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Index heavyweight HDFC leads decline in benchmark indices

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Capital Market
Last Updated : Mar 27 2015 | 12:01 AM IST

Key benchmark indices extended intraday fall and hit fresh intraday low in mid-morning trade. The barometer index, the S&P BSE Sensex, hit 10-week low. The 50-unit CNX Nifty hit almost 10-week low. The Sensex was currently trading below the psychological 28,000 mark after falling below that level in opening trade. The Sensex was currently off 252.28 points or 0.9% at 27,859.55. The market breadth indicating the overall health of the market was weak.

Index heavyweight and housing finance major HDFC dropped sharply. Software pivotals declined as soft US economic data released yesterday, 25 March 2015, raised concerns about US growth. Telecom stocks rose after the Ministry of Communications & Information Technology after market hours yesterday, 25 March 2015, said that the auction of spectrum in 2100 MHz, 1800 MHz, 900 MHz and 800 MHz bands came to an end yesterday, 25 March 2015 after 115 rounds of bidding.

Brent crude oil futures rose amid concern over the worsening geopolitical situation in the Middle East after Saudi Arabia said it and its allies had launched airstrikes on rebel forces in Yemen dampened sentiment on domestic bourses.

Indian stocks may remain volatile today, 26 March 2015, as traders roll over positions in the futures & options (F&O) segment from the near month March 2015 series to April 2015 series. The near month March 2015 derivatives contracts expire today, 26 March 2015.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 813.19 crore yesterday, 25 March 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 96.52 crore yesterday, 25 March 2015, as per provisional data.

In overseas markets, Asian stocks were mixed. US markets dropped sharply yesterday, 25 March 2015 as downbeat economic data and continued concerns over the strong US dollar hit investor sentiment.

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In the foreign exchange market, the rupee edged lower against the dollar as global oil prices rose amid tensions in Middle East.

At 11:15 IST, the S&P BSE Sensex was down 252.28 points or 0.9% at 27,859.55. The index lost 269.36 points at the day's low of 27,842.47 in mid-morning trade, its lowest level since 15 January 2015. The index fell 114.69 points at the day's high of 27,997.14 in early trade.

The CNX Nifty was down 63.70 points or 0.75% at 8,467.10. The index hit a low of 8,459.65 in intraday trade, its lowest level since 16 January 2015. The index hit a high of 8,499.45 in intraday trade.

The market breadth indicating the overall health of the market was weak. On BSE, 1,379 shares declined and 826 shares gained. A total of 105 shares were unchanged.

The BSE Mid-Cap index was off 23.18 points or 0.22% at 10,420.01. The BSE Small-Cap index was off 46.93 points or 0.44% at 10,533.03. The fall in both these indices was lower than the Sensex's decline in percentage terms.

The total turnover on BSE amounted to Rs 987 crore by 11:15 IST compared with turnover of Rs 691 crore by 10:15 IST.

Index heavyweight and housing finance major HDFC lost 3.91% to Rs 1,302.35. The stock hit high of Rs 1,350 and low of Rs 1,302.20 so far during the day.

Software pivotals declined as downbeat US economic data released yesterday, 25 March 2015, raised concerns about US growth. US is the biggest outsourcing market for Indian IT services firms. Infosys (down 1.58%), Wipro (down 1.56%), HCL Technologies (down 0.06%), Oracle Financial Services Software (down 0.1%) and Tata Consultancy Services (TCS) (down 0.44%) declined. Tech Mahindra rose 0.43%

Telecom stocks rose after the Ministry of Communications & Information Technology after market hours yesterday, 25 March 2015, said that the auction of spectrum in 2100 MHz, 1800 MHz, 900 MHz and 800 MHz bands came to an end yesterday, 25 March 2015 after 115 rounds of bidding.

Bharti Airtel (up 1.47%), Idea Cellular (up 2.22%), Reliance Communications (up 0.65%) and Tata Teleservices (Maharashtra) (up 0.05%) gained.

The Ministry of Communications & Information Technology said in a statement issued at the end of the 19th day of bidding for spectrum yesterday, 25 March 2015, that about 89% of the spectrum has been provisionally allocated to bidders at a value of approximately Rs 1.09 lakh crore.

In the foreign exchange market, the rupee edged lower against the dollar as global oil prices rose amid tensions in the Middle East. The partially convertible rupee was hovering at 62.705, compared with its close of 62.335 during the previous trading session.

Brent crude oil futures rose amid concern over the worsening geopolitical situation in the Middle East after Saudi Arabia said it and its allies had launched airstrikes on rebel forces in Yemen dampened sentiment on domestic bourses. Brent for May settlement was up $1.66 a barrel at $58.14 a barrel. The contract had gained $1.37 a barrel or 2.48% to settle at $56.48 a barrel during the previous trading session.

Finance Minister Arun Jaitley reportedly said yesterday, 25 March 2015, that the government hopes to pass the Constitution Amendment Bill for the introduction of a nationwide Goods and Services Tax (GST) in the country during the second half of the Budget session of the parliament. The second half of the Budget session of the parliaments begins on 20 April 2015. The government tabled the Constitution Amendment Bill for GST in the Lok Sabha during the winter session of parliament. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.

Asian stocks were mixed today, 26 March 2015. Key benchmark indices in Taiwan, Japan and South Korea fell by 0.1% to 1.34%. Key benchmark indices in Singapore, Hong Kong and China rose by 0.11% to 0.55%. Indonesia's Jakarta Composite was unchanged.

Trading in US index futures indicated a flat opening of US stocks today, 26 March 2015. US markets dropped sharply yesterday, 25 March 2015 as downbeat economic data and continued concerns over the strong US dollar hit investor sentiment.

In economic data, US business investment spending plans fell for a sixth straight month in February weighed down by a strengthening dollar, weak global demand and restrained activity due to poor weather. The Commerce Department said yesterday, 25 March 2015, that non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 1.4% in February after a revised 0.1% dip in January.

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First Published: Mar 26 2015 | 11:15 AM IST

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