In a sudden reversal of trend, key benchmark indices slipped into the red from green in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was off 92.07 points or 0.37% at 24,589.96. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty was down 14.25 points or 0.19% at 7,496.05.
The Sensex hit its lowest levels in more than 19 months when it fell 167.31 points or 0.67% at the day's low of 24,514.72 in mid-morning trade. The barometer index rose 227.19 points or 0.92% at the day's high of 24,909.22 in morning trade, its highest level since 11 January 2016. The Nifty hit its lowest levels in almost 18 months when it fell 50 points or 0.66% at the day's low of 7,460.30 in mid-morning trade. The index rose 75.65 points or 1% at the day's high of 7,585.95 in morning trade.
The broad market depicted weakness. There were more than four losers against every gainer on BSE. 2,018 shares fell and 469 shares rose. A total of 135 shares were unchanged. The BSE Mid-Cap index was currently down 0.83%. The BSE Small-Cap index was currently down 2.2%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
In overseas markets, most Asian shares were trading higher after Chinese data trade data beat expectations, offering a rare shaft of light for the global economy. China reported that its exports rose 2.3% in yuan-denominated terms in December, from a year earlier while imports dipped 4%. US stock index futures indicated further gains for US stocks later in the global day. Trading in US index futures indicated that the Dow could rise 120 points at the opening bell today, 13 January 2016. US stocks edged higher yesterday, 12 January 2016, as investors bought shares of consumer, technology and health-care companies, even as the energy sector slipped.
Cement shares edged higher. UltraTech Cement (up 1.31%), ACC (up 0.50%) and Ambuja Cements (up 0.20%), edged higher.
Grasim Industries was up 0.05%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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Most capital goods shares edged higher. AIA Engineering (up 1.63%), Lakshmi Machine Works (up 1.42%), Praj Industries (up 1.26%), ABB India (up 1.10%), Bharat Electronics (up 0.98%), BEML (up 0.95%), ALSTOM India (up 0.79%), Suzlon Energy (up 0.72%), Bharat Heavy Electricals (up 0.60%), Jindal Saw (up 0.41%), Siemens (up 0.34%), SKF India (up 0.20%), Punj Lloyd (up 0.18%) and Alstom T&D India (up 0.10%), edged higher. Pipavav Defence and Offshore Engineering Company (down 0.06%), Crompton Greaves (down 0.08%), Larsen & Toubro (down 0.14%), Thermax (down 0.43%) and Havells India (down 0.48%), edged lower.
On the macro front, the latest data showed that India's industrial production witnessed a contraction during the festive Diwali month in November 2015 due to high base effect. Industrial Production declined 3.2% in November 2015 over a year ago period. The output of the manufacturing sector declined 4.4% in November 2015, contributing to the decline in industrial production. The government disclosed the data after market hours yesterday, 12 January 2016.
Another data showed that inflation based on the consumer price index (CPI) accelerated last month. The all-India general consumer price index (CPI) inflation inched up to 5.61% in December 2015 from 5.41% in November 2015. Among the CPI components, inflation of food and beverages increased to 6.3% in December 2015 from 6.1% in November 2015 contributing to the rise in CPI inflation. The government disclosed the data after market hours yesterday, 12 January 2016.
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