Market snaps three-day winning streak
Key benchmark indices snapped three-day winning streak as weakness in global stocks weighed on sentiment. The S&P BSE Sensex fell 113.57 points or 0.4% to settle at 28,220.98. The losses for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty shed 25.20 points or 0.29% to settle at 8,743.95. The market breadth indicating the overall health of the market was strong. On BSE, 1,745 shares gained and 1,135 shares fell. A total of 124 shares were unchanged. The BSE Mid-Cap index rose 0.5%. The BSE Small-Cap index gained 0.62%. Both these indices outperformed the Sensex. A private survey showing easing activity in services sector in September also marred sentiment.
Key indices traded in red since morning trade after hitting over one-week high at the onset of the trading session triggered by the International Monetary Fund (IMF) raising India's growth forecast slightly.
The Sensex fell 113.57 points or 0.4% to settle at 28,220.98, its lowest level since 30 September 2016. The index rose 143.10 points or 0.51% at the day's high of 28,477.65, its highest level since 26 September 2016. The index lost 145.65 points or 0.51% at the day's low of 28,188.90.
The Nifty shed 25.20 points or 0.29% to settle at 8,743.95, its lowest level since 3 October 2016. The index rose 37.80 points or 0.43% at the day's high of 8,806.95, its highest level since 26 September 2016. The index lost 37.75 points or 0.43% at the day's low of 8,731.40.
Among sectoral indices on BSE, the S&P BSE Industrials index (up 0.62%), the S&P BSE Auto index (up 0.35%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.5%), the S&P BSE Capital Goods index (up 0.19%), the S&P BSE Power index (up 0.28%), the S&P BSE Healthcare index (down 0.34%), the S&P BSE Consumer Durables index (down 0.22%), the S&P BSE Realty index (up 1.69%), the S&P BSE Metal index (up 0.69%), the S&P BSE Energy index (down 0.26%), the S&P BSE Utilities index (up 0.18%), the S&P BSE Basic Materials index (up 0.82%), the S&P BSE Oil & Gas index (down 0.33%), the S&P BSE Telecom index (up 0.45%), the S&P BSE Teck index (down 0.38%), and the S&P BSE FMCG index (up 0.29%) outperformed the Sensex. The S&P BSE Finance index (down 0.46%), the S&P BSE Bankex (down 0.78%), and the S&P BSE IT index (down 0.56%) underperformed the Sensex.
The total turnover on BSE amounted to Rs 3170.22 crore, lower than turnover of Rs 4258.42 crore registered during the previous trading session.
In overseas stock markets, European stocks declined as markets digest hawkish comments from US Federal Reserve officials. Most Asian stocks dropped as concern shifted to the likelihood of a US Federal Reserve rate increase by the year's end. Mainland Chinese markets remained closed for the National Day holiday. US stocks closed lower yesterday, 4 October 2016 as investors digested data from the International Monetary Fund and remarks from a Federal Reserve official. Federal Reserve Bank of Richmond President Jeffrey Lacker stating that the central bank should pre-emptively raise short-term interest rates to stave off accelerating inflation.
Private bank stocks fell. HDFC Bank (down 0.29%), Kotak Mahindra Bank (down 1.26%), Federal Bank (down 1.46%), RBL Bank (down 0.81%), IndusInd Bank (down 0.76%), ICICI Bank (down 0.99%), Axis Bank (down 2.03%) declined.
Yes Bank declined 0.34%. The bank announced after market hours yesterday, 4 October 2016 that it has successfully raised Rs 2135 crore through senior long term infrastructure bonds. The issue was closed on 30 September 2016 and witnessed strong demand from leading domestic investors resulting in a total subscription of the issue. The issue was subscribed 2.13 times. The bonds will be listed on BSE and were raised at a coupon rate of 8% per annum with a tenor of 10 years. The proceeds will be used to finance long term projects in infrastructure and its allied sub-sectors.
PSU bank stocks were mixed. State Bank of India (SBI) (up 0.5%), Andhra Bank (up 0.34%), Canara Bank (up 0.91%), Bank of India (up 0.8%) and Union Bank of India (up 0.13%) rose. IDBI Bank (down 1.04%), Punjab National Bank (down 1.06%), and Bank of Baroda (down 0.18%) dropped.
UCO Bank rose 0.66% after the bank said its board is considering a proposal for issue of 7.17 crore equity shares on preferential basis to Life Insurance Corporation of India. The proposal for fund raising is placed before the board for approval by circulation. The issue price for preferential allotment will be determined later. The announcement was made after market hours yesterday, 4 October 2016.
Index heavyweight and housing finance major HDFC lost 0.61% after the company announced that the profit on sale of investments declined 60.41% to Rs 19 crore in Q2 September 2016 over Q2 September 2015. Income from dividend rose 7.29% to Rs 456 crore in Q2 September 2016 over Q2 September 2015. The company, under the loan assignment route sold loans amounting to Rs 1939 crore in Q2 September 2016 to HDFC Bank. HDFC sold loans amounting to Rs 13086 crore in the preceding twelve months. The company is scheduled to announce its Q2 September 2016 results on 26 October 2016. The announcement was made after market hours yesterday, 4 October 2016.
