Key benchmark indices extended recovery in mid-morning trade as metal stocks reversed intraday losses and shares of IT major Infosys gained. At 11:18 IST, the barometer index, the S&P BSE Sensex, was off 27.63 points or 0.11% at 24,427.41. The 50-unit Nifty 50 index was currently off 6 points or 0.08% at 7,431.80. The broad market depicted weakness. There were almost six losers against every gainer on BSE. 2,032 shares declined and 341 shares rose. A total of 86 shares were unchanged. The BSE Mid-Cap index was currently down 1.2%. The BSE Small-Cap index was currently down 2.4%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
In overseas stock markets, Asian stocks declined after weak US economic data and massive falls in oil prices stoked further worries about a global economic downturn. US stocks dropped sharply during the previous trading session on Friday, 15 January 2016, as oil prices plunged and investors worried about slowing growth in the US.
Index heavyweight and software major Infosys advanced 0.73% to Rs 1,148.55. The stock hit high of Rs 1,161.45 and low of Rs 1,138 so far during the day.
Metal and mining stocks reversed intraday fall in volatile trade. Vedanta (up 1.37%), JSW Steel (down 3.64%), Tata Steel (up 3.57%), Steel Authority of India (Sail) (up 1.06%), Hindustan Zinc (up 1.08%), Hindalco Industries (up 0.83%) rose. Jindal Steel & Power (down 2.5%), National Aluminium Company (down 0.7%), NMDC (down 0.81%), Hindustan Copper (down 0.77%) edged lower.
Capital goods declined. ABB India (down 1.29%), BEML (down 2.38%), Bharat Electronics (down 2.81%), Crompton Greaves (down 0.23%), L&T (down 1.63%), Siemens (down 0.95%) and Thermax (down 4.12%) declined.
Power equipment major Bharat Heavy Electricals (Bhel) rose 0.95% to Rs 137.80. The stock hit a low of Rs 131.90 in intraday trade so far, which is 52-week low for the counter. The stock hit high of Rs 139.75 so far during the day.
More From This Section
Zee Entertainment Enterprises edged lower, with the stock extending previous trading session losses which materialized in the aftermath of the company's announcement of its third quarter results. The stock was currently off 1.69% at Rs 395. The stock had lost 3.37% to settle at Rs 401.80 during the previous trading session on Friday, 15 January 2016.
Zee Entertainment Enterprises' consolidated net profit fell 10.9% to Rs 275 crore on 17% growth in net sales to Rs 1595.08 crore in Q3 December 2015 over Q3 December 2014. A sharp fall in non-operational income led to decline in the bottom line. Non-operational income fell 63.9% to Rs 28.98 crore in Q3 December 2015 over Q3 December 2014.
In a post-result conference call, Zee Entertainment Enterprises' management had said that it expects the company's earnings before interest, taxation, depreciation and amortization (EBITDA) margin would see a fall of 50 to 100 basis points for the current financial year (FY 2016) compared to FY 2015. This means that the margins are expected to improve during the fourth quarter. Zee's EBITDA margin dropped 240 basis points to 25.4% for the 9-month period ended 31 December 2015 from 27.8% for 9-month period ended 31 December 2014. The EBITDA margin expanded 110 basis points to 27% in Q3 December 2015 from 25.9% in Q3 December 2014.
India's merchandise exports declined for the thirteenth straight month in December 2015. Exports fell 14.7% to $22.30 billion in December 2015 over a year ago, data released by the government today, 18 January 2016 showed. Imports fell 3.9% to $33.96 billion. The trade deficit widened 27.1% to $11.7 billion in December 2015 from $9.18 billion in December 2014.
Powered by Capital Market - Live News