Key benchmark indices edged lower in early trade tracking weakness in Asian markets and overnight slide on Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex was down 260.26 points or 1.06% at 24,278.74. The decline for the Sensex was higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty was currently off 67.70 points or 0.91% at 7,387.85.
In overseas stock markets. Asian stocks edged lower after sharp slide on Wall Street overnight amid a plunge in oil prices. Latest data showed that China's Caixin services purchasing managers' index (PMI) hit a six-month high at 52.4 in January 2016, from 50.2 in December 2015. In China, the Shanghai Composite index was currently off 1.01%. US stocks closed sharply lower yesterday, 2 February 2016 on renewed decline in oil prices.
Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 1,090 shares declined and 188 shares rose. A total of 27 shares were unchanged. The BSE Mid-Cap index was currently off 1.41%. The BSE Small-Cap index was currently off 1.35%. The losses for both these indices were higher in percentage terms than those for the Sensex.
Shares of oil exploration and production (E&P) firms edged lower after sharp decline in crude oil prices. Cairn India (down 3.21%), Oil India (down 2.95%), ONGC (down 1.89%) and Reliance Industries (down 1.37%) declined. Lower crude oil prices will result in lower realization from crude sales for oil exploration firms.
Shares of public sector oil marketing companies (PSU OMCs) also declined. HPCL (down 0.65%) and Indian Oil Corporation (down 0.1%) edged lower. BPCL (up 0.26%) edged higher.
In the global commodities markets, Brent for April settlement was currently off 13 cents at $32.59 a barrel. The contract had declined $1.52 a barrel or 4.43% to settle at $32.72 a barrel during previous trading session.
More From This Section
On the macro front, the Nikkei India Service PMI data for the month of January 2016 is due at 10:30 IST today, 3 February 2016. India's Nikkei India Service PMI rose to 51.60 in December 2015 from 50.20 in November 2015.
Powered by Capital Market - Live News