Market turns range bound

Key benchmark indices were hovering in a narrow range near flat line in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 27.19 points or 0.10% at 27,486.18. The Nifty 50 index was up 5.30 points or 0.06% at 8,502.35.

The Sensex fell 52.23 points, or 0.19% at the day's low of 27,406.76 in afternoon trade. The index rose 141.72 points, or 0.52% at the day's high of 27,600.71 in early trade, its highest level since 3 November 2016. The Nifty fell 16.95 points, or 0.20% at the day's low of 8,480.10 in afternoon trade, its lowest level since 4 November 2016. The index rose 46.10 points, or 0.54% at the day's high of 8,543.15 in early trade, its highest level since 2 November 2016.

 

The market breadth indicating the overall health of the market was negative. On BSE, 1,554 shares fell and 1,216 shares rose. A total of 119 shares were unchanged. The BSE Mid-Cap index was currently up 0.05%. The BSE Small-Cap index was currently down 0.03%. Both these indices underpeformed the Sensex.

In overseas stock markets, European stocks were trading higher today, 8 November 2016, on clearer prospects that Hillary Clinton will become the next US President. Asian stocks were trading higher as the world's most closely watched election draws near. Japan's Nikkei 225, however, settled lower by 0.03%. US stocks on Monday, 7 November 2016, had their best trading day since March on a percentage basis. Gains were broad, with the Dow Jones Industrial Average reclaiming the key 18,000 level and the S&P 500 snapping its nine-day losing streak, the longest since 1980. The slide had been attributed partly to polls showing a closer contest between Clinton and Republican rival Donald Trump.

The outcome of United States presidential elections of 2016, which will be held today, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.

Back home, state-run Bharat Heavy Electricals (Bhel) was up 3.34% at Rs 143.80 after the company reported net profit of Rs 109 crore in Q2 September 2016 compared with net loss of Rs 180.78 crore in Q2 September 2015. Total income rose 8.65% to Rs 6860.53 crore in Q2 September 2016 over Q2 September 2015. The result was announced during trading hours today, 8 November 2016.

Ashok Leyland gained 1.95% after net profit jumped 70.96% to Rs 294.41 crore on 7.07% drop in total income to Rs 4943.23 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 8 November 2016.

Adani Enterprises gained 3.41% to Rs 65.20 after the company announced and Elbit Systems, Israel incorporated a joint venture company named, Adani-Elbit Advanced Systems India (AEASIL) on 07 November 2016 with equity participation in the ratio of 51:49 in the joint venture. The newly incorporated entity belongs to the aerospace and defence manufacturing industry and is yet to commence its business operations. The joint venture is incorporated for the manufacturing of unmanned aerial vehicles in India. The announcement was made during market hours today, 8 November 2016.

Most power generation stocks edged lower. JSW Energy (down 1.51%), CESC (down 1.16%), Tata Power (down 0.99%), Adani Power (down 0.78%), Reliance Infrastructure (down 0.7%), Torrent Power (down 0.42%), GMR Infrastructure (down 0.32%) and NHPC (down 0.19%), edged lower. NTPC (up 0.39%), Reliance Power (up 0.56%) and Jaiprakash Power Ventures (up 0.93%), edged higher.

State-run Coal India was down 0.52%. State-run Power Grid Corporation of India was down 0.86%.

Most telecom shares declined. Bharti Airtel (down 0.92%), Idea Cellular (down 0.68%), Reliance Communications (down 0.56%) and MTNL (down 0.26%), edged lower. Tata Teleservices (Maharashtra) was up 1.66%.

Telecom tower infrastructure provider Bharti Infratel was up 0.03%.

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