Key benchmark indices continued to languish in red in mid-morning trade. The barometer index, the S&P BSE Sensex, was currently down 85.84 points or 0.31% at 27,234.01. The Mid-Cap index moved into the green from red. The market breadth indicating the overall health of the market was positive. Among capital goods stocks, ABB India hit 52-week high. Realty stocks declined. Shares of organised retailers fell after Commerce Minister Nirmala Sitharaman reportedly said on Monday, 8 September 2014, that the government will not allow foreign direct investment in multi-brand retail.
Earlier, key indices had briefly reversed small losses registered in early trade.
Asian stocks were in green, with Japanese shares gaining on a weak yen. Brent crude oil futures fell, extending previous day's decline.
At 11:16 IST, the S&P BSE Sensex was down 85.84 points or 0.31% at 27,234.01. The index fell 105.79 points at the day's low of 27,214.06 in mid-morning trade. The index rose 8.42 points at the day's high of 27,328.27 in early trade.
The CNX Nifty was down 26.75 points or 0.33% at 8,147.15. The index hit a high of 8,174.55 in intraday trade. The index hit a low of 8,137.45 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,286 shares gained and 1,227 shares fell. A total of 84 shares were unchanged.
The BSE Mid-Cap index was up 23.31 points or 0.24% at 9,816.98. The BSE Small-Cap index was off 0.66 points or 0.01% at 10,851.17. Both these indices outperformed the Sensex.
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The total turnover on BSE amounted to Rs 1253 crore by 11:15 IST compared to Rs 898 crore by 10:15 IST.
Tata Consultancy Services (TCS) shed 0.08% to Rs 2633.95. The stock was volatile. The stock hit high of Rs 2,667 and low of Rs 2,626.25 so far during the day. TCS on Monday, 8 September 2014, reportedly reiterated its revenue and margin outlook for year ending 31 March 2015 (FY 2015).
ABB India gained 4.53% to Rs 1,161.95 after hitting a 52-week high of Rs 1,225.55 in intraday trade.
Realty stocks declined. DLF (down 1.7%), Indiabulls Real Estate (down 1.43%), Housing Development and Infrastructure (down 0.8%), Unitech (down 2.78%), Godrej Properties (down 0.37%) Oberoi Realty (down 1.17%) and Parsvnath Developers (down 1.42%) declined.
Shares of organised retailers fell after Commerce Minister Nirmala Sitharaman reportedly said on Monday, 8 September 2014, that the government will not allow foreign direct investment in multi-brand retail.
Future Retail (down 0.88%), Trent (down 1.35%), and Shoppers Stop (down 0.86%) declined.
Earlier, the United Progressive Alliance (UPA) government had opened the multi-brand retail sector for foreign investment and allowed up to 51% foreign direct investment (FDI) in the sector. While the National Democratic Alliance (NDA) government is against FDI in the sector, it has not yet initiated any move to scrap the policy of allowing FDI in multi-brand retail approved by the UPA government.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 8 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1162.98 crore on that day.
Brent crude oil futures edged lower, extending previous day's decline ahead of the weekly oil inventory data in the US, the biggest crude oil consumer. Brent for October settlement was off 15 cents at $100.05 a barrel. The contract fell 62 cents to settle at $100.20 a barrel yesterday, 8 September 2014. It had slumped to $99.36 in intraday trade yesterday, the lowest since 1 May 2013, before rebounding into three-digit territory.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Iraq's parliament yesterday, 8 September 2014, approved a new government headed by Prime Minister Haider al-Abadi in a move to save Iraq from collapse.
The European Union yesterday, 8 September 2014, adopted new sanctions against Russia over the Ukraine crisis, but enforcement will be delayed while an assessment is being done on whether a ceasefire in Ukraine is holding. The measures will target the ability of Russia's top oil producers to raise capital in Europe, according to reports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.435, compared with its close of 60.295 on Monday, 8 September 2014.
Meanwhile, as per a statement issued by White House on Monday, 8 September 2014, India's Prime Minister Narendra Modi will meet US President Barack Obama at the White House on 29-30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand and deepen the US-India strategic partnership. They will discuss ways to accelerate economic growth, bolster security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
Asian stocks were trading higher today, 9 September 2014, with Japanese shares gaining on a weak yen. Key benchmark indices in China, Singapore, Japan and Taiwan were up 0.07% to 0.36%. Indonesia's Jakarta Composite was off 0.77%. Stock markets in Hong Kong and South Korea are closed for a holiday.
Trading in US index futures indicated that the Dow could fall 20 points at the opening bell on Tuesday, 9 September 2014. Most US stocks fell on Monday, 8 September 2014, as declining oil prices sent shares of energy companies lower.
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