Key benchmark indices tumbled in early trade tracking sharp losses in Asian markets and overnight steep fall in US bourses as oil prices continue its sustained fall. The barometer index, the S&P BSE Sensex was currently down 414.77 points or 1.49% at 27,427.55. The market breadth indicating the overall health of the market was weak with more than four losers for every gainer on BSE.
Telecom stocks edged lower after the Union Cabinet yesterday, 5 January 2015, approved the proposal of the Department of Telecom (DoT) to proceed with auction in 800, 900 & 1800 MHz bands.
Asian markets were sharply lower today, 6 January 2015, after stocks on Wall Street declined overnight following the relentless fall in oil prices.
Meanwhile, foreign portfolio investors bought shares worth a net Rs 472 crore yesterday, 5 January 2015, as per provisional data.
At 9:20 IST, the S&P BSE Sensex was down 414.77 points or 1.49% at 27,427.55. The index tumbled 511.85 points at the day's low of 27,330.47 in early trade. The index declined 143.39 points at the day's high of 27,698.93 in early trade.
The CNX Nifty was down 121.45 points or 1.45% at 8,256.95. The index hit a high of 8,327.85 in intraday trade. The index hit a low of 8,229.35 in intraday trade.
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The BSE Mid-Cap index was down 136.90 points or 1.3% at 10,410.27. The BSE Small-Cap index was down 131.34 points or 1.16% at 11,188.87. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was weak with more than four losers for every gainer. On BSE, 1,145 shares declined and 245 shares rose. A total of 30 shares were unchanged.
Telecom stocks edged lower. Bharti Airtel (down 1.46%), Tata Teleservices (Maharashtra) (down 0.97%), Reliance Communications (down 0.06%), and Mahanagar Telephone Nigam (down 0.91%) edged lower. Idea Cellular (up 0.52%) edged higher. The Union Cabinet, chaired by the Prime Minister Narendra Modi, yesterday, 5 January 2015, approved the proposal of the Department of Telecom (DoT) to proceed with auction in 800, 900 & 1800 MHz bands. The Reserve price approved is Rs 3646 crore pan-India per MHZ in 800 MHz, Rs 3980 crore for 900 MHz band pan India excluding Delhi, Mumbai, Kolkatta, and J&K, and Rs 2191 crore pan India (excluding Maharashtra and West Bengal) in 1800 MHz band. The quantum of spectrum to be put to auction is 103.75 MHz in 800 MHz band in all service areas, 177.8 MHz in 17 LSAs in 900 MHz band and 99.2 MHz in 15 LSAs in 1800 MHz band. Thus a total of 380.75 MHz in 800,900 & 1800 MHz is being put to auction. Payment terms, eligibility criteria and auction objectives shall be as in the previous auction of Februay 2014, a press statement said.
HSBC Holdings Plc and Markit Economics will release the HSBC India Services PMI for December 2014 today, 6 January 2015.
The Prime Minister's Office (PMO) after trading hours yesterday, 5 January 2015, said that Prime Minister Narendra Modi has appointed economist Arvind Panagariya as Vice Chairman of NITI Aayog (National Institution for Transforming India). Economist Bibek Debroy and former secretary of defence research and development V.K. Saraswat have been appointed as two full-time members of NITI Aayog. The government had last week announced the setting up of NITI Aayog as replacement for the Planning Commission.
Asian markets were sharply lower today, 6 January 2015, after stocks on Wall Street declined overnight following the relentless fall in oil prices. Key indices in China, Japan, Hong Kong, Singapore, Taiwan, Singapore, South Korea, and Indonesia were off 0.59% to 2.65%.
The HSBC China services purchasing managers index rose to 53.4 in December from 53.0 in November, HSBC Holdings PLC said today, 6 January 2015, pointing to economic resilience outside the nation's factory sector. A reading above 50 indicates month-over-month expansion while a level below that points to contraction.
In Japan, the business activity index expanded at an accelerated pace in December, the latest survey from Markit Economics revealed today, 6 January 2015 showed, with a PMI score of 51.7, up from 50.6 in November.
US stocks fell sharply yesterday, 5 January 2015, with the S&P 500 extending losses into a fourth session, as energy companies took it on the chin as the price of oil fell to its lowest since April 2009.
On Wednesday, 7 January 2015, the Fed will release minutes of the Federal Open Market Committee (FOMC) meeting held on 16 and 17 December 2014. The Fed minutes may shed light on policy makers' views on the appropriate timing of the first interest-rate increase since 2006 and the conditions that would prompt them to tighten policy. At the two-day meeting in December, the FOMC had said it would be patient on the timing of an increase, replacing an earlier pledge to keep borrowing costs low for a "considerable time".
The US Labor Department reports monthly payroll data for December 2014 on Friday, 9 January 2015.
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