Stocks of metal and mining firms and public sector banks led losses for key benchmark indices. At 13:21 IST, the barometer index, the S&P BSE Sensex, was down 192.21 points or 0.76% at 25,145.35. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty was down 48.20 points or 0.62% at 7,668.30.
The Sensex fell 198.39 points, or 0.78% at the day's low of 25,139.17 in afternoon trade, its lowest level since 22 March 2016. The barometer index rose 95.38 points, or 0.38% at the day's high of 25,432.94 at the onset of trading session, its highest level since 6 January 2016. The Nifty fell 50.05 points, or 0.64% at the day's low of 7,666.45 in afternoon trade, its lowest level since 22 March 2016. The index rose 32.90 points or 0.43% at the day's high of 7,749.40 at the onset of trading session, its highest level since 6 January 2016.
In overseas stock markets, most Asian stocks fell as recent remarks from US Federal Reserve policy makers reignited expectations for an early interest-rate increase in the United States. US stocks ended little-changed during the previous trading session on Thursday, 24 March 2016, after weaker-than-expected economic data. Meanwhile, St. Louis Federal Reserve President James Bullard said the relatively minor downgrades to the Fed's economic outlook suggest the next rate hike 'may not be far off provided that the economy evolves as expected.' On Friday, 25 March 2016, data showed that the US economy grew at a 1.4% seasonally adjusted annual rate in the fourth quarter, higher than a previous estimate for 1% growth.
Closer home, the broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,678 shares fell and 776 shares rose. A total of 159 shares were unchanged. The BSE Mid-Cap index was currently down 0.75%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.81%. The decline in this index was higher than the Sensex's decline in percentage terms.
Telecom stocks declined. Bharti Airtel (down 1.1%), Mahanagar Telephone Nigam (down 0.86%) and Tata Teleservices (Maharashtra) (down 3.59%) edged lower. Idea Cellular (up 0.43%) edged higher.
Reliance Communications (RCom) was off 2.02% at Rs 50.90. The company announced that based on the good progress made so far, it has extended the exclusivity period with Maxis Communications Berhad (MCB) and Sindya Securities and Investments, the shareholders of Aircel Limited by 60 days until 22 May 2016, to consider the potential combination of the Indian wireless business of RCom and Aircel. The announcement was made after market hours on Wednesday, 23 March 2016.
More From This Section
Cement stocks edged higher on renewed buying. Ambuja Cements (up 2.06%), ACC (up 0.72%) and UltraTech Cement (up 0.14%) rose. Shree Cement (down 1.1%) edged lower.
Grasim Industries was up 0.25%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Bharat Heavy Electricals (Bhel) was off 0.69% at Rs 115.75. The company announced during market hours today, 28 March 2016, that it has commissioned a 40 megawatts (MW) second hydro electric generating unit of Teesta Low Dam Hydro Electric Project (HEP) Stage-IV in West Bengal. Teesta HEP is being set up by National Hydroelectric Power Corporation (NHPC) on the River Teesta. The remaining two units of the project are also in advanced stages of execution, Bhel said.
Separately, Bhel announced on Friday, 25 March 2016, that it has commissioned 600 MW coal-based thermal power plant in Telangana. Bhel said that the power plant was commissioned at the upcoming 1,200 megawatts (MW) Singareni Thermal Power Project located in Adilabad district in Telangana. The second unit of Singareni Thermal Power Project is also in an advanced stage of construction and is expected to be commissioned shortly. The project is being developed by Singareni Collieries Company (SCCL), a coal mining company.
Steel Strips Wheels (SSWL) rose 2.77% at Rs 341 after the company said it has secured an export order worth about euro 15 million from PSA Peugeot Citroen. SSWL would supply wheels for PSA's upcoming new plant in Kenitra, Morocco and its existing plants. This business will help SSWL strengthen its position in the challenging EU steel wheels market, the company said in a statement. The announcement was made during market hours today, 28 March 2016.
Powered by Capital Market - Live News