Key benchmark indices provisionally settled with tiny gains in rangebound trading session. The barometer index, the S&P BSE Sensex, rose 24.78 points or 0.08% at 31,687.52, as per the provisional closing data. The Nifty 50 index rose 4.90 points or 0.05% at 9,934.80, as per the provisional closing data. Capital goods stocks saw mixed trend.
Stocks drifted higher in early trade led by L&T and HDFC Bank. Key benchmark indices traded mostly with modest gains till early afternoon trade amid intermittent bouts of volatility which saw indices dip slightly into the negative terrain. Stocks hovered near flat line thereafter.
The S&P BSE Mid-Cap index provisionally fell 0.44%. The S&P BSE Small-Cap index provisionally fell 0.14%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,509 shares fell and 1,102 shares rose. A total of 148 shares were unchanged.
The total turnover on BSE amounted to Rs 3784.35 crore, lower than the turnover of Rs 3833.82 crore registered during the previous trading session.
Capital goods stocks saw mixed trend. L&T (up 3.95%), ABB India (up 0.08%), Siemens (up 0.43%) and Thermax (up 0.49%) gained. Bharat Electronics (down 2.63%), Bharat Heavy Electricals (Bhel) (down 1.95%) and BEML (down 1.99%) fell.
Punj Lloyd rose 3.96% after the company said it received the Letter of Award (LoA) for construction and commissioning of balance/left out canal work, including cross drainage structures and design, for Gosikhurd National project in Bhandara, Nagpur and Chandrapur districts of Maharashtra for VIDC, Phase - I / Pkg - I by NBCC (India) for a total contract value of Rs 870.15 crore. The announcement was made after market hours yesterday, 7 September 2017.
ICICI Bank fell 0.1%. The bank said it has fixed the price band for the proposed initial public offer (IPO) of its insurance subsidiary viz. ICICI Lombard General Insurance Company at Rs 651 to 661 per share. The announcement was made after market hours yesterday, 7 September 2017.
Dr Reddy's Laboratories lost 3.01% after the company announced that on 7 September 2017, the Regulatory Authority of Germany (Regierung von Oberbayern), concluded an audit of the company's formulations manufacturing facility in Duvvada, Vishakapatnam, with zero critical and six major observations. Products manufactured at the facility are not currently exported to the European Union (EU). The announcement was made during market hours today, 7 September 2017.
The company said it will submit a Corrective and Preventive Action plan (CAPA) to the authorities. The auditor has cautioned that the facility will receive European Union Good Manufacturing Practice (EU-GMP) certification from the regulator upto November 2018 only when the Regulator approves the CAPA. The facility's compliance with the CAPA and other applicable regulations will be reviewed again by the regulator by the November 2018 for continuation of the facility's EU-GMP certification.
Meanwhile, India Meteorological Department (IMD) said that cumulative area weighted rainfall for the country as a whole till 5 September 2017 was 5% below normal. The quantum of the rainfall and its spatial and temporal distribution are critical for the country's agriculture. Around 70% of the country's farmlands are rain-fed.
Overseas, European stocks were trading lower as investors eye the impact of Hurricanes Harvey, Irma and Jose. The European Central Bank (ECB) held interest rates steady at 0% yesterday, 7 September 2017. ECB President Mario Draghi said the central bank would be prepared to make a decision on its quantitative easing program at its October meeting. For now, the central bank's net asset purchases of 60 billion euro a month would continue to the end of the year or beyond, if necessary, Draghi said.
Asian stocks were mixed as investors braced for damage that Hurricane Irma may inflict on Florida. China today, 8 September 2017, reported August exports were up 5.5% from a year ago in dollar terms, while imports were up 13.3% in dollar terms. China also reported August exports were up 6.9% in yuan terms while imports were up 14.4% in yuan terms from a year ago, Chinese customs data showed.
US stock indexes ended slightly lower yesterday, 7 September 2017 as investors sold financials, consumer-discretionary and telecommunication shares. On the data front, the number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications in hurricane-ravaged Texas, but the underlying trend remained consistent with a firming jobs market.
Meanwhile, the threat from North Korea lingers. US President Donald Trump said it's not inevitable that the US will wind up in a war with North Korea over its continued development of nuclear weapons, though military action remains an option. Pyongyang may test a missile this weekend to coincide with its founding day on 9 September 2017.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
