Key benchmark indices extended early slide and hit fresh intraday low in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 231.73 points or 0.79% at 29,253.72. The Nifty 50 index was down 72.95 points or 0.8% at 9,048.55. Weak global cues played the spoilsport for domestic stocks.
Earlier, the two key equity benchmarks saw a gap-down opening on negative Asian stocks.
The BSE Mid-Cap index was down 1.05%. The fall in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was down 0.6%. The fall in this index was lower than Sensex's decline in percentage terms.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,476 shares declined and 624 shares rose. A total of 136 shares were unchanged.
Overseas, Asian stocks were trading lower as investors re-evaluated their optimism around the 'Trump trade.' In Japan, exports rose at the sharpest rate in two years in February as demand from China and other parts of Asia jumped, underpinning a modest but continuing recovery in the world's third-largest economy. Merchandise exports grew 11.3% in value terms from a year earlier to 6.347 trillion yen, after increasing 1.3% in January, according to data released yesterday, 21 March 2017 by the Ministry of Finance.
US stocks sank yesterday, 21 March 2017 as the Dow and the Nasdaq logged their worst daily drops since September, while the S&P 500 also tumbled the most in a single session in five months on concerns about US president Donald Trump's ability to push through major reforms.
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Shares have been broadly stronger globally since the US presidential elections, buoyed by Donald Trump's talk of reforming the tax system and investing in infrastructure. However, a series of recent roadblocks ahead of the coming vote to dismantle the Affordable Care Act is seeing the market question Trump's ability to deliver on his policy promises, and triggered a pullback.
Back home, Bharti Airtel (down 2.83%), ICICI Bank (down 1.93%) and Tata Motors (down 1.57%) edged lower from the Sensex pack.
Metal and mining stocks declined as copper prices fell in global commodity markets. Vedanta (down 1.89%), JSW Steel (down 2.21%), Tata Steel (down 1.23%), Steel Authority of India (Sail) (down 2.14%), National Aluminium Company (down 1.63%), Hindustan Zinc (down 0.72%), Jindal Steel & Power (down 1.76%), Hindalco Industries (down 2.85%), NMDC (down 1.68%) and Hindustan Copper (down 1.49%) edged lower.
Copper edged lower in the global commodities market. High Grade Copper for March 2017 delivery was currently off 0.61% at $2.6025 per pound on the COMEX.
Cement stocks fell. Ambuja Cements (down 1.52%), ACC (down 1.04%), UltraTech Cement (down 1.71%) and Shree Cement (down 0.37%) edged lower.
Grasim Industries was off 0.84%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Mawana Sugars rose 2.65% after the company announced that the board of directors of the company, vide resolution dated 21 March 2017, agreed to enter into one time settlement (OTS) with Punjab National Bank (PNB) Muzaffarnagar, Uttar Pradesh. The purpose of the OTS was for resolution of non performing asset (NPA) debt. The company settled total memoranda dues of Rs 109.46 crore (as per PNB), for a consolidated agreed amount of Rs 79.79 crore, payable over 15 months without interest. The announcement was made after market hours yesterday, 21 March 2017.
Nila Infrastructures rose 4.53% after the company said it has entered into two separate letter of acceptance with Gujarat State Road Transport Corporation for projects. The announcement was made after market hours yesterday, 21 March 2017.
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