Markets continue to hover in red; ONGC, Axis Bank weigh

Markets continue to hover in red; ONGC, Axis Bank weigh

05/10/2016 14:26

The key domestic benchmark indices continued to hover in red during the late noon trading session tracking weak cues from the European counters.

At 14:20 hours, the 30-share benchmark index was trading at 28258.32 down by 76.23 points or by 0.27 per cent, while the NSE Nifty was at 8759.4 down by 9.75 points or by 0.11 per cent.

Investor sentiment was dampened as Nikkei India Services Business Activity Index eased to 52 in September from 54.7 in August, pointing to a slower and moderate rate of expansion. Sentiments also remained subdued with a World Bank research predicting that the proportion of jobs threatened in India by automation is 69 per cent and in China it is 77 per cent.

In the choppy trade so-far, Sensex touched an intraday high of 28477.65 and an intraday low of 28209.19, while the NSE Nifty touched an intraday high of 8806.95 and an intraday low of 8731.4.

The top gainers of the BSE Sensex pack were Asian Paints Ltd. (Rs. 1207.00,+1.23%), State Bank of India (Rs. 262.40,+1.22%), Hindustan Unilever Ltd. (Rs. 869.75,+1.14%), Tata Motors Ltd. (Rs. 555.60,+1.14%), Maruti Suzuki India Ltd. (Rs. 5729.35,+0.87%), among others.

The top losers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 267.20,-2.39%), Axis Bank Ltd. (Rs. 537.40,-1.72%), Mahindra & Mahindra Ltd. (Rs. 1398.00,-1.23%), Bajaj Auto Ltd. (Rs. 2859.95,-1.19%), Hero MotoCorp Ltd. (Rs. 3495.00,-1.03%), among others.

Among the sectors, IT index was at 10254.48 down by -57.59 points or by -0.56%. Mastek Ltd. (Rs. 131.70,-4.11%), Intrasoft Technologies Ltd. (Rs. 415.00,-1.91%), Moser Baer India Ltd. (Rs. 7.78,-1.89%), Majesco Ltd. (Rs. 475.20,-1.83%), 3i Infotech Ltd. (Rs. 5.88,-1.67%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2981 , shares advanced were 1727 while 1122 shares declined and 132 were unchanged.

On the global front, Asian peers ended the day on a positive note, while European counters were hovering in red on reports that the European Central Bank’s governing council had reached an informal consensus on winding down its quantitative easing programme.

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