Mid-Session: Market stays under selling pressure; CGS, metal stocks lose shine Analysis for Nov 02, 2015

Subscribe to GoodReturns

The Indian benchmark indices continued their journey southward in noon session of day"s trade, tracking bearish cues from Asian peers, led by losses in the healthcare, capital goods, and metal space. The volatility persisted in the market amid caution ahead of the outcome of Bihar state polls due this week, with a BJP win likely to be positive for the market.

At 12:25 hours, the BSE SENSEX was trading at 26438.22, down by 218.61 points or by 0.82 per cent, and the NSE Nifty was quoting 53.55 points lower at 8012.25.

During the day"s trade so far, the BSE Sensex touched an intraday high of 26824.30 and intraday low of 26428.15, while the NSE Nifty touched high and low of 8060.65 and 8007.40, respectively.

On the corporate front, Shares of Eros International tumbled 10 per cent and locked in lower circuit on Monday on Bombay Stock Exchange (BSE) after media report suggested that that the US attorneys have started investigating its US arm Eros International Plc.

Among others, stocks of Bajaj Auto tumbled nearly 5 per cent on Bombay Stock Exchange (BSE) after the country"s leading two wheeler manufacturer reported disappointing sales in October. The auto major has posted a decline of 8.59 per cent in total sales at 3,52,822 units in October as against 3,86,017 units in the same month last year.

On the sectoral front, metal and capital goods stocks were leading the decline, falling as much as 1.53 per cent and 1.46 per cent, respectively.

Leading the decline on the D-Street were Bajaj Auto Ltd. (Rs. 2437.50,-4.40%), Hindalco Industries Ltd. (Rs. 81.10,-3.51%), Tata Steel Ltd. (Rs. 239.30,-3.02%), Sun Pharmaceutical Industries Ltd. (Rs. 867.00,-2.47%), Lupin Ltd. (Rs. 1880.00,-2.39%), among others.

However, some buying were witnessed in blue chip stocks, such as Mahindra & Mahindra Ltd. (Rs. 1221.00,+3.26%), Tata Motors Ltd. (Rs. 388.90,+1.16%), ICICI Bank Ltd. (Rs. 279.25,+0.81%), Maruti Suzuki India Ltd. (Rs. 4482.95,+0.77%), Axis Bank Ltd. (Rs. 477.05,+0.44%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2500, shares advanced were 849 while 1541 shares declined and 110 were unchanged.

Among the global peers, Asian stocks were bleeding in red amid concerns over the health of the Chinese economy. China"s Shanghai Composite was trading lower after China"s official factory PMI contracted in October, coming in at 49.8, unchanged from September, with a reading below 50 signaling contraction. Hang Seng was trading lower while Japan"s Nikkei 225 plunged nearly 2 per cent as a stronger yen curbed the appeal of exporter stocks as the Bank of Japan refrained from fresh stimulus on Friday.

Story first published: Monday, November 2, 2015, 12:48 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC