Key benchmark indices provisionally ended with small decline in a volatile trading session. The barometer index, the S&P BSE Sensex, fell 39.69 points or 0.14% at 28,938.33, as per the provisional closing data. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty fell 25.05 points or 0.28% at 8,917.95, as per the provisional closing data. The Sensex provisionally ended below the psychologically important 29,000 mark. The barometer index alternately moved above and below that level in intraday trade.
The Sensex gained 89.82 points or 0.31% at the day's high of 29,067.84 in early trade, its highest level since 15 April 2015. The barometer index fell 66.71 points or 0.23% at the day's low of 28,911.30 in late trade. The Nifty rose 25.70 points or 0.29% at the day's high of 8,968.70 in early trade, its highest level since 4 March 2015. The Nifty fell 29.65 points or 0.33% at the day's low of 8,913.35 in late trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,423 shares rose and 1,342 shares declined. A total of 152 shares were unchanged. The BSE Mid-Cap index was provisionally down 0.11%. The fall in this index was lower than Sensex's decline in percentage terms. The BSE Small-Cap index was provisionally up 0.41%, outperforming the Sensex.
The total turnover on BSE amounted to Rs 4161 crore, higher than turnover of Rs 3804.43 crore registered during the previous trading session.
ONGC gained 2.57% ahead of its Q1 June 2016 result today, 7 September 2016.
Shares of state-run gas transmission and distribution firm GAIL (India) dropped 1.42% ahead of its Q1 June 2016 result today, 7 September 2016.
Shares of index heavyweight and housing finance major HDFC dropped on profit booking. The stock lost 2.35% to Rs 1,420.75. The stock hit a high of Rs 1,463.25 in intraday trade, which is a record high for the counter. The stock hit low of Rs 1,418.50 in intraday trade. The stock had gained 7.17% in the preceding seven trading sessions to settle at Rs 1,454.90 yesterday, 6 September 2016, from its close of Rs 1,357.60 on 25 August 2016.
Bharat Heavy Electricals (Bhel) surged on high volume after the company reported strong Q1 result during market hours today, 7 September 2016. The stock jumped 15.54% to Rs 159.85. Bhel's net profit surged 54.21% to Rs 77.77 crore on 20.84% growth in total income to Rs 5871.78 crore in Q1 June 2016 over Q1 June 2015. On BSE, 84.12 lakh shares were traded in the counter as against average daily volume of 8.03 lakh shares in the past one quarter. Bhel's order backlog stood at Rs 1.08 lakh crore as on 30 June 2016.
Seperately, Bhel said that India Ratings and Research has downgraded its Long-Term Issuer rating to 'IND AA+' from 'IND AAA'. The announcement was made during trading hours today, 7 September 2016. Bhel said that India Ratings and Research has, simultaneously, removed all ratings from Rating Watch Negative (RWN) and a Negative Outlook has been assigned to all Long-term ratings. The removal of RWN follows the completion of the ongoing evaluation of Bhel's key business parameters. According to statement issued by India Ratings and Research, decline in Bhel's revenue for the period from FY 2013 to FY 2016, slow moving projects in the company's order book, EBITDA (earnings before interest, taxes, depreciation and amortization) margins turning negative and high debtors days led to downgrade of the company's ratings.
In overseas stock markets, European stocks were trading higher as investors digested weaker US data which lowered the chances of the US Federal Reserve hiking interest rates later this month. Asian stocks settled on a mixed note. US stocks closed higher yesterday, 6 September 2016, after surprisingly weak US services sector activity data lowered the chances a Federal Reserve will hike rates this month. The Institute for Supply Management (ISM) yesterday, 6 September 2016, said its non-manufacturing purchasing manager index (PMI) index fell to six-year low of 51.4 in August from 55.5 in July.
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