A range bound movement was witnessed as key benchmark indices languished in negative zone in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 172.01 points or 0.67% at 25,631.77. The Nifty 50 index was down 49.65 points or 0.63% at 7,794.70. The Sensex fell 172.01 points or 0.67% at the day's low of 25,631.77 in early afternoon trade. The barometer index fell 14.27 points or 0.05% at the day's high of 25,789.51 in early trade. The Nifty fell 50.05 points or 0.64% at the day's low of 7,794.30 in early afternoon trade. The index fell 8.20 points or 0.1% at the day's high of 7,836.15 in early trade.
Overseas cues were negative. Asian stocks were in the red after losses for US stocks overnight. Japanese stocks edge lower amid high volatility. The Nikkei 225 Average lost 1.9%. The Bank of Japan surprised financial markets by announcing additional measures to its three-year old easing program after the conclusion of two-day monetary policy meeting.
The market breadth indicating the overall health of the market was positive. On BSE, 1,281 shares rose and 1,100 shares fell. A total of 208 shares were unchanged. The BSE Mid-Cap index was currently up 0.44%. The BSE Small-Cap index was currently up 0.15%. Both these indices outperformed the Sensex.
Maruti Suzuki India was up 0.11% to Rs 4671.20 after the company announced after market hours yesterday, 17 December 2015, that its shareholders have approved a move by the company to let its Japanese parent Suzuki Motor Corporation invest and own an upcoming plant in Gujarat. Maruti said that 89.75% votes cast were in favour of the resolution through physical & electronic mode that took place from 16 November to 15 December 2015. Suzuki Motor Gujarat, a wholly owned subsidiary of Suzuki Motor Corporation will set up a car manufacturing unit in Gujarat. Maruti will buy cars from Suzuki Motor Gujarat.
IT stocks edged lower after reports suggested that a bill proposing doubling of visa fees on highly skilled foreign workers will come up for vote in the US Congress today, 18 December 2015. Infosys (down 1.38%), TCS (down 1.09%), Tech Mahindra (down 1.02%), Wipro (down 0.18%), HCL Technologies (down 0.01%) and Oracle Financial Services Software (down 0.01%), edged lower. Persistent Systems (up 0.04%), Hexaware Technologies (up 0.25%), MindTree (up 0.63%) and MphasiS (up 1.01%), edged higher.
US Congress is set to pass a Bill that will effectively double the fees for H1B and L1 visas to $4,000 and $4,500, according to media reports. Investors are concerned that companies in the US relying on highly skilled foreign workers will have to pay more for their visas.
FMCG shares were mixed. Britannia Industries (up 1.25%), Hindustan Unilever (up 0.98%), Marico (up 0.80%), Colgate Palmolive (India) (up 0.43%), Dabur India (up 0.36%) and Jyothy Laboratories (up 0.36%), edged higher. Tata Global Beverages (down 0.07%), GlaxoSmithKline Consumer Healthcare (down 0.26%), Procter & Gamble Hygiene & Health Care (down 0.28%), Nestle India (down 0.35%), Godrej Consumer Products (down 0.43%) and Bajaj Corp (down 0.85%), edged lower.
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Stone India rose 2.98% after the company signed an agreement with a Chinese firm for forming a joint venture company to undertake the business of manufacture and sale of elevators in India. The announcement was made after market hours yesterday, 17 December 2015. Stone India has signed an agreement with Shenyang Brilliant Elevator Group Co., China, on 15 December 2015 for forming a joint venture company to undertake the business of manufacture and sale of elevators in India with their technology.
OK Play India gained 1.73% after the company said that it has developed a plastic body green e-rickshaw. The announcement was made during market hours today, 18 December 2015. OK Play India intends to launch its innovative range of new product line at Ev Expo, an exhibition focusing on e-rickshaw, to be held from 24 to 27 December 2015 at Pragati Maidan, New Delhi.
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