A bout of volatility was witnessed as key benchmark indices trimmed losses in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was down 98.93 points or 0.39% at 25,231.56. The losses for the 50-unit Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty was currently down 23.35 points or 0.3% at 7,691.55. In overseas markets, Asian stocks witnessed a subdued trend following lackluster cues overnight from US markets and geopolitical concerns following the deadly terror attacks in Brussels yesterday, 22 March 2016.
The market breadth indicating the overall health of the market was negative. On BSE, 1,253 shares declined and 1,086 shares rose. A total of 159 shares were unchanged. The BSE Mid-Cap index was currently off 0.09%. The fall in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.14%, outperforming the Sensex.
Cement stocks were mixed. Shree Cement (down 1.36%), Ambuja Cements (down 0.26%), and UltraTech Cement (down 0.1%) declined. ACC rose 0.59%.
Grasim Industries advanced 0.78%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
IT stocks declined. HCL Technologies (down 1.48%), Tech Mahindra (down 1.15%), TCS (down 0.57%), Infosys (down 0.38%), and Wipro (down 0.9%) edged lower.
Index heavyweight Reliance Industries (RIL) lost 1.82% to Rs 1,029.40 after media reports suggested that its telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year. Shares of RIL had gained 3.24% in the preceding three trading sessions to settle at Rs 1,048.50 yesterday, 22 March 2016, from its close of Rs 1,015.55 on 17 March 2016. According to reports, the reason for the likely delay for the launch of mobile broadband service is that the network is taking time to stabilise. There were expectations that Reliance Jio will launch its mobile broadband service on pan India basis at the start of the new financial year in April 2016. The company had announced soft launch of the broadband services for its employees in December 2015.
PNC Infratech rose 2.41% after the company said its wholly owned subsidiary PNC Raebareli Highways successfully commissioned the project of two-laning of Raebareli-Jaunpur section of NH-231 in Uttar Pradesh more than 3 months ahead of schedule. PNC received the completion certificate to this effect on 22 March 2016. On achieving the commercial operations date (COD), PNC becomes entitled to receive semi annual (half yearly) annuity of Rs 64.30 crore each during the remaining 15 years of the concession period, including proportionate amount of bonus annuity for early completion in terms of the concession agreement. With the commissioning of this project, PNC's entire portfolio of 7 BOT and OMT projects is now operational.
In overseas stock markets, Asian stocks edged lower following lackluster cues overnight from US markets and geopolitical concerns following the deadly terror attacks in Brussels yesterday, 22 March 2016. Most US stocks fell yesterday, 22 March 2016, as a decline in financial and consumer-staples shares weighed on the main benchmarks.
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