Key benchmark indices extended losses for the second day in a row on weakness in European markets. The barometer index, the S&P BSE Sensex declined 251.33 points or 0.91% to settle at 27,350.68. The market breadth indicating the overall health of the market was weak with more than two losers for every gainer on BSE. Brent crude futures hit 5-1/2-year low. Further fall in crude oil prices raised concerns about global growth. However, the fall in global crude oil prices augur well for India as the country imports about 80% of its crude oil requirements.
The S&P BSE Sensex declined 251.33 points or 0.91% to settle at 27,350.68. The index lost 281.96 points at the day's low of 27,320.05 in late trade, its lowest level since 30 October 2014. The index rose 90.31 points at the day's high of 27,692.32 in morning trade.
The CNX Nifty dropped 68.80 points or 0.83% to settle at 8,224.10. The index hit a low of 8,216.30 in intraday trade, its lowest level since 31 October 2014. The index hit a high of 8,321.90 in intraday trade.
The BSE Mid-Cap index fell 131.10 points or 1.28% to settle at 10,108.60. The BSE Small-Cap index shed 168.05 points or 1.5% to settle at 11,068.48. The fall in both these indices was more than the Sensex's decline in percentage terms.
Among the sectoral indices on BSE, the S&P BSE Realty index (down 2.47%), the S&P BSE Oil & Gas index (down 2.63%) and the S&P BSE Power index (down 1.43%), underperformed the Sensex. The S&P BSE Auto index (down 0.46%), the S&P BSE FMCG index (down 0.1%) and the S&P BSE Healthcare index (up 0.19%), outperformed the Sensex.
The market breadth indicating the overall health of the market was weak with more than two losers for every gainer. On BSE, 1,991 shares declined and 919 shares gained. A total of 106 shares were unchanged.
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In the foreign exchange market, the rupee edged higher against the dollar in volatile trade. The partially convertible rupee was hovering at 62.3175, compared with its close of 62.345 during the previous trading session.
The yield on 10-year benchmark federal paper, 8.40% GS 2024, declined 3 basis points to 7.84% at 15.54 IST, compared with 7.87% at close in the previous trading session. The total trading volume on the central bank's gilts trading platform stood at Rs 54745 crore. Bond yields declined tracking continous decline in crude oil prices, while hopes of CPI inflation data, scheduled to be released after market hours today, showing further moderation also supported sentiments in the gilts market.
In overseas markets, European stocks dropped after the latest data showed factory production in China slowed in November 2014. Asian stocks rose after US data on retail sales and unemployment claims boosted optimism in the world's largest economy. US stocks registered modest gains yesterday, 11 December 2014, after a trio of economic releases underlined that the US economy remains on an upward trajectory.
Brent crude futures hit 5-1/2-year low on persistent concerns over a supply glut and a bearish demand outlook. Brent for January settlement was off 60 cents a barrel at $63.08 a barrel. The contract had lost 56 cents a barrel to settle at $63.68 during the previous trading session, its lowest closing level since 16 July 2009.
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