Key benchmark indices extended slide in mid-morning trade with the barometer index, the S&P BSE Sensex and the 50-unit Nifty 50 index hitting fresh intraday low. At 11:20 IST, the Sensex was off 115.78 points or 0.45% at 25,414.33. The decline for the Sensex was higher in percentage terms compared with the fall in the Nifty. The Nifty was currently off 21.35 points or 0.27% at 7,744.05.
The Sensex hit its lowest level in 10 weeks when it fell 98.89 points or 0.38% at the day's low of 25,431.22 in mid-morning trade, its lowest level since 29 September 2015. 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 31.30 points or 0.4% at the day's low of 7,734.10 in mid-morning trade, its lowest level since 18 November 2015. The index rose 5.85 points or 0.07% at the day's high of 7,771.25 in morning trade.
In overseas stock markets, Asian stocks edged lower after steep slide in global crude oil prices yesterday, 7 December 2015. US stocks declined yesterday, 7 December 2015, weighed by a sharp decline in energy stocks as oil plunged to a near-seven-year low.
Closer home, the market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,139 shares fell and 1,111 shares rose. A total of 121 shares were unchanged. The BSE Mid-Cap index was currently off 0.29%. The BSE Small-Cap index was currently down 0.14%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
IT stocks edged higher on weak rupee. HCL Technologies (up 2.34%), Tech Mahindra (up 0.14%) and Oracle Financial Services Software (up 0.35%) edged higher. Wipro (down 0.25%) declined. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was currently hovering at 66.8025, compared with its close of 66.735 during the previous trading session.
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Telecom stocks declined. Bharti Airtel (down 0.7%), Idea Cellular (down 0.36%) and Reliance Communications (down 0.19%) edged lower. Mahanagar Telephone Nigam (up 1.55%) and Tata Teleservices (Maharashtra) (up 4.14%) edged higher.
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