A bout of volatility was witnessed as key benchmark indices trimmed losses after extending intraday slide early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 17.48 points or 0.07% at 24,656.36. The Nifty 50 index was currently down 5.45 points or 0.07% at 7,549.75. The Sensex hit 3-1/2-week low when it lost 73.19 points or 0.29% at the day's low of 24,600.65 in morning trade. The barometer index rose 117.52 points or 0.47% at the day's high of 24,791.36 at the onset of the trading session, its highest level since 7 April 2016. The Nifty lost 20.25 points or 0.26% at the day's low of 7,534.95 in morning trade. The index rose 25.60 points or 0.33% at the day's high of 7,580.80 at the onset of the trading session, its highest level since 7 April 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,218 shares rose and 1,031 shares fell. A total of 104 shares were unchanged. The BSE Mid-Cap index was currently up 0.46%. The BSE Small-Cap index was currently up 0.36%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. Chinese stocks edged higher after bullish remarks from a Chinese investment analyst on China A-shares or yuan-denominated stocks trading on the mainland. In mainland China, the Shanghai Composite was currently up 1.68%. In Hong Kong, the Hang Seng index was currently up 0.14%. Meanwhile, the latest data showed that China's consumer price index rose 2.3% in March from a year earlier, the same as February's tally. The producer price index fell 4.3% in March from a year earlier, compared with a 4.9% year-over-year drop in February. The index has lingered in deflationary territory for more than four years.
US stocks registered small gains during the previous trading session on Friday, 8 April 2016, as yen eased from its highest level against the dollar in almost 18-months after Japan's finance minister Taro Aso said he may act against what he termed one-sided yen rise. The yen, typically viewed as a safe-harbor asset, edged higher in recent trading sessions as fears that global central banks won't be able to fix the sluggish global economy sapped investor sentiment and spurred a flight to perceived safety. Meanwhile, New York Fed President William Dudley on Friday, 8 April 2016, said that the US central bank must maintain a cautious and gradual approach to raising interest rates.
Metal & mining stocks gained as copper prices rose in global commodity markets. JSW Steel (up 1.08%), Bhushan Steel (up 0.68%), Hindustan Copper (up 1.59%), Vedanta (up 2.23%), Hindalco Industries (up 1.82%), Jindal Steel & Power (up 1.06%), Steel Authority of India (Sail) (up 0.83%), National Aluminum Company (up 0.64%) and NMDC (up 0.74%) gained. Hindustan Zinc shed 0.25%.
High Grade Copper for May 2016 delivery was currently up 0.38% at $2.095 per pound on the COMEX.
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Tata Steel rose after the company said its total steel sales increased 12.87% to 27.18 lakh tonnes in Q4 March 2016 over Q4 March 2015. The stock rose 0.4%. Hot Metal production rose 1.42% to 27.14 lakh tonnes in Q4 March 2016 over Q4 March 2015. Crude Steel production rose 4.88% to 25.60 lakh tonnes in Q4 March 2016 over Q4 March 2015. Saleable Steel production rose 6.57% to 25.46 lakh tonnes in Q4 March 2016 over Q4 March 2015.
Meanwhile, Tata Steel's British subsidiary Tata Steel UK clarified that the company has been cooperating fully with regard to a criminal investigation initiated by the Serious Fraud Office which relates to events in 2015 when during an internal audit conducted by the company, certain inappropriate testing and certification procedures at the South Yorkshire-based speciality steels business were identified. Tata Steel UK took immediate action to address the issues uncovered and the practices were immediately stopped. There have been no recalls of material in service by any customer and no customer has brought a legal claim so far, Tata Steel UK said in a statement.
Shares of power generation and power distribution companies gained. NHPC (up 0.64%), Tata Power Company (up 0.66%), Adani Power (up 1.49%), Power Grid Corporation of India (up 0.78%), Reliance Infrastructure (up 0.89%), NTPC (up 1.52%) and Reliance Power (up 4.57%) gained. Torrent Power declined 1.41%.
Shares of state-run coal mining major Coal India shed 0.09% to Rs 280.25. The stock hit high of Rs 282.50 and low of Rs 279.95 so far during the day.
Cairn India rose 1.61%. The company's average gross production fell 9% to 1.97 lakh barrels of oil equivalent per day (boepd) in Q4 March 2016 over Q4 March 2015. The decline in production was primarily due to lower volumes from the Ravva field on account of its natural decline. The announcement was made during market hours today, 11 April 2016.
ARSS Infrastructure Projects rose 6.7% after the company said its joint venture, ARSS-SIPS, secured a work order on 8 April 2016 amounting to Rs 156.85 crore from East Coast Railway in Bhubaneswar. The order is for execution of earthwork, minor bridges and other allied works of Budhapank-Salegaon via Rajathagarh for third and fourth line. The announcement was made on Saturday, 9 April 2016.
Narayana Hrudayalaya rose 1.49% after the company announced on Saturday, 9 April 2016, that it commenced operations at its newest hospital "Shri Mata Vaishno Devi Narayana Superspeciality Hospital" in Katra at Udhampur district of Jammu and Kashmir on Friday, 8 April 2016.
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