Recovery proved short lived as the market once again slipped towards the day's low in mid-morning trade. The Nifty fell below 12,000 mark. Sentiment in global stock market was affected by Iran launching more than a dozen missiles at two Iraqi bases that hold US troops in what appears to be retaliation for the American airstrike that killed a top Iranian general last week. The US President later tweeted, "All is well!
At 11:25 IST, the S&P BSE Sensex, declined 267.22 points or 0.65% at 40,602.25. The Nifty 50 index tumbled 85.55 points or 0.71% at 11,967.40.
In the broader market, the S&P BSE Mid-Cap index was down 0.64% while the S&P BSE Small-Cap index was down 0.27%.
The market breadth favored the bears. On the BSE, 681 shares rose and 1315 shares fell. A total of 122 shares were unchanged. In Nifty 50 index, 7 stocks advanced while 43 stocks declined.
Buzzing Index:
The Nifty Metal index was down 0.79% at 2,763.90, resuming fall after Tuesday's pause.
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NMDC (down 1.91%), Hindustan Copper (down 1.64%), JSW Steel (down 1.62%), Hindalco Industries (down 1.17%), Tata Steel (down 0.94%), Hindustan Zinc (down 0.54%), Vedanta (down 0.45%), Steel Authority of India (down 0.44%), Jindal Steel & Power (down 0.42%) and National Aluminium Company (down 0.11%) were top losers in metal segment.
Stocks in Spotlight:
NCL Industries fell 1.87% to Rs 97. The company's cement production fell by 23% to 423,199 MT in Q3 December 2019 from 552,019 MT in Q3 December 2018. Cement dispatches declined by 22% to 430,861 MT in Q3 December 2019 as compared to 552,395 MT in Q3 December 2018.
Gujarat Gas shed 1.62%. Credit rating agency CRISIL has reaffirmed long-term rating for the company's bank loan facilities worth Rs 2,350 crore at AA+ with a stable outlook. The rating reflects CRISIL's expectations of an improvement in Gujarat Gas 's credit profile over the medium term.
Shares of HCC were trading 2.38% lower at Rs 10.25. HCC in an exchange filing announced that the company has defaulted on repayment of interest and principal amount of loans from banks and financial institution. The company's current outstanding borrowings stand at Rs 3171.45 crore.
Foreign Markets:
Asian markets were trading lower on Wednesday after the Middle East tensions flared following Iran's attack on military facilities in Iraq hosting American troops.
US stock market ended slightly lower Tuesday, as concerns about the possibility of war in the Middle East overshadowed favourable US economic data.
In economic data, the US ISM service sector index rose to a four-month high of 55 in December, according to the Institute for Supply Management. The US Commerce Department also reportedly said the trade deficit narrowed in November to a 3-year low, but factory orders fell 0.7% in November.
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