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Market witnesses selling pressure

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After opening lower, key benchmark indices slipped further to hit fresh intraday low in morning trade. At 10:16 IST, the barometer index, the S&P Sensex, was down 279.94 points or 1% at 27,802.40. The 50 index was down 85.25 points or 0.98% at 8,623.55. The and the Nifty, both, hit their lowest levels in almost two weeks. The fell 280.69 points, or 1% at the day's low of 27,801.65 in morning trade, its lowest level since 30 September 2016. The index fell 39.72 points, or 0.14% at the day's high of 28,042.62 in early trade. The fell 85.70 points, or 0.98% at the day's low of 8,623.10 in morning trade, its lowest level since 30 September 2016. The index fell 27.25 points, or 0.31% at the day's high of 8,681.55 in early trade.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,408 shares fell and 789 shares rose. A total of 88 shares were unchanged. The Mid-Cap index was currently down 0.77%. The Small-Cap index was currently down 0.83%. The decline in both these indices was lower than the Sensex's decline in percentage terms.

In overseas stock markets, Asian stocks declined after minutes of the last US Federal Reserve policy meeting indicated a December rate increase was still on the cards. US stocks finished mostly higher yesterday, 12 October 2016. Minutes from the Fed's September meeting, indicate that policy makers wanted more evidence of full employment and gains in inflation before feeling confident in raising rates, but the minutes also said a rate increase was in the cards relatively soon.

Back home, metal shares edged lower. Hindustan Zinc (down 3.28%), Steel Authority of India (down 2.38%), Hindalco Industries (down 1.87%), Bhushan Steel (down 1.59%), JSW Steel (down 1.4%), Vedanta (down 1.13%), Tata Steel (down 1.05%), NMDC (down 0.84%), National Aluminium Company (down 0.1%) and Hindustan Copper (down 0.08%), edged lower. Jindal Steel & Power was up 0.38%.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2016 delivery was currently down 0.41% at $2.1675 per pound on the COMEX.

Power generation stocks declined. Reliance Infrastructure (down 1.88%), JSW Energy (down 1.62%), Jaiprakash Power Ventures (down 1.55%), Adani Power (down 1.35%), Tata Power (down 1.11%), Reliance Power (down 1.04%), CESC (down 1.01%), GMR Infrastructure (down 0.78%), Torrent Power (down 0.36%) and NTPC (down 0.24%), edged lower. NHPC was up 0.59%.

State-run Power Grid Corporation of India was down 1.07%.

State-run Coal India was down 0.47%.

On a the economic front, India's industrial production declined 0.7% in August 2016 compared with a revised 2.5% decline in July 2016. The government unveiled the industrial production data for August 2016 after trading hours on Monday, 10 October 2016. Decline in production in metal and manufacturing sector led the decline in industrial production in August 2016. Production of the mining sector declined 5.6% and manufacturing production fell 0.3%. As per use-based classification, capital goods production declined sharply by 22.2% in August 2016. Consumer goods production rose 1.1%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 13 2016. 10:16 IST