Metal stocks see mixed trend

Intraday volatility continued for key benchmark indices in mid-morning trade. Benchmark indices were currently trading with small losses. At 11:17 IST, the barometer index, the S&P BSE Sensex was off 10.12 points or 0.04% at 25,191.78. The 50-unit CNX Nifty was off 8.10 points or 0.11% at 7,646.95. The market breadth indicating the overall health of the market was weak. On BSE, 1,339 shares declined and 793 shares rose. A total of 70 shares were unchanged. The BSE Mid-Cap index was down 1.02%. The BSE Small-Cap index was down 0.49%. The decline in both these indices was higher than Sensex’s fall in percentage terms.

The Sensex and the Nifty have seen high volatility so far during the trading session. The Sensex dropped 145.10 points at the day’s low of 25,056.80 in morning trade. At the day’s low, the barometer index hit its lowest level in almost 14 months. The Nifty hit its lowest level in almost 13 months when it dropped 48.20 points at the day’s low of 7,606.85 in morning trade. Earlier, these two key benchmark indices edged higher amid initial volatility. The Sensex rose 185.42 points at the day’s high of 25,387.32 in early trade.

GAIL (India) (down 2.31%), Coal India (down 1.99%) and Lupin (down 1.9%) were the biggest losers from the BSE Sensex pack in that order.

ONGC declined 0.4% as the stock turned ex-dividend today, 7 September 2015, for final dividend of Rs 0.50 per share for the year ended 31 March 2015 (FY 2015).

Metal & mining stocks were mixed after China has revised down 2014 gross domestic product growth to 7.3% from a previously reported 7.4%. Bhushan Steel (up 0.2%), Vedanta (up 0.7%), Tata Steel (up 1.19%), Steel Authority of India (up 1.16%), JSW Steel (up 0.33%), and National Aluminium Company (up 3.06%) edged higher. Jindal Steel & Power (down 0.4%), NMDC (down 1.63%), and Hindustan Zinc (down 0.91%) edged lower. China is the world’s largest consumer of steel, copper and aluminum.

Hindalco Industries shed 0.81% as the stock turned ex-dividend today, 7 September 2015, for dividend of Rs 1 per share for the year ended 31 March 2015 (FY 2015).

Realty stocks were mixed. Sobha (down 1.55%), Unitech (down 0.17%), Oberoi Realty (down 0.57%), and Phoenix Mills (down 2.8%) edged lower. DLF (up 0.34%), Anant Raj (up 1.91%), Indiabulls Real Estate (up 2.88%), and Housing Development & Infrastructure (HDIL) (up 0.35%) gained.

Amtek Auto (down 5.17%), Ajanta Pharma (down 5%), Sunrise Asian (down 4.96%), Bharat Forge (down 4.43%) and Emami (down 4.19%) were the top losers from the BSE’s A group of shares.

In overseas markets, Asian stocks edged lower after China cut its GDP growth rate for 2014 to 7.3% from 7.4% and as mixed US jobs report for August 2015 did little to quell investor uncertainty on the timing of the US Federal Reserve’s first interest rate hike in a decade.

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