A bout of volatility was witnessed in afternoon trade as key benchmark indices trimmed losses after extending losses and hitting fresh intraday low. At 13:18 IST, the barometer index, the S&P BSE Sensex, was down 199.21 points or 0.69% at 28,836.09. The Nifty 50 index was currently down 63.05 points or 0.7% at 8,889.45. The Sensex was currently trading below the psychologically important 29,000 level after falling below that level in early trade. Indian stocks dropped today, 9 September 2016 as weakness in global stocks weighed on sentiment.
The Sensex lost 290.20 points or 0.99% at the day's low of 28,755.08 in afternoon 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 90.70 points or 1.01% at the day's low of 8,861.80 in afternoon 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.
The market breadth indicating the overall health of the market was negative. On BSE, 1,485 shares declined and 1,027 shares rose. A total of 161 shares were unchanged. The BSE Mid-Cap index was currently down 0.39%. The BSE Small-Cap index was currently down 0.18%. The losses for both these indices were lower than the Sensex's decline in percentage terms.
In overseas stock markets, European and 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.
Capital goods stocks dropped. BEML (down 0.77%), Bharat Heavy Electricals (Bhel) (down 0.99%), L&T (down 1.06%), Thermax (down 1.19%), Crompton Greaves (down 1.03%) and Siemens (down 1.38%) declined. Havells India rose 0.01%.
Most FMCG stocks declined. Tata Global Beverages (down 1.51%), Marico (down 1.65%), Britannia Industries (down 0.54%), Procter & Gamble Hygiene and Health Care (down 0.11%), Hindustan Unilever (HUL) (down 1.47%), Dabur India (down 1.62%), Colgate Palmolive India (down 0.53%), GlaxoSmithkline Consumer Healthcare (down 0.73%), and Godrej Consumer Products (down 1.92%) declined. Nestle India (up 0.51%), Jyothy Laboratories (up 0.8%), and Bajaj Corp (up 0.09%) gained.
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