Key benchmark indices cut losses in mid-afternoon trade after sliding to intraday low as investors' sentiment was impacted after two explosions at Brussels airport in Belgium. At 14:18 IST, the barometer index, the S&P BSE Sensex, was down 134.62 points or 0.53% at 25,150.75. The 50-unit Nifty 50 index was currently down 37.90 points or 0.49% at 7,666.35. The Sensex fell 201.67 points or 0.79% at the day's low of 25,083.70 in mid-afternoon trade. The barometer index rose 45.64 points or 0.18% at the day's high of 25,331.01 in opening trade, its highest level since 6 January 2016. The Nifty fell 60.45 points or 0.78% at the day's low of 7,643.80 in mid-afternoon trade. The index rose 6.85 points or 0.08% at the day's high of 7,711.10 at the onset of trading session.
The market breadth indicating the overall health of the market turned negative from positive in mid-afternoon trade. On BSE, 1,324 shares declined and 1,153 shares rose. A total of 172 shares were unchanged. The BSE Mid-Cap index was currently up 0.2%, outperforming the Sensex. The BSE Small-Cap index was currently off 0.05%. The fall in this index was lower than Sensex's decline in percentage terms.
In overseas stock markets, European stocks declined after two explosions at Brussels airport in Belgium killed at least eleven people and injured several others. Belgium's key index the BEL-20 index was currently off 0.93%. Asian stocks witnessed a mixed trend. Shares of exporters led a rally in Japanese stocks on a weaker yen against the US dollar. The Nikkei 225 Average closed 1.94% higher. US stocks closed slightly higher yesterday, 21 March 2016, steadying after five straight weeks of gains, led by telecommunications and health care stocks.
Bank stocks declined. Among private bank stocks, Kotak Mahindra Bank (down 1.1%), ICICI Bank (down 1.3%), Axis Bank (down 2.01%), IndusInd Bank (down 0.76%) and Yes Bank (down 2.39%) declined. HDFC Bank rose 0.12%.
Among PSU bank stocks, Punjab National Bank (down 1.68%), Bank of Baroda (down 1.6%), IDBI Bank (down 2.42%), Bank of India (down 1.92%) and Union Bank of India (down 1.15%) dropped.
State Bank of India (SBI) slipped 0.76%. SBI during market hours today, 22 March 2016, announced that the bank yesterday, 21 March 2016, issued 5,000, Basel III compliant, Tier-II bonds in the nature of debentures aggregating to Rs 500 crore on private placement basis. The tenor of the debentures is 10 years with 8.45% per annum (p.a.) coupon payable annually and a call option after 5 years.
Canara Bank fell 1.5%. The bank's board of directors permitted the bank to raise capital of Rs 3000 crore through issue of Basel-III compliant Tier II bonds by way of private placement at a coupon rate as decided by the bond committee of the bank to support the asset growth and maintain comfortable level of Capital to Risk weighted Assets Ratio (CRAR). The announcement was made after market hours yesterday, 21 March 2016.
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Metal and mining stocks were mixed. Vedanta (up 0.58%), Tata Steel (up 0.5%), Bhushan Steel (up 1.66%), Jindal Steel & Power (up 2.57%) and NMDC (up 1.43%) rose.
National Aluminium Company (down 1.51%), Steel Authority of India (Sail) (down 0.47%), Hindustan Zinc (down 0.73%), Hindalco Industries (down 0.23%), Hindustan Copper (down 2.09%) and JSW Steel (down 0.6%) edged lower.
High Grade Copper for May 2016 delivery was currently off 0.83% at $2.2735 per pound on the COMEX.
JMC Projects (India) rose 6.93% after the company said it has recently secured new orders worth over Rs 930 crore. The announcement was made after market hours yesterday, 21 March 2016.
On the macro front, data released by the Reserve Bank of India (RBI) after market hours yesterday, 21 March 2016, showed that India's current account deficit (CAD) narrowed to $7.1 billion or 1.3% of GDP in Q3 December 2015 from $8.7 billion or 1.7% of GDP in Q2 September 2015 and $7.7 billion or 1.5% of GDP in Q3 December 2014. The contraction in CAD was primarily on account of a lower trade deficit.
After moderating in Q2 September 2015, net foreign direct investment (FDI) again picked up and stood at $10.8 billion in Q3 December 2015. Net FDI inflows during April-December 2015 jumped 24.8% over the level during the corresponding period of the previous year.
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