A range bound movement was witnessed as key benchmark indices languished in negative zone in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was off 229.07 points or 0.89% at 25,490.51. The decline for the 50-unit CNX Nifty index was higher in percentage terms compared with the fall for the Sensex. The Nifty was currently off 77.20 points or 0.99% at 7,741.40. Earlier during the trading session, the Sensex lost 432.08 points to 25,287.50. The Nifty lost 140.10 points at the day's low of 7,678.50 earlier during the trading session. Weakness in global stocks weighed on sentiment on domestic bourses.
Stocks in China and Japan led decline in Asian equities after weak Japanese economic data and as a report showing a record rise in job openings in the United States in July sparked worries about a potential interest-rate hike from the US Federal Reserve. Higher US interest rates will reduce the attraction of riskier emerging-markets assets. European stocks edged lower in early trade there. US stocks closed sharply lower yesterday, 9 September 2015, as the strong job openings data for July triggered concerns about an imminent hike in interest rates from the Federal Reserve.
Closer home, the broad market continued to depict weakness. On BSE, there were more than two losers against every gainer. 1,602 shares fell and 747 shares rose. A total of 78 shares were unchanged. The BSE Mid-Cap index was down 0.17%. The BSE Small-Cap index was down 0.8%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
Index heavyweight and housing finance major HDFC dropped 2.15% to Rs 1,161. The stock hit high of Rs 1,175 and low of Rs 1,156.05 so far during the day.
Cement stocks declined. Ambuja Cements (down 1.98%), ACC (down 2.02%) and UltraTech Cement (down 2.27%) fell. Shree Cement gained 3.58%.
Grasim Industries was off 1.85% at Rs 3,446. Shares of Aditya Birla Chemicals (India) fell 0.41%. The Competition Commission of India (CCI) has approved the amalgamation of Aditya Birla Chemicals (India) with Grasim Industries, both these companies said at the fag end of trading hours yesterday, 9 September 2015.
More From This Section
Telecom stocks slipped. Idea Cellular (down 1.68%), MTNL (down 2.51%) and Tata Teleservices (Maharashtra) (down 1.07%) declined.
Bharti Airtel declined 1.76%. The company after market hours yesterday, 9 September 2015, said that Axiata Group Berhad (Axiata) and Bharti Airtel have entered into an exclusive discussion to explore the possibility of combining the business operations of their telecommunication subsidiaries in Bangladesh namely, Robi Axiata and Airtel Bangladesh. There is no certainty that this discussion will lead into the execution of binding definitive agreements between the two firms, Bharti Airtel said in a statement.
Reliance Communications (RCom) rose 0.64%. According to reports, RCom and Reliance Industries' broadband arm Reliance Jio Infocomm are set to announce a pan-India spectrum sharing-cum-trading agreement as early as next week, which will give Reliance Jio more bandwidth options to offer 4G services across most parts of the country.
Shares of Pennar Engineered Building Systems were trading at Rs 157.50, a discount of 11.51% compared with initial public offer (IPO) price of Rs 178. The stock debuted at Rs 150, a discount of 15.73% compared with its IPO price. The stock hit a high of Rs 157.50 and a low of Rs 150 so far during the day. On BSE, 24,000 shares were traded on the counter so far during the day.
The company's products and services include pre-engineered buildings, design and engineering services, solar module mounting structures, cold form buildings and structural steel products widely used for various manufacturing, warehousing, industrial, infrastructure and custom designed commercial buildings.
Shares of Shree Pushkar Chemicals & Fertilisers were trading at Rs 63, a discount of 2% over the initial public offer (IPO) price of Rs 65. The stock debuted at Rs 60, a discount of 5% over its IPO price. The stock hit a high of Rs 63 and a low of Rs 60 so far during the day. On BSE, 2.48 lakh shares were traded on the counter so far during the day. Shree Pushkar Chemicals & Fertilisers manufactures dye intermediates, sulphuric and its derivative acids and Di-Calcium Phosphate. The company also manufactures Single Super Phosphate (SSP) and Soil Conditioner.
Powered by Capital Market - Live News