Mid-Session: Sensex, Nifty edge lower in range-bound trade Analysis for Oct 16, 2015

Posted By: Religare
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The Indian equities continued to trade lower, bucking the firm global trend, as investors partially booked profit after weak economic data. India"s exports contracted for the 10th straight month by 24.33 per cent in September to USD 21.84 billion amid sluggish global demand.

At 12:20 hours, the BSE SENSEX was trading at 26927.17, down by 82.97 points or by 0.31 per cent, and the NSE Nifty was quoting 22.65 points lower at 8156.85.

During the day"s trade so far, the BSE Sensex touched an intraday high of 27064.21 and intraday low of 26917.12, while the NSE Nifty touched high and low of 8196.2 and 8155.15, respectively.

India"s trade deficit shrank to USD 10.5 billion in September from USD 12.5 billion in August as exports tumbled 24 per cent in September while imports fell 25 per cent, the steepest drop since September 2009. Meanwhile, investors keenly eyed the Q2 corporate earnings report card of Reliance Industries set for release today.On the sectoral front, realty and metal indices were among top losers on BSE, dropping as much as 1.74 per cent and 1.14 per cent, respectively.

Leading the decline on the D-Street were Lupin Ltd. (Rs. 2037.00,-2.96%), Tata Steel Ltd. (Rs. 250.00,-2.08%), Bharti Airtel Ltd. (Rs. 344.80,-1.89%), Hindalco Industries Ltd. (Rs. 86.60,-1.53%), ITC Ltd. (Rs. 344.95,-1.34%), among others.

However, some buying were witnessed in blue chip stocks, such as Larsen & Toubro Ltd. (Rs. 1581.90,+1.37%), NTPC Ltd. (Rs. 126.75,+1.36%), Bajaj Auto Ltd. (Rs. 2471.30,+0.80%), Reliance Industries Ltd. (Rs. 911.10,+0.79%), Tata Motors Ltd. (Rs. 383.25,+0.67%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2603, shares advanced were 1132 while 1319 shares declined and 152 were unchanged.

Among the global peers, Asian stocks extended gain for the second day with markets in mainland China rallying on hopes that the government will push reforms of state-owned companies to stem a slowdown in the world"s second biggest economy. Hang Seng was also trading higher after upbeat China lending data bolstered sentiment as new yuan loans in September came in at 1.05 trillion yuan, up from the 900 billion yuan estimated by analysts. Japan"s Nikkei 225 surged as a weaker yen boosted the appeal of exporter stocks.

Story first published: Friday, October 16, 2015, 13:36 [IST]
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