Gains in index heavyweights HDFC Bank and Reliance Industries (RIL) helped key benchmark indices trim losses. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 44.12 points or 0.18% at 24,922.28. The Nifty 50 index was currently down 10.40 points or 0.14% at 7,604.70. The Sensex hovered below the psychologically important 25,000 mark. The barometer index surpassed that level earlier during the trading session.
The Sensex fell 130.84 points, or 0.52% at the day's low of 24,835.56 in mid-morning trade, its lowest level since 18 March 2016. The barometer index rose rose 87.33 points, or 0.35% at the day's high of 25,053.73 in morning trade. The Nifty fell 32.85 points, or 0.43% at the day's low of 7,582.25 in mid-morning trade, its lowest level since 18 March 2016. The index rose 30.70 points, or 0.4% at the day's high of 7,645.80 in morning trade.
The broad market depicted weakness. There were almost two losers against every gainer on BSE. 1,500 shares fell and 757 shares rose. A total of 142 shares were unchanged. The BSE Mid-Cap index was currently down 0.24%. The BSE Small-Cap index was currently down 0.48%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
In the overseas stock market, most Asian markets were trading lower on continued concern over whether the US Federal Reserve might hike interest rates at its April meeting. In mainland China, the Shanghai Composite was currently down 1.72%. Hong Kong's Hang Seng index was currently down 0.18%. US stocks finished flat yesterday, 28 March 2016, as gains in consumer-discretionary and materials shares were mitigated by weakness in utilities and energy. Federal Reserve Chairwoman Janet Yellen will deliver a speech at the Economic Club of New York later today, 29 March 2016. Markets globally expect Yellen to drop hints about future rate hike path.
Shares of oil exploration and production firms declined as crude oil prices edged lower. Cairn India (down 0.51%), Oil India (down 1.38%) and ONGC (down 1.19%), declined. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Index heavyweight Reliance Industries (RIL) rose 1.10% to Rs 1,031.75. The stock hit a high of Rs 1,035.45 and a low of Rs 1,022.40 so far during the day.
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Shares of public sector oil marketing companies rose after slide in global crude oil prices. HPCL (up 1.75%), BPCL (up 1.50%) and Indian Oil Corporation (up 1.13%), edged higher. Decline in crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
In the global commodities markets, Brent for May settlement was currently down 36 cents at $39.91 a barrel.
Cement shares edged lower. ACC (down 0.95%), UltraTech Cement (down 0.92%) and Ambuja Cements (down 0.41%), edged lower.
Grasim Industries was down 0.8%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
IT major TCS was down 0.17% to Rs 2,469.40. The company announced during trading hours today, 29 March 2016, that Sweden's Lansforsakringar Bank has selected TCS BaNCS platform as the engine to power its future growth and transformation. In addition, TCS will also provide system integration and support services to ensure a smooth transition for Lansforsakringar Bank's current environment.
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