Key benchmark indices slipped in late trade after displaying firmness for most part of the session. The barometer index, the S&P BSE Sensex, fell 133.71 points or 0.48% to 27,702.79, as per the provisional closing data. The Nifty 50 index fell 32.70 points or 0.38% to 8,508.70, as per the provisional closing data. The Sensex provisionally fell below the psychologically important 28,000 mark after flirting with that level earlier during the session.
The Sensex fell 115.99 points, or 0.42% at the day's low of 27,720.51 in late trade, its lowest level since 12 July 2016. The index rose 177 points, or 0.64% at the day's high of 28,013.50 in morning trade. The Nifty fell 35.50 points, or 0.42% at the day's low of 8,505.90 in late trade, its lowest level since 14 July 2016. The index rose 45.70 points, or 0.53% at the day's high of 8,587.10 in morning trade.
The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On BSE, 1,621 shares fell and 1,113 shares rose. A total of 179 shares were unchanged. The BSE Mid-Cap index provisionally fell 0.68%. The BSE Small-Cap index provisionally fell 0.52%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
In overseas markets, most European stocks edged lower as investors digest a number of geopolitical events including the failed coup in Turkey. Most markets in Asia were trading higher today, 18 July 2016, ahead of a relatively data-light week in the region, while investors had a muted reaction to the risks surrounding a failed military coup in Turkey. In the US market, the Dow Jones Industrial Average edged higher on Friday, 15 July 2016, to post its fourth straight record close, while the S&P 500 broke its winning streak as the rally lost strength ahead of the weekend. The Nasdaq Composite Index shed 4.47 points to 5,029.59 but finished the week 1.5% higher.
Sugar stocks edged lower. DCM Shriram Industries (down 4.65%), Dwarikesh Sugar Industries (down 3.97%), Triveni Engineering & Industries (down 2.68%), Bajaj Hindusthan Sugar (down 2.46%), Sakthi Sugars (down 2.33%), Empee Sugars and Chemicals (down 1.65%), Balrampur Chini Mills (down 1.27%), Dhampur Sugar Mills (down 1.22%), Shree Renuka Sugar (down 0.9%), Upper Ganges Sugar & Industries (down 0.74%), Rana Sugars (down 0.71%), EID Parry (India) (down 0.58%), Oudh Sugar Mills (down 0.55%) and KCP Sugar & Industries Corporation (down 0.37%), edged lower.
Fertiliser stocks edged lower. Coromandel International (down 2.96%), Fertilisers & Chemicals Travancore (down 1.23%), Gujarat State Fertilizers Company (down 1.21%), Rashtriya Chemicals and Fertilisers (down 0.8%), Deepak Fertilisers & Petrochemicals Corporation (down 0.58%), National Fertilizers (down 0.57%), Tata Chemicals (down 0.49%) and Chambal Fertilisers & Chemicals (down 0.38%), edged lower. Zuari Global was up 0.10%
ICICI Bank fell 0.75% to Rs 263.20 after its subsidiary company, ICICI Prudential Life Insurance Company, filed a draft red herring prospectus with market regulator for an initial public offer. ICICI Bank announced that its subsidiary company, ICICI Prudential Life Insurance Company, has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 18.13 crore equity shares of ICICI Prudential Life Insurance Company, representing approximately 12.65% of its equity share capital, for cash, through an offer for sale by ICICI Bank. The offer includes a proposed reservation of up to 1.81 crore equity shares or 10% of the offer for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank.
ICICI Prudential Life Insurance is a joint venture of ICICI Bank and Prudential Corp. Holdings. The company began operations in 2000. As per the shareholding pattern as of 31 March, ICICI Bank reportedly held 67.6% stake in the life insurance firm, while its foreign partner Prudential held 25.9%
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