Finally, the BSE Sensex ended with a loss of 67 points at 27,984. The BSE Sensex opened at 28,112 touched an intra-day high of 28,131 and low of 27,926.
The NSE Nifty closed with a loss of 19 points at 8,659. The NSE Nifty opened at 8,698 hit a high of 8,699 and low of 8,637.
The Nifty50 slipped below 8,650 mark tracking cues from a weak opening in the European equity markets.
The Indian stock market swung between gains and losses on account of profit taking after making a higher opening mirroring positive trend among global peers. The domestic market opened flat on Wednesday after GST council proposed a 'four-slab structure,' with two standard goods and services tax rates of 12% and 18% during its meet on Tuesday.
At 1:27 PM, the S&P BSE Sensex is trading at 27,940 down 111 points, while NSE Nifty is trading at 8,664 down 14 points.
The BSE Mid-cap Index is trading down 0.35% at 13,498 whereas BSE Small-cap Index is trading up 0.34% at 13,324.
The Sensex pared gains after rallying over 50 points, while The Nifty turned choppy but was still trading above its crucial psychological support level of 8,650 levels.
GAIL, Wipro, Sun Pharma, Lupin, Axis Bank and ONGC are among the gainers, whereas ITC, ICICI Bank, M&M, Hero MotoCorp, and TCS are losing sheen on BSE.
Some buying activity is seen in pharma, oil & gas, power, consumer durables and energy sectors, while auto, realty, banking, IT, industrial and telecom are showing weakness on BSE.
The INDIA VIX is up 1.66% at 14.7800. Out of 1,878 stocks traded on the NSE, 757 declined, 842 advanced and 284 remained unchanged today.
A total of 72 stocks registered a fresh 52-week high in trades today, while six stocks touched a new 52-week low on the NSE.
Logistics stocks are trading higher after the GST council worked out a compensation formula for states and is now bracing for a testy debate on rates.
The Centre has proposed a tiered rate structure with the rates varying from 4% for commodities like gold to 26% plus cess on so-called sin goods.
Gati Ltd is currently trading at Rs 142.15, up by Rs 5.75 or 4.22% from its previous closing of Rs 136.4 on the BSE. The scrip opened at Rs 138.5 and has touched a high and low of Rs 144.75 and Rs 138.5 respectively. So far 2678846 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1198.94 crore.
Snowman Logistics Ltd is currently trading at Rs 68.85, up by Rs 2 or 2.99% from its previous closing of Rs 66.85 on the BSE. The scrip opened at Rs 68.15 and has touched a high and low of Rs 70.5 and Rs 68.15 respectively. So far 2212374(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1116.98 crore.
VRL Logistics Ltd is currently trading at Rs 325.85, up by Rs 8 or 2.52% from its previous closing of Rs 317.85 on the BSE. The scrip opened at Rs 320.95 and has touched a high and low of Rs 327.5 and Rs 320 respectively. So far 286727(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 2900.17 crore.
Allcargo Logistics Ltd is currently trading at Rs 183, up by Rs 4.25 or 2.38% from its previous closing of Rs 178.75 on the BSE. The scrip opened at Rs 207 and has touched a high and low of Rs 207 and Rs 182.1 respectively. So far 103225 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 4506.21 crore.
Transport Corporation of India Ltd is currently trading at Rs 180.5, up by Rs 0.25 or 0.14% from its previous closing of Rs 180.25 on the BSE. The scrip opened at Rs 183 and has touched a high and low of Rs 184.5 and Rs 179.05 respectively. So far 52239(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1380.31 crore.
Sun Pharmaceutical rallied 1.6% to Rs 756. ICGEB and Sun Pharma announced their new collaboration for development of a dengue vaccine, targeted against all the four serotypes of Dengue virus that cause disease in humans.
IDBI Bank rose 4% after the media reports said that four bidders were looking to acquire a part of the government’s stake in the lender. GIC of Singapore, Asian Development Bank, IFC and Commonwealth Development Corporation are eyeing stakes in IDBI Bank, report added.
