Key benchmark indices made a small recovery after extending intraday losses and hitting fresh intraday low in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 92.83 points or 0.35% at 26,282.72. The Nifty 50 index was currently down 28.35 points or 0.35% at 8,076. The Nifty hit lowest level in more than two-weeks. The Sensex hit lowest level in almost two-weeks.
The BSE Mid-Cap index was currently down 1.34%. The BSE Small-Cap index was currently off 0.94%. The decline in both these indices was higher than the Sensex's decline in percentage terms. The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,747 shares fell and 730 shares rose. A total of 134 shares were unchanged.
After seeing a steady start for the trade in positive terrain amid mixed cues in Asian stocks, both the Sensex and the Nifty extended losses after slipping into the red in mid-morning trade. Key indices extended their recent drubbing today, 20 December 2016.
The Sensex lost 133.27 points or 0.5% at the day's low of 26,241.43 in mid-afternoon trade, its lowest level since 7 December 2016. It rose 60.86 points or 0.23% at the day's high of 26,435.56 in early trade. The Nifty lost 41.60 points or 0.51% at the day's low of 8,062.75 in mid-afternoon trade, its lowest level since 5 December 2016. It rose 19.75 points or 0.24% at the day's high of 8,124.10 in early trade.
Metal and mining stocks dropped in weak market. Bhushan Steel (down 2.83%), Jindal Steel & Power (down 2.18%), Vedanta (down 2.02%), Tata Steel (down 2%), NMDC (down 2.62%), Hindalco Industries (down 1.92%), Steel Authority of India (down 2.68%), JSW Steel (down 1%), Hindustan Zinc (down 3.05%) and National Aluminium Company (down 0.68%) edged lower.
Shares of power generation and power distribution companies also slipped. Torrent Power (down 1.31%), GVK Power & Infrastructure (down 1.08%), NHPC (down 0.56%), Tata Power Company (down 0.52%), Adani Power (down 2.54%), Power Grid Corporation of India (down 0.92%), Reliance Infrastructure (down 1.8%) and Reliance Power (down 2.46%) declined. NTPC rose 1.28%.
Siti Networks rose 1.76% to Rs 37.55 on BSE after a large bulk deal of 1.41 crore shares was executed on the scrip at Rs 39 per share in early trade on BSE.
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Welspun Enterprises surged 10.58% after the company said its board will meet on 22 December 2016 to consider buyback of equity shares. The announcement was made after market hours yesterday, 19 December 2016.
Overseas, European stocks edged higher amid initial volatility as an unusually busy year-end for corporate dealmaking provided support though gains came in light volumes. Asian stocks were mixed after the Bank of Japan (BOJ) kept monetary policy steady while offering a brighter view of the economy today, 20 December 2016.
Japan's Nikkei 225 Average ended 0.53% higher. The BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park with the central bank. It also left unchanged its 10-year government bond yield target of around zero percent. Japan's economy is projected to grow 1.5% in inflation-adjusted terms in the fiscal year starting in April, thanks to a gradual uptick in the global economy and a recent weakening of the yen against the dollar.
US stocks closed with modest gains yesterday, 19 December 2016, in low volume trade as traders bought some recently less-favored sectors, while some top postelection plays lagged. In the economic news, the flash US Markit PMI services for December was 53.4, down slightly from 54.6 in November.
In her first speech after raising interest rates for only the second time this decade, Federal Reserve Chairwoman Janet Yellen said the US has the strongest jobs market in nearly a decade, and there are indications wage growth is picking up. But Yellen also noted the economy is growing more slowly than in past recoveries and productivity growth has been disappointing. Yellen was speaking at a University of Baltimore commencement ceremony.
The Federal Reserve had raised rates for the second time in a decade last week and surprised by forecasting three rate hikes for 2017, more than the consensus two
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