Realty stocks gained. DLF (up 2.96%), Indiabulls Real Estate (up 0.27%), Housing Development and Infrastructure (up 0.66%), D B Realty (up 0.76%), Sobha (up 1.28%), Parsvnath Developers (up 0.79%), Godrej Properties (up 0.11%), Prestige Estates Projects (up 2.19%), Oberoi Realty (up 2.33%) rose. Unitech (down 1.15%) fell.
IT stocks fell. Wipro (down 0.53%), HCL Technologies (down 0.28%), Hexaware Technologies (down 1.51%), TCS (down 0.77%), Infosys (down 0.73%), Oracle Financial Services Software (down 0.95%), Tech Mahindra (down 0.78%) slipped. MphasiS (up 0.47%) rose.
Key indices snapped three-day winning streak today, 5 October 2016. The Sensex had risen 507.02 points or 1.82% in three sessions to settle at 28,334.55 on 4 October 2016, from a close of 27,827.53 on 29 September 2016. The Sensex has risen 355.02 points or 1.27% in October 2016 so far (till 5 October 2016). The Sensex has risen 2,103.44 points or 8.05% in calendar year 2016 so far (till 5 October 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,726.37 points or 25.45%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 856.30 points or 2.94%. The Sensex is off 1,803.76 points or 6% from a record high of 30,024.74 hit on 4 March 2015.
On macro front, data showed today, 5 October 2016, that the health of the Indian private sector economy improved in September, but to a lesser extent than in August. Output and new business increased at softer rates in both the manufacturing and service sectors. Meanwhile, prices charged were raised in line with higher cost burdens. Reflecting softer expansions in activity at both service providers and manufacturers, the seasonally adjusted Nikkei India Composite PMI Output Index fell from August's 42-month high of 54.6 to 52.4 in September. Nonetheless, the latest above-50 reading was the fifteenth in as many months, highlighting ongoing growth in the country. The headline seasonally adjusted Nikkei India Services Business Activity Index registered 52 in September down from August's 43-month high of 54.7, thus the latest reading pointing to a slower rate of expansion that was moderate overall.
Global economic growth will remain subdued this year following a slowdown in the United States and Britain's vote to leave the European Union, the IMF said in its October 2016 World Economic Outlook yesterday, 4 October 2016. The world economy will expand 3.1% this year, the IMF said, unchanged from its July projection
Meanwhile, the International Monetary Fund (IMF) has raised India's growth forecast a tad, citing the resilience of its economy and robust growth momentum. The IMF now expects the economy to expand 7.6% in 2016-17, up from its earlier projection of 7.4%.
Key indices traded in red since morning trade after hitting over one-week high at the onset of the trading session triggered by the International Monetary Fund (IMF) raising India's growth forecast slightly.
The Sensex fell 113.57 points or 0.4% to settle at 28,220.98, its lowest level since 30 September 2016. The index rose 143.10 points or 0.51% at the day's high of 28,477.65, its highest level since 26 September 2016. The index lost 145.65 points or 0.51% at the day's low of 28,188.90.
The Nifty shed 25.20 points or 0.29% to settle at 8,743.95, its lowest level since 3 October 2016. The index rose 37.80 points or 0.43% at the day's high of 8,806.95, its highest level since 26 September 2016. The index lost 37.75 points or 0.43% at the day's low of 8,731.40.
Among sectoral indices on BSE, the S&P BSE Industrials index (up 0.62%), the S&P BSE Auto index (up 0.35%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.5%), the S&P BSE Capital Goods index (up 0.19%), the S&P BSE Power index (up 0.28%), the S&P BSE Healthcare index (down 0.34%), the S&P BSE Consumer Durables index (down 0.22%), the S&P BSE Realty index (up 1.69%), the S&P BSE Metal index (up 0.69%), the S&P BSE Energy index (down 0.26%), the S&P BSE Utilities index (up 0.18%), the S&P BSE Basic Materials index (up 0.82%), the S&P BSE Oil & Gas index (down 0.33%), the S&P BSE Telecom index (up 0.45%), the S&P BSE Teck index (down 0.38%), and the S&P BSE FMCG index (up 0.29%) outperformed the Sensex. The S&P BSE Finance index (down 0.46%), the S&P BSE Bankex (down 0.78%), and the S&P BSE IT index (down 0.56%) underperformed the Sensex.
The total turnover on BSE amounted to Rs 3170.22 crore, lower than turnover of Rs 4258.42 crore registered during the previous trading session.
In overseas stock markets, European stocks declined as markets digest hawkish comments from US Federal Reserve officials. Most Asian stocks dropped as concern shifted to the likelihood of a US Federal Reserve rate increase by the year's end. Mainland Chinese markets remained closed for the National Day holiday. US stocks closed lower yesterday, 4 October 2016 as investors digested data from the International Monetary Fund and remarks from a Federal Reserve official. Federal Reserve Bank of Richmond President Jeffrey Lacker stating that the central bank should pre-emptively raise short-term interest rates to stave off accelerating inflation.
