Volatility continued in morning trade as the key benchmark indices recovered after extending intraday slide. At 10:18 IST, the barometer index, the S&P BSE Sensex, was off 107.44 points or 0.44% at 24,347.60. The 50-unit Nifty 50 index was currently off 34.80 points or 0.47% at 7,403. The Sensex and the Nifty trimmed losses after both these key benchmark indices hit their lowest level in more than 19 months. The broad market depicted weakness. Weakness in Asian stocks weighed on domestic bourses.
The Sensex fell 169.81 points or 0.69% at the day's low of 24,285.23 in morning trade, its lowest level since 2 June 2014. The barometer index rose 69.81 points or 0.28% at the day's high of 24,524.85 at onset of trading session. The Nifty fell 54.45 points or 0.73% at the day's low of 7,383.35 in morning trade, its lowest level since 5 June 2014. The index rose 25.85 points or 0.34% at the day's high of 7,463.65 at onset of trading session.
The broad market depicted weakness. There were almost nine losers against every gainer on BSE. 1,984 shares declined and 221 shares rose. A total of 70 shares were unchanged. The BSE Mid-Cap index was currently down 1.89%. The BSE Small-Cap index was currently down 3.4%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
In overseas stock markets, Asian stocks declined after weak US economic data and massive falls in oil prices stoked further worries about a global economic downturn. US stocks dropped sharply during the previous trading session on Friday, 15 January 2016, as oil prices plunged and investors worried about slowing growth in the US.
Shares of oil exploration and production firms declined as crude oil prices extended steep losses registered during the previous trading session. Cairn India (down 4.39%), ONGC (down 3.17%) and Oil India (down 2.05%) edged lower. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Index heavyweight Reliance Industries (RIL) rose 0.18% to Rs 1,075.05. The stock hit a high of Rs 1,082.45 and a low of Rs 1,068.60 in intraday trade. RIL announces its Q3 December 2015 results tomorrow, 19 January 2016.
Shares of public sector oil marketing companies (PSU OMCs) also edged lower. HPCL (down 0.92%) edged lower. Indian Oil Corporation (IOCL) rose 0.34%.
Indian Oil Corporation (IOCL) announced a reduction in petrol price by 32 paise per litre and diesel by 85 paise a litre with effect from Saturday, 16 January 2016. Petrol in Delhi now costs Rs 59.03 per litre while diesel costs Rs 44.18 a litre. Meanwhile, the government has increased the basic excise duty on unbranded petrol to Rs 8.48 per litre from Rs 7.73 per litre and the same on unbranded diesel to Rs 9.83 per litre from Rs 7.83 a litre with effect from 16 January 2016.
Global crude oil prices fell after Western sanctions on Iran were lifted over the weekend, paving the way for the Middle Eastern nation's full re-entry into the global oil market. Brent for March settlement was currently off 29 cents at $28.65 a barrel. The contract had dropped $1.94 a barrel or 6.28% to settle at $28.94 a barrel during the previous trading session.
Realty stocks declined. DLF (down 3.26%), Indiabulls Real Estate (down 5.15%), Housing Development and Infrastructure (down 6.74%), D B Realty (down 4.19%), Unitech (down 4.16%), Sobha (down 1.1%), Godrej Properties (down 1.02%) and Parsvnath Developers (down 6.9%) fell.
Oberoi Realty rose 1.94%. Oberoi Realty's consolidated net profit rose 164.23% to Rs 209.35 crore on 259.89% growth in revenue to Rs 790.33 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on Friday, 15 January 2016.
Powered by Capital Market - Live News
