Banking, telecom sector stocks and index heavyweight Infosys led modest losses for key benchmark indices in a lacklustre trading session. The barometer index, the S&P BSE Sensex, lost 121.46 points or 0.42% at 28,651.67, as per the provisional closing data. The Nifty 50 index lost 35.90 points or 0.4% at 8,831.55, as per the provisional closing data. Weakness in European and Asian stocks weighed on sentiment on the domestic bourses. Key indices extended intraday slide towards the latter part of the trading session after hovering in a narrow range around the flat line till afternoon trade.
The Sensex lost 145.75 points or 0.5% at the day's low of 28,627.38 in late trade, its lowest level since 21 September 2016. The barometer index rose 51.96 points or 0.18% at the day's high of 28,825.09 in early trade. The Nifty lost 47.15 points or 0.53% at the day's low of 8,820.30 in late trade, its lowest level since 21 September 2016. The index rose 17.75 points or 0.2% at the day's high of 8,885.20 in early trade.
In overseas stock markets, European stocks edged lower after the euro zone flash composite Purchasing Managers' Index (PMI) fell to 52.6 in September 2016, from August's reading of 52.9. Asian stocks edged lower amid a slew of economic data. In mainland China, the Shanghai Composite settled 0.28% lower. In Hong Kong, the Hang Seng closed 0.39% lower. The MNI China business sentiment index came it at 55.8 in September 2016, up from a marginally revised 54.1 in August, driven by a faster increase in new orders and a further strengthening in confidence among manufacturing companies. In Japan, the Nikkei 225 Average ended 0.32% lower. Japanese manufacturing activity expanded for the first time in seven months in September, a preliminary survey showed today, 23 September 2016. The IHS Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) rose to 50.3 in September from a final 49.5 in August on a seasonally adjusted basis.
US stocks registered modest gains yesterday, 22 September 2016, extending previous trading session's gains as investors digested several economic data releases and the Federal Reserve's latest monetary policy decision. US home resales unexpectedly fell in August 2016. The National Association of Realtors said yesterday, 22 September 2016 that existing home sales declined 0.9% to an annual rate of 5.33 million units.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,496 shares declined and 1,166 shares rose. A total of 254 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.28%. The BSE Small-Cap index provisionally rose 0.08%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3653 crore, higher than turnover of Rs 3311.63 crore registered during the previous trading session.
Index heavyweight and software major Infosys was down 1.56% at Rs 1,042. The stock hit a high of Rs 1,059.85 and a low of Rs 1,040 in intraday trade.
Index heavyweight Reliance Industries was up 1.32% at Rs 1,102. The stock hit a high of Rs 1,109.20 and a low of Rs 1,088 in intraday trade.
Bank stocks edged lower. Among public sector banks, Canara Bank (down 1.64%), IDBI Bank (down 1.61%), Indian Bank (down 0.99%), State Bank of India (down 1.19%), Bank of India (down 1%), Punjab National Bank (down 1.21%), Union Bank of India (down 0.41%) and Bank of Baroda (down 0.32%) declined.
Among private sector banks, Axis Bank (down 5.97%), ICICI Bank (down 1.43%), Yes Bank (down 1.4%), IndusInd Bank (down 0.77%) and Kotak Mahindra Bank (down 0.38%) edged lower. RBL Bank (up 0.33%) edged higher.
Index heavyweight HDFC Bank was up 0.39% at Rs 1,312.75. The stock hit a high of Rs 1,318.20 and a low of Rs 1,303 in intraday trade.
Telecom stocks declined. Reliance Communications (down 1.75%), Idea Cellular (down 1.74%) and Bharti Airtel (down 0.06%) edged lower.
Bharti Infratel was down 1.44%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Meanwhile, the government yesterday, 22 September 2016, named three outside experts as members of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI). The Appointments Committee of the Cabinet approved the names of Chetan Ghate, a professor at Indian Statistical Institute; Pami Dua, director at Delhi School of Economics (DSE); and Ravindra Dholakia, professor at Indian Institute of Management, Ahmedabad, as MPC members. The six-member MPCthe other three members are from RBIwill conduct its first monetary policy review on 4 October 2016. The members of the committee from RBI are Governor Urjit Patel, deputy governor R. Gandhi, who is also in charge of the monetary policy, and executive director Michael Patra. The RBI governor will have a casting vote in case of a tie.
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