Stocks of private sector banks and index heavyweights ITC and L&T led losses for key benchmark indices. At 12:17 IST, the barometer index, the S&P BSE Sensex, was off 138.39 points or 0.55% at 25,113.93. The decline for the 50-unit Nifty 50 index was higher in percentage terms compared with the fall in the Sensex. The Nifty was currently off 49.80 points or 0.65% at 7,633.50. The two benchmark indices extended losses after hovering in red in mid-morning trade. The Sensex lost 165.85 points or 0.65% at the day's low of 25,086.47 in early afternoon trade. The barometer index rose 63.82 points or 0.25% at the day's high of 25,316.14 at the onset of the trading session, its highest level since 9 December 2015. The Nifty lost 53.10 points or 0.69% at the day's low of 7,630.20 in early afternoon trade. The index rose 19.75 points or 0.25% at the day's high of 7,703.05 at the onset of the trading session, its highest level since 8 December 2015.
The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,224 shares fell and 1,119 shares rose. A total of 153 shares were unchanged. The BSE Mid-Cap index was currently off 0.42%. The BSE Small-Cap index was currently off 0.3%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Overseas cues were negative. Asian stocks edged lower as falling crude oil prices heightened fears about receding global growth. US stocks edged higher yesterday, 10 December 2015, as beaten down energy stocks witnessed bargain hunting.
Index heavyweight and cigarette major ITC was down 1.65% at Rs 316. The stock hit a high of Rs 321.30 and a low of Rs 315.30 so far during the day.
Another index heavyweight L&T fell 1.34% at Rs 1,292.95. The stock hit a high of Rs 1,314 and a low of Rs 1,289.75 so far during the day.
Metal and mining stocks edged higher as copper prices rose in global commodities markets. Tata Steel (up 3.8%), Jindal Steel & Power (up 2.46%), Steel Authority of India (up 2.14%), JSW Steel (up 1.34%), National Aluminium Company (up 0.91%), Hindalco Industries (up 0.46%) and Vedanta (up 0.66%) rose. Hindustan Zinc (down 0.25%) and NMDC (down 0.62%) edged lower.
High Grade Copper for March 2016 delivery was currently up 1.64% at $2.1065 per pound on the COMEX.
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Auto stocks declined. Ashok Leyland (down 2.3%), Eicher Motors (down 1.02%), Mahindra & Mahindra (down 1.01%), Bajaj Auto (down 0.88%), TVS Motor Company (down 0.05%), Tata Motors (down 0.57%) and Hero MotoCorp (down 0.14%) edged lower.
Maruti Suzuki India fell 0.34% at Rs 4,481.20. The stock was volatile. The stock hit a high of Rs 4,530 and a low of Rs 4,475 so far during the day. According to reports, the company plans to raise prices of its cars by up to Rs 20,000 from 1 January 2016 to offset cost increases and unfavourable foreign exchange rates.
Titan Company fell 0.07% at Rs 362.45. The stock hit a high of Rs 378 and a low of Rs 361.55 so far during the day. The Reserve Bank of India (RBI) notified yesterday, 10 December 2015, that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 35% of the paid up capital of Titan Company under the Portfolio Investment Scheme (PIS). RBI further said that the foreign shareholding by FIIs/RFPIs in Titan Company has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of the company's shares are withdrawn with immediate effect, the RBI said. Total FII holding in Titan Company stood at 21.07% as per the shareholding pattern as on 30 September 2015.
Shilpa Medicare surged 3.76% at Rs 475 after RBI notified that foreign investors can now invest up to 30% of the paid-up capital of the company. RBI notified yesterday, 10 December 2015, that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 30% of the paid up capital of Shilpa Medicare under the Portfolio Investment Scheme (PIS). Earlier, the investment limit was up to 24% of the paid up capital of the company. FIIs held 15.06% stake in Shilpa Medicare as per the shareholding pattern as on 30 September 2015.
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