A range bound movement was witnessed as key benchmark indices languished in negative zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 206.20 points or 0.71% at 28,839.08. The Nifty 50 index was currently down 69.40 points or 0.78% at 8,883.10. The Sensex was currently trading below the psychologically important 29,000 level after falling below that level in early trade. Weakness in global stocks weighed on sentiment on the domestic bourses.
The Sensex lost 259.99 points or 0.89% at the day's low of 28,785.29 in morning trade, its lowest level since 6 September 2016. The barometer index rose 17.62 points or 0.06% at the day's high of 29,062.90 in opening trade. The Nifty lost 86.55 points or 0.96% at the day's low of 8,865.95 in morning trade, its lowest level since 6 September 2016. The index fell 13.35 points or 0.14% at the day's high of 8,939.15 at the onset of trading session.
In overseas stock markets, Asian stocks edged lower after the European Central Bank (ECB) decided not to extend the deadline of its bond-buying program after the conclusion of its monetary policy meeting yesterday, 8 September 2016. Also, reports on earthquake in North Korea possibly due to an explosion from a nuclear test in that nation weighed on sentiment. US stocks closed lower yesterday, 8 September 2016, as the outcome of ECB's latest monetary policy meeting suggested that central banks have little left to spur up demand.
Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 1,359 shares declined and 849 shares rose. A total of 130 shares were unchanged. The BSE Mid-Cap index was currently down 0.69%. The BSE Small-Cap index was currently down 0.33%. The losses for both these indices were lower than the Sensex's decline in percentage terms.
Bank stocks edged lower. Among the public sector banks, Indian Bank (down 1.79%), Bank of Baroda (down 1.46%), Bank of India (down 1.05%), Union Bank of India (down 1.05%) and State Bank of India (down 0.95%) declined. Canara Bank (up 0.16%), Punjab National Bank (up 0.39%) and IDBI Bank (up 5.29%) edged higher.
Among private sector banks, Axis Bank (down 1.74%), Kotak Mahindra Bank (down 0.93%) and IndusInd Bank (down 0.87%) edged lower.
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Index heavyweight HDFC Bank was down 0.21% at Rs 1,286.80. The stock hit a high of Rs 1,291.25 and a low of Rs 1,284 so far during the day.
Yes Bank was down 3.88% at Rs 1,279 after the bank announced after market hours yesterday, 8 September 2016 that due to extreme volatility in the stock price yesterday, 8 September 2016, because of misinterpretation of new qualified institutional placement (QIP) guidelines, the bank has been advised by its appointed Merchant Bankers to defer its proposed QIP. It may be recalled that the bank had announced on 7 September 2016 opening of QIP to raise up to $1 billion. The bank had announced Rs 1,371.84 per share as the floor price for the QIP.
ICICI Bank was down 1.52% at Rs 272.15. The bank said that the proposed initial public offer (IPO) of its subsidiary, ICICI Prudential Life Insurance Company (ICICI Pru Life) has been approved by Registrar of Companies, Maharashtra on 8 September 2016. The offer will open for subscription on 19 September 2016 and close on 21 September 2016. The price band has been fixed at Rs 300-334 per equity share. The announcement was made after market hours yesterday, 8 September 2016.
Auto stocks declined. Hero MotoCorp (down 2.45%), TVS MotorCorp (down 2.34%), Ashok Leyland (down 1.42%), Bajaj Auto (down 1.67%), Tata Motors (down 1.51%), Maruti Suzuki India (down 1.3%), Mahindra & Mahindra (down 0.62%) and Eicher Motors (down 0.34%) edged lower.
Steel Authority of India (Sail) dropped 5.87% at Rs 50.55 after company reported net loss of Rs 535.52 crore in Q1 June 2016, higher than net loss of Rs 248.18 crore in Q1 June 2015. Total income fell 3.84% to Rs 9327.36 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hour yesterday, 8 September 2016.
Jindal Steel & Power (JSPL) fell 3.35% at Rs 83.65 after the company reported consolidated net loss of Rs 1082.15 crore in Q1 June 2016, higher than net loss of Rs 542.42 crore in Q1 June 2015. Total income rose 4.34% to Rs 4686.60 crore in Q1 June 2016 over Q1 June 2015. Higher revenues in Jindal Power (JPL) & Oman helped consolidated turnover rise 6% to Rs 4655 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 8 September 2016.
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