Market reverses initial gains
A bout of volatility was witnessed in morning trade as key benchmark indices reversed initial gains and hit fresh intraday low. At 10:20 IST, the barometer index, the S&P BSE Sensex fell 90.37 points or 0.29% at 31,509.39. The Nifty 50 index dropped 32.70 points or 0.33% at 9,838.80. Federal Reserve Chairwoman Janet Yellen hinting at possible hike in US interest rates increased worries of pull out of money from risky assets in emerging markets like India.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,122 shares rose and 803 shares fell. A total of 98 shares were unchanged.
Realty stocks rose for the second straight day on bargain hunting after witnessing losses in prior four sessions. DLF (up 0.8%), D B Realty (up 0.01%), Sobha (up 0.52%), Indiabulls Real Estate (up 2.61%), Unitech (up 0.58%), NBCC (up 0.19%), Godrej Properties (up 0.82%), Housing Development & Infrastructure (HDIL) (up 0.18%), and Oberoi Realty (up 1.19%) edged higher.
Telecom stocks were mixed. Tata Teleservices (Maharashtra) (up 0.49%) and MTNL (up 1.71%) gained. Idea Cellular (down 0.72%), Bharti Airtel (down 0.36%) and Reliance Communications (down 1.02%) declined.
Shares of Bharti Infratel rose 0.48%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Petron Engineering Construction hit an upper circuit limit of 5% to Rs 146.60 after the company said it received order worth Rs 280 crore from JSW Steel. The announcement was made after market hours yesterday, 26 September 2017. Petron Engineering Construction said that the order is for supply, fabrication, erection and alignment of prefabricated steel structure for blast furnace #2 and raw material handling system (RMHS) conveyor gallery and junction house at Raigad, Maharashtra, India.
Madhucon Projects gained 4.23% after the company said that it is looking to sell its road projects but buyers for the same are not yet finalized. The announcement was made after market hours yesterday, 26 September 2017. In 2016, Madhucon sold one of its road projects Agra-Jaipur (MAJEL) to cube highways, Singapore in the similar lines, the company said in a statement.
Overseas, most Asian stocks gained on positive economic data in China and as investors hoped for progress on major tax reform in the United States. Annual profits at China’s industrial companies rose 24% in August, accelerating from the previous month in an indication economic growth remains in good heart even as signs emerge of fading momentum following a robust first half.
US stock-market indexes relinquished earlier gains to close little changed yesterday, 26 September 2017, with the Dow Industrials Average extending a losing streak to a fourth session. Investors appeared to shrug off comments from Federal Reserve Chairwoman Janet Yellen, who cautioned against moving too slowly on interest rates. Yellen said there is a risk that the labor market could become overheated, causing an inflation problem down the road.
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