Private bank stocks fell. HDFC Bank (down 0.29%), Kotak Mahindra Bank (down 1.26%), Federal Bank (down 1.46%), RBL Bank (down 0.81%), IndusInd Bank (down 0.76%), ICICI Bank (down 0.99%), Axis Bank (down 2.03%) declined.
Yes Bank declined 0.34%. The bank announced after market hours yesterday, 4 October 2016 that it has successfully raised Rs 2135 crore through senior long term infrastructure bonds. The issue was closed on 30 September 2016 and witnessed strong demand from leading domestic investors resulting in a total subscription of the issue. The issue was subscribed 2.13 times. The bonds will be listed on BSE and were raised at a coupon rate of 8% per annum with a tenor of 10 years. The proceeds will be used to finance long term projects in infrastructure and its allied sub-sectors.
PSU bank stocks were mixed. State Bank of India (SBI) (up 0.5%), Andhra Bank (up 0.34%), Canara Bank (up 0.91%), Bank of India (up 0.8%) and Union Bank of India (up 0.13%) rose. IDBI Bank (down 1.04%), Punjab National Bank (down 1.06%), and Bank of Baroda (down 0.18%) dropped.
UCO Bank rose 0.66% after the bank said its board is considering a proposal for issue of 7.17 crore equity shares on preferential basis to Life Insurance Corporation of India. The proposal for fund raising is placed before the board for approval by circulation. The issue price for preferential allotment will be determined later. The announcement was made after market hours yesterday, 4 October 2016.
Index heavyweight and housing finance major HDFC lost 0.61% after the company announced that the profit on sale of investments declined 60.41% to Rs 19 crore in Q2 September 2016 over Q2 September 2015. Income from dividend rose 7.29% to Rs 456 crore in Q2 September 2016 over Q2 September 2015. The company, under the loan assignment route sold loans amounting to Rs 1939 crore in Q2 September 2016 to HDFC Bank. HDFC sold loans amounting to Rs 13086 crore in the preceding twelve months. The company is scheduled to announce its Q2 September 2016 results on 26 October 2016. The announcement was made after market hours yesterday, 4 October 2016.
Realty stocks gained. DLF (up 2.96%), Indiabulls Real Estate (up 0.27%), Housing Development and Infrastructure (up 0.66%), D B Realty (up 0.76%), Sobha (up 1.28%), Parsvnath Developers (up 0.79%), Godrej Properties (up 0.11%), Prestige Estates Projects (up 2.19%), Oberoi Realty (up 2.33%) rose. Unitech (down 1.15%) fell.
IT stocks fell. Wipro (down 0.53%), HCL Technologies (down 0.28%), Hexaware Technologies (down 1.51%), TCS (down 0.77%), Infosys (down 0.73%), Oracle Financial Services Software (down 0.95%), Tech Mahindra (down 0.78%) slipped. MphasiS (up 0.47%) rose.
Key indices snapped three-day winning streak today, 5 October 2016. The Sensex had risen 507.02 points or 1.82% in three sessions to settle at 28,334.55 on 4 October 2016, from a close of 27,827.53 on 29 September 2016. The Sensex has risen 355.02 points or 1.27% in October 2016 so far (till 5 October 2016). The Sensex has risen 2,103.44 points or 8.05% in calendar year 2016 so far (till 5 October 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,726.37 points or 25.45%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 856.30 points or 2.94%. The Sensex is off 1,803.76 points or 6% from a record high of 30,024.74 hit on 4 March 2015.
On macro front, data showed today, 5 October 2016, that the health of the Indian private sector economy improved in September, but to a lesser extent than in August. Output and new business increased at softer rates in both the manufacturing and service sectors. Meanwhile, prices charged were raised in line with higher cost burdens. Reflecting softer expansions in activity at both service providers and manufacturers, the seasonally adjusted Nikkei India Composite PMI Output Index fell from August's 42-month high of 54.6 to 52.4 in September. Nonetheless, the latest above-50 reading was the fifteenth in as many months, highlighting ongoing growth in the country. The headline seasonally adjusted Nikkei India Services Business Activity Index registered 52 in September down from August's 43-month high of 54.7, thus the latest reading pointing to a slower rate of expansion that was moderate overall.
Global economic growth will remain subdued this year following a slowdown in the United States and Britain's vote to leave the European Union, the IMF said in its October 2016 World Economic Outlook yesterday, 4 October 2016. The world economy will expand 3.1% this year, the IMF said, unchanged from its July projection
Meanwhile, the International Monetary Fund (IMF) has raised India's growth forecast a tad, citing the resilience of its economy and robust growth momentum. The IMF now expects the economy to expand 7.6% in 2016-17, up from its earlier projection of 7.4%.
No comments:
Post a Comment