Index heavyweight ITC and stocks of oil exploration and production (E&P) companies led losses for key benchmark indices, with the barometer index, the S&P BSE Sensex, and the 50-unit Nifty 50 index, both, hitting their lowest level in almost three weeks. At 13:25 IST, the Sensex was off 104.18 points or 0.41% at 25,533.93. The decline in Nifty in percentage terms was lower than the Sensex's fall. The Nifty was currently off 16.75 points or 0.22% at 7,765.15. The Sensex hit its lowest level in almost three weeks when it fell 124.32 points or 0.48% at the day's low of 25,513.79 in afternoon trade. The barometer index rose 147.42 points or 0.57% at the day's high of 25,785.53 at the onset of the trading session. The Nifty also hit its lowest level in almost three weeks when it fell 24.30 points or 0.31% at the day's low of 7,757.60 in afternoon trade. The index rose 43.50 points or 0.55% at the day's high of 7,825.40 at the onset of the trading session.
The market breadth indicating the overall health of the market was positive. On BSE, 1,428 shares rose and 1,113 shares declined. A total of 147 shares were unchanged. The BSE Mid-Cap index was currently up 0.04%. The BSE Small-Cap index was currently up 0.3%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian share markets edged higher after Wall Street welcomed an upbeat US jobs report that suggested the world's biggest economy was well placed to handle an expected first increase in interest rates in almost a decade. Strong job data and comments from European Central Bank President Mario Draghi that the bank can step up monetary stimulus if needed triggered a rally in US stocks on Friday, 4 December 2015.
Closer home, a committee headed by Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under goods and services tax (GST) has suggested revenue neutral rate in range between 15% and 15.5% (Centre and states combined) with a preference for the lower end of that range. The committee has recommended a two-rate structure for GST. In order to ensure that the standard rate is kept close to the revenue neutral rate (RNR), the maximum possible tax base should be taxed at the standard rate, the committee has suggested in its report submitted to the government. The committee has recommended that lower rates should be kept around 12% (Centre plus states) with standard rates varying between 17% and 18%.
Telecom stocks were mixed. Bharti Airtel (down 0.39%) and Idea Cellular (down 0.65%) declined. Tata Teleservices (Maharashtra) (up 3.7%) and Reliance Communications (up 0.43%) gained.
Realty stocks also witnessed a mixed trend. Sobha (up 6.04%), Housing Development & Infrastructure (HDIL) (up 0.51%), and Anant Raj (up 1.35%) edged higher. DLF (down 0.43%), Oberoi Realty (down 0.29%), Indiabulls Real Estate (down 0.08%), and Phoenix Mills (down 1.18%) declined. Unitech was flat.
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Suven Life Sciences rose 1.96% after the company said it has initiated phase 2A clinical trial of SUVN-502 on patients with moderate Alzheimer's disease. The clinical development program is being executed through Suven, Inc., a US-based wholly-owned subsidiary of Suven Life Sciences. The trial is likely to be completed by end of second quarter of 2017, subject to the achievement of estimated 12 months' enrollment goal in USA.
Siemens rose 1.12% after the company said during market hours that it has won an order approximately worth Rs 377 crore from Indian Railways Diesel Locomotive Works (DLW), Varanasi. The scope of the work for the project involves supply of 1,890 traction motors for 4500 horse power (HP) diesel electric locomotives. The traction motors will be produced at Kalwa factory of Siemens.
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