Markets off the day’s low

The stock markets managed to gain some grounds from the day’s low but are still trading lower. The sharp sell off among the Chinese markets has led to a strong fall in the domestic markets today. All the sectorial indices are trading in red mainly led by the Oil & Gas, Metal, Auto and IT stocks. The broader market indices however managed to recover from the lows and are now trading flat as the BSE Mid Cap index is now trading with a loss of around 0.5% while the BSE Small Cap is now trading in positive.

The BSE Sensex is now trading near the 14900 mark and the NSE Nifty above the 4400 mark in the afternoon trade.

The overall market breadth is negative as 1136 stocks are advancing while 1433 stocks are declining in BSE.

HDFC reported the top gainer from the BSE Sensex pack, as it is now trading higher by (1.85%) at Rs. 2,364.10. While ACC reported the top loser from the BSE Sensex pack, as it is trading down by (3.68%) at Rs.767.65.

At 2.31PM the BSE Sensex is trading lower by 137.68 points at 14,897.58 and the NSE Nifty is trading lower by 40.30 points at 4,418.60.

The BSE Mid Cap decreased by 19.90 points to 5,476.66 and the BSE Small Cap grew by 10.53 points to 6,351.98.

The Metal index is trading lower by 202.21 points or 1.66% at 12,039.21. Scrips that are trading in negative are Tata Steel trading down by 2.87% at Rs. 438.50 followed by Gujarat NRE Coke by 2.56% at Rs. 51.35, Sesa Goa by 2.35% at Rs. 220.35, Jai Corp by 1.71% at Rs. 206.70, JSW Steel by 1.60% at Rs. 698, Ispat Inds by 1.14% at Rs. 21.60.

The most active shares on NSE are Unitech trading at Rs. 82.90 with a total traded quantity of 50522446 shares followed by IFCI trading at Rs. 51.80 with a total traded quantity of 45396942 shares.

Housing Development Finance Corp (HDFC) is trading up by 2.07% at Rs. 2,369. The company plans to mobilize Rs 40 billion through two- and three-year bonds along with the issuing of 10.95 million warrants convertible into shares within three years where the dilution on conversion of all warrants would be 3.5%

PSL Ltd is trading up by 4.82% at Rs. 148. The company has secured an order valued approximately Rs 500 crore from Gail (India) Limited for supplying quality API 5L X-80 grade PSL-2 Pipes for their Dahej-Vijaipur Pipe Line Upgradation Project (DVPL-II).

Glenmark Pharmaceuticals is trading lower by 13.76% at Rs. 225.60. Glenmark Pharmaceuticals S.A. (Switzerland), a subsidiary of Glenmark Pharmaceuticals India (GPL) and Forest Laboratories, Inc announced top-line results from a Phase lib dose range finding study of Oglemilast in patients with Chronic Obstructive Pulmonary Disease (COPD). Once-daily treatment with Oglemilast did not show a statistically meaningful increase from baseline compared to placebo in the primary endpoint trough FEV1, a measure of pulmonary function that is decreased in patients with COPD. Oglemilast was well-tolerated at all doses studied.

On the global markets front, the European markets are now trading lower as the FTSE 100, DAX and CAC 40 index are trading down by (0.93%), (1.34%) and (0.86%) respectively.