In what was a lacklustre trading session, the two key benchmark indices registered small losses. The barometer index, the S&P BSE Sensex, fell 90.40 points or 0.34% to 26,776.52, as per the provisional closing data. The losses for the Sensex were higher in percentage terms than those for the Nifty 50 index. The Nifty fell 18.60 points or 0.23% to 8,219.90, as per the provisional closing data.
The Sensex fell 112.32 points, or 0.41% at the day's low of 26,754.60 in early afternoon trade. The index rose 58.72 points, or 0.22% at the day's high of 26,925.64 in early trade, its highest level since 10 June 2016. The Nifty fell 36.35 points, or 0.44% at the day's low of 8,202.15 in early afternoon trade. The index rose 18.75 points, or 0.23% at the day's high of 8,257.25 in early trade, its highest level since 10 June 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,306 shares rose and 1,295 shares fell. A total of 203 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.06%. The BSE Small-Cap index provisionally rose 0.29%. Both these indices outperformed the Sensex.
In overseas stock markets, main European markets edged higher after Germany's Federal Constitutional Court ruled in favour of the European Central Bank's (ECB) Outright Monetary Transactions or OMT unlimited bond-buying program created by the ECB at the height of Europe's debt crisis in September 2012. But UK stocks fell as uncertainty about the Brexit referendum continued to preoccupy investors. The FTSE 100 index was currently off 0.38%. Brexit refers to the referendum on 23 June 2016 by British voters to decide whether the country should remain a member of the European Union or leave it. Two opinion polls yesterday, 20 June 2016, predicted opposite results on whether British voters will vote for Britain to remain or leave the European Union (EU) in a referendum on Thursday, 23 June 2016, with one poll predicting respondents backing membership in the EU and the other poll showing respondents backing the leave vote.
The Organization for Economic Cooperation and Development (OECD) has warned that Britain's leaving the EU -- the so-called Brexit -- could send shocks through global financial markets. The OECD said on 1 June 2016 that a United Kingdom vote to leave the EU would trigger negative economic effects on the UK, other European countries and the rest of the world. Brexit would lead to economic uncertainty and hinder trade growth, with global effects being even stronger if the British withdrawal from the EU triggers volatility in financial markets, the OECD said. By 2030, post-Brexit UK GDP could be over 5% lower than if the country remained in the European Union, the OECD said.
Earlier during the global day, most Asian shares rose on growing expectations that British voters will opt to remain in the European Union in this week's referendum. Japanese stocks edged higher as the yen eased from earlier gains against the US dollar. The Nikkei 225 Average ended 1.28% higher for the trading session. The yen eased after approaching a 22-month high against the dollar. A stronger yen hurts the competitiveness of Japanese exporters. Japan's finance minister Taro Aso said at a regular news conference that the government wouldn't intervene in currency markets easily. US stocks edged higher yesterday, 20 June 2016, following the lead of European markets as polls showed support swinging back toward the UK remaining a member of the European Union ahead of a referendum.
Index heavyweight and housing finance major HDFC rose 0.38% to Rs 1,232.25. The stock hit a high of Rs 1,241.25 and a low of Rs 1,220.65 in intraday trade.
Also Read
Index heavyweight Reliance Industries (RIL) fell 0.66% to Rs 984. The stock hit a high of Rs 995 and a low of Rs 980.20 in intraday trade. RIL in a collaboration with Indian Institute of Petroleum (IIP) Dehradun has developed an indigenous technology to restrict benzene, a carcinogenic element in gasoline and naphtha. The announcement was made during trading hours today, 21 June 2016. Refiners across the world are under pressure to reduce the amount of benzene and other hazardous air pollutants.
Index heavyweight and cigarette major ITC fell 0.33% to Rs 357.10. The stock hit a high of Rs 359.30 and a low of Rs 355.20 in intraday trade.
Index heavyweight and IT major Infosys fell 0.19% to Rs 1,206.25. The stock hit a high of Rs 1,215 and a low of Rs 1,196.50 in intraday trade.
Engineering & construction major L&T fell 0.96% to Rs 1,491.25. The stock hit a high of Rs 1.509.20 and a low of Rs 1.491.25 in intraday trade.
Telecom stocks were mostly lower. Bharti Airtel (down 0.70%), Idea Cellular (down 0.73%), Reliance Communications (down 0.72%) and MTNL (down 1.16%) edged lower. Tata Teleservices (Maharashtra) rose 3.98%.
Cement stocks witnessed selling pressure. Ambuja Cements (down 0.52%), UltraTech Cement (down 0.45%) and ACC (down 0.84%), edged lower.
Grasim Industries fell 0.15%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Tata Communications rose 1.26% on media reports that its wholly-owned subsidiary, Tata Communications Payment Solutions (TCPSL), has put its ATM business on the block and is targeting a valuation of Rs 1000-1350 crore. TCPSL had carved out Indicash -the division that owns the white-label ATMs that are rented out to multiple banks. Tatas are looking to sell the entire stake in this business, reports suggested.
Powered by Capital Market - Live News