Key benchmark indices remained weak in morning trade after opening lower triggered by drop in Asian stocks. At 10:17 IST, the barometer index, the S&P BSE Sensex was currently down 334.48 points or 1.3% at 25,385.10. The decline in CNX Nifty was higher than the Sensex's fall in percentage terms. The 50-unit CNX Nifty was currently down 116.35 points or 1.49% at 7,702.25.
The broad market depicted weakness. The market breadth indicating the overall health of the market was quite weak with more than three losers for every gainer. On BSE, 1,350 shares fell and 356 shares rose. A total of 37 shares were unchanged. The BSE Mid-Cap index was down 1.4%. The BSE Small-Cap index was down 1.67%. The decline in both these indices was higher than Sensex's fall in percentage terms.
In overseas markets, Asian stocks fell today, 10 September 2015, after lacklustre Chinese and Japanese economic data added to heightened worries about slackening global growth, sapping investors' appetite for riskier assets. US stocks ended with losses yesterday, 9 September 2015, after rallying the day before, led by declines in shares of Apple and energy companies, which fell with drop in oil prices.
Back home, Hindalco Industries (down 4.07%), Vedanta (down 3.1%) and State Bank of India (down 2.96%) were the major losers from the Sensex pack.
In sector trends, realty stocks declined. Sobha (down 2.1%), Indiabulls Real Estate (down 4.81%), Unitech (down 3.33%), Oberoi Realty (down 0.78%), Housing Development & Infrastructure (HDIL) (down 4.72%), DLF (down 4.62%), and Omaxe (down 0.22%) edged lower.
Shares of power generation and power distribution companies edged lower. Torrent Power (down 2.03%), NHPC (down 3.89%), Tata Power Company (down 0.59%), Adani Power (down 3.63%), Power Grid Corporation of India (down 2.62%), Reliance Infrastructure (down 2.22%) and Reliance Power (down 2.64%) declined.
More From This Section
State-run power utility NTPC shed 0.33%. The company after market hours yesterday, 9 September 2015, announced that the company proposes to raise up to Rs 400 crore with an option to retain over subscription of up to Rs 300 crore from public issue of tax-free secured redeemable non-convertible bonds during the year ending 31 March 2016. The government has authorized the company to raise up to Rs 1000 crore through tax free bonds, including Rs 700 crore through public issue.The stock had jumped 5.5% ahead of the announcement yesterday, 9 September 2015.
Shares of public sector oil marketing companies rose after fall in crude oil prices. BPCL (up 0.87%), HPCL (up 0.61%) and Indian Oil Corporation (up 0.10%) edged higher.
Decline in crude oil prices will reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel. However, weakness in rupee raises cost of oil imports.
In the global commodities markets, Brent crude oil futures edged lower. Brent for October settlement was down 45 cents at $47.13 a barrel. The contract had fallen $1.94 a barrel or 3.92% to settle at $47.58 a barrel during the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 66.6525, compared with its close of 66.405 during the previous trading session.
Shares of oil exploration and production firms fell on decline in global crude oil prices. ONGC (down 2.28%), Cairn India (down 2.07%), and Reliance Industries (down 1.27%) edged lower. Oil India rose 0.48%. Lower crude prices will result in lower realization from crude sales for oil exploration firms.
Powered by Capital Market - Live News