Stocks from mining and banking sector led losses as key benchmark indices edged lower in choppy trade. The barometer index, the S&P BSE Sensex, lost 324.18 points or 1.29% at 24,877.72, as per the provisional closing data. The 50-unit CNX Nifty shed 96.25 points or 1.26% at 7,558.80, as per the provisional closing data. The Sensex provisionally settled below the psychological 25,000 mark after extending losses in late trade. The barometer index hit its lowest level in more than 15 months when it plunged 350.13 points at the day's low of 24,851.77 in late trade. The Nifty hit its lowest level in almost 13 months when it dropped 109.15 points at the day's low of 7,545.90 in late trade. Pharma stocks edged lower.
The broad market depicted weakness. On BSE, there were more than two losers against every gainer. 1,981 shares declined and 693 shares rose. A total of 100 shares were unchanged. The BSE Mid-Cap index was provisionally down 2.19%. The BSE Small-Cap index was provisionally down 1.76%. The decline in both these indices was higher than the Sensex's fall in percentage terms. All the 12 sectoral indices on BSE provisionally ended with losses.
Weakness in Asian emerging market stocks weighed on sentiment on the domestic bourses. Chinese stocks led decline in Asian markets after China cut its GDP growth rate for 2014 to 7.3% from 7.4% and as mixed US jobs report for August 2015 did little to quell investor uncertainty on the timing of the US Federal Reserve's first interest rate hike in a decade.
The total turnover on BSE amounted to Rs 2036 crore, lower than turnover of Rs 2689.66 crore registered during the previous trading session.
In sector trends, metal and mining stocks dropped after China revised its gross domestic product growth downwards to 7.3% for 2014 from previously reported 7.4%. Bhushan Steel (down 6.44%), Vedanta (down 3.38%), Tata Steel (down 1.46%), JSW Steel (down 1.5%), Jindal Steel & Power (down 4.19%), NMDC (down 3.86%), and Hindustan Zinc (down 1.86%) edged lower. Steel Authority of India (up 0.74%), and National Aluminium Company (up 2.75%) edged higher. China is the world's largest consumer of steel, copper and aluminium.
Hindalco Industries shed 2.51% as the stock turned ex-dividend today, 7 September 2015, for dividend of Rs 1 per share for the year ended 31 March 2015 (FY 2015).
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Pharma stocks declined. Glenmark Pharmaceuticals (down 2.73%), Aurobindo Pharma (down 2.48%), Cadila Healthcare (down 0.99%), Lupin (down 2.7%), Strides Arcolab (down 6.68%), Divi's Laboratories (down 3.55%), Wockhardt (down 6.69%), Cipla (down 0.06%) and Sun Pharmaceutical Industries (down 2.74%) declined.
Dr Reddy's Laboratories dropped 2.84%. The company after market hours on Friday, 4 September 2015, announced that it has entered the hair serum market with the launch of its brand MINTOP PRO. The product will be available in a 75 ml pack carrying MRP of Rs 995 at all leading pharmacy stores across India.
Reliance Infrastructure rose 0.96%. The company said during market hours today, 7 September 2015, that Reliance Defence, a wholly owned subsidiary of the company, has signed a memorandum of understanding (MoU) with Abu Dhabi Ship Building (ADSB), a leading provider of construction, repair and refit services for naval, military and commercial vessels. Under this MoU, RDL and ADSB are investigating the opportunity to set up a strategic partnership for the construction of naval ships, including frigates, destroyers and other specialized vessels for catering to the market in GCC (Gulf Cooperation Council). The agreement could also see ADSB delivering maintenance, repair, overhaul and refit services to the vessels, in line with regional requirements. Reliance Group is likely to use its newly acquired shipbuilding facilities at Pipavav for implementation of this collaboration.
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