Selling intensified in afternoon trade, with key benchmark indices extending losses. At 13:17 IST, the barometer index, the S&P BSE Sensex, was down 207.43 points or 0.84% at 24,596.85. The 50-unit Nifty 50 index was down 63.45 points or 0.84% at 7,475.30. Weakness in Asian markets weighed on Indian stocks. The Sensex dropped 223.95 points or 0.9% at the day's low of 24,580.33 afternoon trade, its lowest level since 11 March 2016. The barometer index rose 36.49 points or 0.14% at the day's high of 24,840.77 at the onset of the trading session. The Nifty shed 64.95 points or 0.86% at the day's low of 7,473.80 in afternoon trade, its lowest level since 11 March 2016. The index rose 6.45 points or 0.08% at the day's high of 7,545.20 at the onset of the trading session.
The market breadth indicating the overall health of the market was weak. On BSE, 1,517 shares fell and 896 shares rose. A total of 142 shares were unchanged. The BSE Mid-Cap index was currently down 0.73%. The BSE Small-Cap index was currently down 0.62%. The decline in both these indices was lower in percentage terms than the Sensex's decline.
In overseas markets, Asian stocks edged lower as investors braced for a run of policy announcements from the world's major central banks this week and after the Bank of Japan held policy steady as expected. Japan's Nikkei Average settled 0.68% lower. At the conclusion of a two-day monetary policy meeting today, 15 March 2016, the Bank of Japan (BOJ) maintained its commitment to raise the monetary base by 80 trillion yen annually and decided to continue applying a negative interest rate of minus 0.1% to the policy-rate balances in current accounts held by financial institutions at the bank. If needed, additional easing steps will be taken to hit 2% inflation, the BOJ said. BOJ had stunned markets in January by adopting negative rates.
US stocks closed on a mixed note yesterday, 14 March 2016. The US Federal Reserve's crucial two-day monetary policy meeting begins today, 15 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%.
Index heavyweight and housing finance major HDFC fell 3.08% to Rs 1,120.50. The stock hit a high of Rs 1,149 and a low of Rs 1,116.50 so far during the day.
Index heavyweight and cigarette major ITC fell 2.3% to Rs 316.85. The stock hit a high of Rs 325.50 and a low of Rs 316.50 so far during the day.
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Index heavyweight Reliance Industries (RIL) was up 0.46% to Rs 1,023.25. The stock hit a high of Rs 1,026.95 and a low of Rs 1,017 so far during the day.
Most IT stocks edged lower. HCL Technologies (down 1.75%), Wipro (down 1.69%), Tech Mahindra (down 1.51%), MindTree (down 0.82%), TCS (down 0.62%), Infosys (down 0.27%) and Hexaware Technologies (down 0.1%), edged lower. MphasiS (up 0.11%), Persistent Systems (up 0.47%) and Oracle Financial Services Software (up 0.74%), edged higher.
Most power generation stocks declined. Torrent Power (down 3.76%), JSW Energy (down 2.62%), NHPC (down 0.7%), Jaiprakash Power Ventures (down 0.66%), GMR Infrastructure (down 0.26%), Adani Power (down 0.17%) and NTPC (down 0.12%), edged lower. Tata Power (up 0.08%), Reliance Infrastructure (up 0.62%), Reliance Power (up 1.19%) and CESC (up 3.33%), edged higher.
Lupin tumbled 6.53% after the company clarified during trading hours today, 15 March 2016, that the United States Food and Drug Administration (USFDA) inspected its Goa facility last week and cited 9 observations. The observations are on aspects such as inadequacy and adherence to Standard Operating Procedures (SOPs). Lupin said that it is in the midst of putting together a response to address the USFDA's observations. The company issued the clarification after media reports suggested that the USFDA cited nine observations in its inspection of the company's Goa facility last week.
On the macro front, the latest data showed that inflation based on the consumer price index (CPI) dipped to four month low of 5.18% in February 2016 from 5.69% in January 2016. The decline was due to easing of food price inflation. The Consumer Food Price index (CFPI) eased sharply to 5.3% in February 2016 from 6.85% in January 2016. The core CPI inflation rose to 4.77% in February 2016 from 4.5% in January 2016.
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