A sudden slide took key benchmark into the red from green in mid-afternoon trade, with the barometer index, the S&P BSE Sensex, hitting its lowest level in more than three weeks and the 50-unit Nifty 50 index hitting 3-week trough. At 14:15 IST, the Sensex was down 190.29 points or 0.74% at 25,390.05. The Nifty was currently down 56.45 points or 0.73% at 7,728.20. Metal stocks and index heavyweights ITC and L&T led losses for the two key benchmark indices.
The Sensex fell 212.53 points or 0.83% at the day's low of 25,367.81 in mid-afternoon trade, its lowest level since 15 December 2015. The barometer index rose 52.23 points or 0.2% at the day's high of 25,632.57 in afternoon trade. The Nifty fell 59.50 points or 0.76% at the day's low of 7,725.15 in mid-afternoon trade, its lowest level since 16 December 2015. The index rose 16.30 points or 0.2% at the day's high of 7,800.95 in afternoon trade.
In overseas stock markets, European stocks edged lower as investors continued to fret over slowing economic growth in China. Trading in US index futures indicated that the Dow Jones Industrial Average could slide 187 points at the opening bell. Asian equities edged lower as China continued guiding the yuan lower and after the outcome of a monthly survey pointed to weakness in China's services sector. Fresh geopolitical concerns over the Korean Peninsula also weighed on sentiment in Asian markets after an announcement from North Korea that it had successfully conducted a hydrogen-bomb test.
Closer home, the market breadth indicating the overall health of the market turned negative from positive in mid-afternoon trade. On BSE, 1,453 shares declined and 1,345 shares rose. A total of 130 shares were unchanged. The BSE Mid-Cap index was currently down 0.39%. The BSE Small-Cap index was currently down 0.43%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Bank stocks edged higher. Among public sector banks, Union Bank of India (up 2.21%), Bank of Baroda (up 1.32%), Oriental Bank of Commerce (up 0.44%), Syndicate Bank (up 0.53%), State Bank of India (up 0.46%), Punjab National Bank (up 0.41%) and Canara Bank (up 0.22%) gained. Indian Bank (down 0.97%), Corporation Bank (down 0.7%) and IDBI Bank (down 0.83%) edged lower.
Among private sector banks, IndusInd Bank (up 1.71%), HDFC Bank (up 1.15%), Yes Bank (up 0.68%), Kotak Mahindra Bank (up 0.37%) and Axis Bank (up 0.06%) edged higher. ICICI Bank (down 1.85%) edged lower.
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FMCG shares were mixed. Godrej Consumer Products (up 0.51%), GlaxoSmithkline Consumer Healthcare (up 0.76%), Britannia Industries (up 1.18%), Nestle India (up 0.85%), Dabur India (up 0.89%) and Jyothy Laboratories (up 0.21%) edged higher. Procter & Gamble Hygiene and Health Care (down 0.08%), Bajaj Corp (down 1.75%), Marico (down 2.43%), Colgate Palmolive (India) (down 0.88%), Emami (down 0.9%), Tata Global Beverages (down 1.48%) and Hindustan Unilever (down 0.51%) edged lower.
Adani Ports and Special Economic Zone (APSEZ) was off 1.35% at Rs 252.60. The stock hit a high of Rs 257.40 and a low of Rs 252.25 so far during the day. APSEZ during market hours today, 6 January 2016, announced that it will expand its existing terminal Adani International Container Terminal (AICTPL) at its flagship Mundra port. AICTPL is a 50:50 joint venture (JV) with Terminal Investment Ltd, an arm of Swiss-based Mediterranean Shipping Company S.A, the second largest shipping liner in the world. The expansion is being carried out to create a transhipment hub for the Middle East, South Asia and India, APSEZ said in a statement. Upon completion, AICTPL will emerge as India's largest container terminal with a total quay length of 1,460 meters and cargo handling capacity of 3.1 million TEUs, APSEZ said. The expansion of AICTPL will position Mundra as the major transshipment hub in the country providing congestion free and cost effective solution, the company said. Construction has already commenced and the terminal will be commissioned in 15 months, APSEZ said in a statement.
SRF surged 5.09% at Rs 1,345 after the company announced that power and basic utilities have been restored at the company's plant at Manali in Chennai. As this is a complex plant, the production is being started in phases and the dipping process has started as of now, SRF said. Adequate steps are being taken to restore normalcy, the company added. The announcement was made after market hours yesterday, 5 January 2016. It may be recalled that SRF had announced on 2 December 2015 that operations at its Manali plant were disrupted due to flooding and rain in Chennai.
Meanwhile, the outcome of a monthly survey showed that growth in India's services sector accelerated last month. The Nikkei India Services PMI rose to a 10-month high of 53.6 in December 2015.
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