The market extended early losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 321.23 points or 0.89% at 35,933.34. The Nifty 50 index was down 103.25 points or 0.95% at 10,806.85. Negative Asian stocks weighed on the domestic bourses. Investors were also cautious before corporate results begin to roll in next week.
Trading for the day began on a subdued note as the key benchmark indices drifted lower in early trade on negative Asian stocks. Key indices cut losses in morning trade. Stocks once again turned weak in mid-morning trade after latest data showed that manufacturing activity slowed in December. Shares extended intraday fall in afternoon trade.
The S&P BSE Mid-Cap index was off 0.76%. The S&P BSE Small-Cap index was off 0.42%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 898 shares rose and 1421 shares fell. A total of 158 shares were unchanged.
Mahindra & Mahindra (down 3.9%), Vedanta (down 3.44%), Tata Steel (down 2.97%), Hero Motocorp (down 2.29%) and Bharti Airtel (down 1.66%), were the major Sensex losers.
TCS (up 1.10%), Sun Pharmaceutical Industries (up 0.58%), Infosys (up 0.58%), ICICI Bank (up 0.29%), Yes Bank (up 0.27%) and Asian Paints (up 0.23%), were the major Sensex gainers.
Coal India fell 0.91%. Coal India announced the provisional production and offtake figures of the company and its subsidiaries in December 2018. Production fell 0.9% to 54.13 million tonne in December 2018 over December 2017. Offtake fell 1.2% to 52.77 million tonne in December 2018 over December 2017. The announcement was made after market hours yesterday, 1 January 2019.
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Power Grid Corporation of India fell 2.43%. Power Grid Corporation of India announced that its wholly owned subsidiary, POWERGRID Jabalpur Transmission, has successfully commissioned transmission system strengthening associated with Vindhyachal-V on build, own, operate and maintain (BOOM) basis. The transmission system has been put into commercial operation with effect from 1 January 2019. The announcement was made after market hours yesterday, 1 January 2019.
NMDC rose 2.40%. NMDC announced that its board will meet on 8 January 2019, to consider buyback of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 1 January 2019.
Tata Motors lost 2.39%. The trend of muted consumer sentiments continued in December 2018, impacting the sales performance of Tata Motors commercial and passenger vehicles business in the domestic market, which dropped by 8% at 50,440 units as against 54,627. In December 2018, liquidity crisis in the industry, higher interest rates and rising fuel costs continued to impact the commercial vehicle sales, with M&HCV (medium and heavy commercial vehicle) and I&LCV (intermediate and light commercial vehicles) segment witnessing a decline while the passenger vehicle business bounced back. Tata Motors' sales from exports (from CV and PV) in December 2018 was at 3,999 units as against 6,293 units in December 2017, lower by 36%, due to sharp TIV (total industry volume) contraction in Bangladesh due to elections and political uncertainty in Sri Lanka.
On the macro front, the health of India's manufacturing economy improved further at the end of the year, as companies continued to scale up production and employment in response to strong inflows of new business, data released today showed. Posting 53.2 in December, from 54 in November, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) was consistent with a further improvement in operating conditions across the sector.
Overseas, Asian stocks fell across the board, with a holiday in Japan dampening volumes, as evidence of slowing Chinese growth weighed on investors.
China's factory activity contracted for the first time in 19 months in December as domestic and export orders continued to weaken, data released today showed. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) fell to 49.7 in December from 50.2 in November, marking the first contraction since May 2017.
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