Key benchmark indices extended losses and hit fresh intraday low in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 169.01 points or 0.69% at 24,382.16. The 50-unit Nifty 50 index was down 46.60 points or 0.62% at 7,414. Caution prevailed ahead of the outcome of US Federal Reserve's monetary policy meeting later in the global day.
The Sensex hit its lowest level in two weeks when it dropped 184.78 points or 0.75% at the day's low of 24,366.39 in early afternoon trade. The barometer index rose 9.80 points or 0.13% at the day's high of 24,565.30 at the onset of the trading session. The Nifty also hit its lowest level in almost two weeks when it shed 51.50 points or 0.69% at the day's low of 7,409.10 in early afternoon trade. The index rose 9.80 points or 0.13% at the day's high of 7,470.40 at the onset of the trading session.
The broad market depicted weakness. There were almost two losers against every gainer on BSE. 1,448 shares fell and 746 shares rose. A total of 124 shares were unchanged. The BSE Mid-Cap index was currently down 1.23%. The BSE Small-Cap index was currently down 0.85%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
In overseas stock markets, Asian stocks were mixed as investors remained cautious ahead of the outcome of US Federal Reserve's monetary policy meeting later in the global day. Most US stocks edged lower yesterday, 15 March 2016, weighed by a fall in oil prices and a string of lackluster economic data. The Federal Reserve's two-day monetary policy meeting ends today, 16 March 2016. Federal Reserve officials are likely to hold short-term interest rates steady at its policy meeting amid uncertainties about global financial markets and global growth. The Fed in December 2015 raised its benchmark federal-funds rate from near zero to a range between 0.25% and 0.5%.
Metal and mining stocks dropped on fall in global commodity prices. Bhushan Steel (down 2.01%), Jindal Steel & Power (down 2.8%), Vedanta (down 2.16%), Tata Steel (down 0.57%), NMDC (down 1.33%), Hindalco Industries (down 3.87%), Steel Authority of India (down 2.42%), JSW Steel (down 0.08%), Hindustan Zinc (down 1.57%) and National Aluminium Company (down 0.25%) edged lower. Hindustan Copper rose 0.21%.
High Grade Copper for May 2016 delivery was currently down 0.29% at $2.227 per pound on the COMEX.
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Realty stocks were mixed after the Lok Sabha yesterday, 15 March 2016, approved the Real Estate (Regulation and Development) Bill, 2016. DLF (up 0.71%), Sobha (up 0.93%), and Oberoi Realty (up 0.23%) edged higher. D B Realty (down 0.8%), Indiabulls Real Estate (down 1%), Unitech (down 2.05%), NBCC (down 0.44%), Godrej Properties (down 0.26%), and Housing Development & Infrastructure (HDIL) (down 2.19%) declined. The Bill requires project promoters to register their projects with the Regulatory Authorities disclosing project information, including details of promoter, schedule of implementation of the project, layout plan, land status, status of approvals, agreements along with details of real estate agents, contractors, architects, structural engineers etc. The Bill also provides for the creation of a single window system for ensuring time bound project approvals and clearances for timely completion of projects. The Real Estate Bill has already been passed in the Rajya Sabha.
Meanwhile, stock market regulator Securities and Exchange Board of India (Sebi) has allowed foreign portfolio investors (FPIs) to invest in units of Real Estate Investment Trusts (REITs), InvIts (Infrastructure Investment Trusts) and Category-III Alternative Investment Funds (AIFs). To facilitate investments in REITs, the government proposed in the Union Budget 2016-17 that any distribution made out of income of SPV (special purpose vehicle) to the REITs and InvIts having specified shareholding will not be subjected to Dividend Distribution Tax (DDT).
RPP Infra Projects rose 3.21% after the company said it has secured a contract worth Rs 30.90 crore from the Karnataka State Police Housing & Infrastructure Development Corporation. The contract is to be completed within 20 months. The announcement was made during market hours today, 16 March 2016.
Meanwhile, as per data announced by the government after market hours yesterday, 15 March 2016, India's merchandise exports fell 5.66% in dollar terms in February 2016 over February 2015. Non-petroleum exports fell 2.69%. The trend of falling exports is in tandem with other major world economies, according to a statement from the Ministry of Commerce & Industry. Imports fell 5.03% in dollar terms in February 2016 over February 2015.
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