A bout of volatility was witnessed as key benchmark indices bounced back after slipping into negative terrain. At 12:20 PM, the barometer index, the S&P BSE Sensex, was down 24 points at 27,435. The Nifty 50 index was down 3 points at 8,494.
The Sensex fell 21.11 points, or 0.08% at the day's low of 27,437.88 in mid-morning trade. The index rose 141.72 points, or 0.52% at the day's high of 27,600.71 in early trade, its highest level since 3 November 2016.
The Nifty fell 7.75 points, or 0.09% at the day's low of 8,489.30 in mid-morning trade. The index rose 46.10 points, or 0.54% at the day's high of 8,543.15 in early trade, its highest level since 2 November 2016.
The market breadth indicating the overall health of the market turned negative from positive. On BSE, 1,297 shares fell and 1,160 shares rose. A total of 95 shares were unchanged. The BSE Mid-Cap index was currently down 0.16%. The BSE Small-Cap index was currently down 0.02%. Both these indices underperformed the Sensex.
In overseas stock markets, Asian stocks were trading higher as the world's most closely watched election draws near. Japan's Nikkei 225 was, however, was down 0.07%. US stocks on Monday, 7 November 2016, had their best trading day since March on a percentage basis.
Gains were broad, with the Dow Jones Industrial Average reclaiming the key 18,000 level and the S&P 500 snapping its nine-day losing streak, the longest since 1980. The slide had been attributed partly to polls showing a closer contest between Clinton and Republican rival Donald Trump.
The outcome of United States presidential elections of 2016, which will be held today, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.
Back home, auto shares were mixed. Eicher Motors (down 0.2%), Ashok Leyland (down 0.22%), TVS Motor Company (down 0.62%), Escorts (down 1.19%) and Maruti Suzuki India (down 1.24%), edged lower. Tata Motors (up 4.49%), Bajaj Auto (up 1.41%), Mahindra & Mahindra (up 0.27%) and Hero MotoCorp (up 0.22%), edged higher.
Tata Motors surged 5.36% to Rs 534.50 on reports that a foreign brokerage has upgraded the stock to outperform from neutral earlier and revised target price on the stock to Rs 720 from Rs 510.
Most IT shares edged higher. MindTree (up 2.86%), Hexaware Technologies (up 0.96%), Tech Mahindra (up 0.70%), MphasiS (up 0.43%), Oracle Financial Services Software (up 0.36%), TCS (up 0.34%) and Infosys (up 0.17%), edged higher. Persistent Systems (down 0.53%) and HCL Technologies (down 0.95%), edged lower.
IT major Wipro rose 0.12% to Rs 451.50 after the company announced the launch of its Open Banking application programming interface platform. The announcement was made after market hours yesterday, 7 November 2016.
Varun Beverages was trading at Rs 440.20 at 11:02 IST on BSE, a discount of 1.08% compared with the initial public offer price of Rs 445 per share on its debut on the bourses today, 8 November 2016.
On BSE, so far 15.26 lakh shares were traded in the counter. The stock made its debut on the bourses at Rs 430, a discount of 3.37% compared with its initial public offer (IPO) of Rs 445 per share. The stock hit a high of Rs 444 and a low of Rs 417.10 so far during the day.
EID Parry India gained 1.98% after the company reported consolidated net profit of Rs 126.15 crore in Q2 September 2016 compared with consolidated net loss of Rs 4 crore in Q2 September 2015. The announcement was made after market hours yesterday, 7 November 2016.
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