%, outperforming the Sensex.

Sun TV Network lost 2.02% after net profit rose 41.37% to Rs 218.38 crore on 11.6% growth in total revenue to Rs 568.09 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 28 October 2015. The company's advertisement revenue rose 15.8% to Rs 301.37 crore in Q2 September 2015 over Q2 September 2014. Subscription revenue rose 9.99% to Rs 197.42 crore in Q2 September 2015 over Q2 September 2014. The company's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 9.3% to Rs 432.23 crore in Q2 September 2015 over Q2 September 2014.

Realty shares were mixed. Sobha (down 2.17%), Godrej Properties (down 1.99%), DLF (down 1.93%), Prestige Estates Projects (down 1.02%), Parsvnath Developers (down 0.57%), Unitech (down 0.52%) and Oberoi Realty (down 0.31%), edged lower. D B Realty (up 0.55%), Sunteck Realty (up 0.57%), Indiabulls Real Estate (up 0.77%), Peninsula Land (up 0.89%), Housing Development and Infrastructure (HDIL) (up 0.93%) and Anant Raj (up 2.05%), edged higher.

Minister of Housing and Urban Poverty Alleviation M.Venkaiah Naidu yesterday, 27 October 2015 said that final meeting of concerned ministers and secretaries on streamlining of approvals for construction projects in urban areas will be held today, 28 October 2015, and it will also be attended by the Cabinet Secretary. Addressing a National Workshop on Affordable Housing and Habitat Policies, Naidu said that 'enhancing ease of doing business' has acquired urgency in the context of launch of Housing for All Mission.

Auto shares were mixed. Eicher Motors (down 1.63%), Ashok Leyland (down 1.4%), TVS Motor Company (down 1.27%), Mahindra & Mahindra (M&M) (down 1%) and Bajaj Auto (down 0.46%), edged lower. Hero MotoCorp (up 0.24%), Tata Motors (up 0.37%), Maruti Suzuki (India) (up 1.28%) and Escorts (up 1.96%), edged higher.

In overseas markets, Asian markets declined ahead of a policy statement from the US Federal Reserve later in the global day today, 28 October 2015. US stocks slipped for a second consecutive day yesterday, 27 October 2015 due to combination of slumping oil prices, soft economic data and mixed earnings. The Fed's two-day policy meeting began yesterday, 27 October 2015. Investors are bracing for whether the central bank will hint at a December hike in interest rates. The Fed has held its benchmark short-term interest rate near zero since December 2008.

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