BHEL rallied 3.5% to Rs 141 after the company commissioned three power projects – Koldam HEP (4x200 MW) of NTPCBSE 0.17 %, Parbati HEP Stage-III (4x130 MW) of NHPCBSE 0.59 % and Rampur HEP (6x68.67 MW) of SJVN.
Tata Motors slipped 1%. Tata Motors Ltd said that the board has approved NCD issue of up to 5 billion rupees.
Endurance Technologies Ltd is currently trading at Rs 612.25, up by Rs 140.25 or 29.71% from its previous closing of Rs 472 on the BSE.
L&T Technology Services advanced 1%. The company announced that it has secured a new multiyear, multi-million dollar contract with a large global semi-conductor company to provide verification support on their expansive portfolio of offerings and products.
Hindustan Zinc rallied 2.3%. The company will announce its Q2 numbers today.
Havells India tanked 3%. Havells India on Tuesday reported a 22% YoY jump in net profit to Rs 145 crore for the September quarter, as per new accounting standard Ind-AS.
JSW Steel slipped 1.1%. JSW Group will invest Rs 3,400 crore in the state in next 3 years. Jindal who met West Bengal CM Mamata Banerjee said the investment will go into expanding its upcoming cement plant at Salboni.
Sterling Tools galloped 13.6% after the company informed BSE that a meeting of the Board of Directors of the Company will consider sub-division of the equity shares of the company on Nov 5.
Indian Oil Corporation gained 1.5% to Rs 326. CLSA has retained its buy rating on Indian Oil Corporation and raised target price by 20 per cent to Rs 810 from Rs 675.
Tata Power advanced 1.3%. Tata Power has appointed three independent directors - Anjali Bansal, Vibha Padalkar and Sanjay Bhandarkar - on its board with effect from October 14, 2016.
Hatsun Agro Product Ltd inched up 1%. The company is planning to invest around Rs 850 crore during the current fiscal year and next fiscal year, in order to set up two milk processing facilities, along with the expansion of existing facilities and marketing, as per media report.
RBL Bank gained 2.3%. RBL Bank will announce its Q2 numbers today.
OnMobile Global jumped 3.6% to Rs 125 on BSE after the company said that it has planned an event at Bangalore today, 19 October 2016 to unveil its new product portfolio and a consumer brand.
Ceat dropped 2.5%. The company has introduced a new range of puncture-safe tyres for motorcycles, thereby creating a new segment.
Mangalore Chemicals soared 3.7% ahead of result. The company will announce its Q2 numbers today.
The rupee opened higher by four paise at 66.68/$ as against the previous close of 66.72/$.
A four-slab structure with two standard goods and services tax (GST) rates of 12% and 18% was proposed at the GST Council meeting on Tuesday. Expect action in sectors impacted by this move.
A clearance of stake sale by the government in around 20 entities is expected to be announced today. Buzz of MSCI rebalancing will also have an impact on stocks which are likely to be included and excluded. Endurance Technologies gets listed today. Oil futures rose after reports of a decline in U.S. crude supplies for the week ended Oct. 14.
Asian markets to open flat after a superb rally yesterday which saw indices stage a sharp comeback. Strength in the US$ could see collateral selling in Japanese stocks as the "yen hits 103 to the US$. The undertone however seems to be bullish with the Brazilian 'Bovespa" index leading from the front & hitting new 52 week highs. The commodity/energy led index is seeing huge out-performance in the emerging market basket of indices & which yesterday saw China & India also comeback strongly. All eyes were on the Chinese gross domestic product (GDP) report.
Wall Street closed higher on Tuesday. The Dow Jones industrial average rose 75.54 points to 18,161.94, the S&P 500 gained 13.1 points to 2,139.6 and the Nasdaq Composite added 44.01 points to 5,243.84. The S&P 500 posted 4 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 47 new highs and 60 new lows.