A range bound movement was witnessed as key benchmark indices languished in negative zone in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was off 109.39 points or 0.43% at 25,420.72. The decline for the Sensex was higher in percentage terms compared with the fall in the 50-unit Nifty 50 index. The Nifty was currently off 25.65 points or 0.33% at 7,739.75. The Sensex hit a 10-week low when it fell 122.84 points or 0.48% at the day's low of 25,407.27 in mid-morning trade. The barometer index rose 12.36 points or 0.04% at the day's high of 25,542.47 in morning trade. The Nifty hit its lowest level in almost three weeks when it lost 31.60 points or 0.4% at the day's low of 7,733.80 in mid-morning trade. The index rose 5.85 points or 0.07% at the day's high of 7,771.25 in morning trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,450 shares fell and 1,029 shares rose. A total of 131 shares were unchanged. The BSE Mid-Cap index was currently off 0.4%. The BSE Small-Cap index was currently down 0.38%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Overseas cues were negative. Chinese stocks led decline in Asian markets after China reported weak trade data for November 2015. Energy and materials sector stocks led losses for US equities yesterday, 7 December 2015, as global crude oil prices tumbled in the wake of a decision late last week from the Organization of the Petroleum Exporting Countries to keep crude production running at current levels.
Metal and mining stocks declined after weak Chinese trade data for November 2015. Hindalco Industries (down 3.59%), Steel Authority of India (down 3.44%), Vedanta (down 3.34%), Hindustan Zinc (down 2.28%), Tata Steel (down 2.01%), NMDC (down 1.49%), Jindal Steel & Power (down 1.07%), JSW Steel (down 0.95%) and National Aluminium Company (down 0.74%) edged lower. China is the world's largest consumer of steel, copper and aluminum.
China's trade performance remained weak in November 2015. China's exports fell a worse-than-expected 6.8% last month from a year earlier, a fifth straight month of decline. Imports fell 8.7%, a thirteenth straight monthly drop.
Index heavyweight and housing finance major HDFC lost 1.34% at Rs 1,170.05. The stock hit a high of Rs 1,185 and a low of Rs 1,170 so far during the day.
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Shares of state-run power equipment major Bharat Heavy Electricals were off 2.22% at Rs 165.35. The stock hit a high of Rs 168.50 and a low of Rs 165 so far during the day.
Index heavyweight L&T was off 0.59% at Rs 1,333. The stock hit a high of Rs 1,340.80 and a low of Rs 1,330 so far during the day. L&T during market hours today, 8 December 2015, said that its construction division has secured orders worth Rs 1960 crore across its various businesses.
Cement stocks declined. Ambuja Cements (down 1.02%), ACC (down 0.11%) and Shree Cement (down 0.03%) edged lower. UltraTech Cement (up 0.26%) edged higher.
Grasim Industries was off 0.61%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Hi-Tech Gears surged 12.46% at Rs 316.90 after a High networth individual (HNI) investor Nemish Shantilal Shah bought 3.74 lakh shares of the company at an average price of Rs 265 per share in a bulk deal executed yesterday, 7 December 2015 on BSE.
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