Key benchmark indices drifted lower amid small movement in positive and negative zone in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 26.47 points or 0.1% at 25,837.03. The 50-unit CNX Nifty was down 7.75 points or 0.1% at 7,860.75.
A bout of volatility was witnessed in morning trade. The Sensex fell 124.96 points at the day's low of 25,738.54 in morning trade. The Nifty fell 37.15 points at the day's low of 7,831.35 in morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, shares 1,312 rose and 812 shares fell. A total of 96 shares were unchanged. The BSE Mid-Cap index was up 0.48%. The BSE Small-Cap index was up 0.77%. Both these indices outperformed the Sensex.
In overseas markets, Asian markets were trading lower on concerns of deepening slowdown in China. Markets in Hong Kong, Taiwan and South Korea are closed for holiday. US markets ended on a mixed note on Friday, 25 September 2015 due to a sharp sell-off in biotech and healthcare stocks. Prospects for the US economy generally appear solid, Federal Reserve Chairwoman Janet Yellen said in her speech late Thursday, 24 September 2015 after US markets had closed. She argued in favor of hiking interest rates this year, giving more clarity to Fed watchers.
Metal and mining stocks declined. Vedanta (down 2.1%), JSW Steel (down 0.11%), Tata Steel (down 0.6%), Steel Authority of India (Sail) (down 1.7%), Hindustan Zinc (down 2.73%), Jindal Steel & Power (down 0.09%), Hindalco Industries (down 0.21%), Hindustan Copper (down 1.01%) edged lower. National Aluminium Company rose 0.27%.
NMDC slipped 1.16%. Adani Ports and Special Economic Zone (APSEZ) rose 2.54%. APSEZ replaced NMDC as a constituent in the 50-unit CNX Nifty index with effect from today, 28 September 2015.
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