After extending losses in early afternoon trade, key benchmark indices trimmed losses in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was down 137.76 points or 0.56% at 24,413.41. The 50-unit Nifty 50 index was down 36.60 points or 0.49% at 7,424. The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,571 shares fell and 764 shares rose. A total of 149 shares were unchanged. The BSE Mid-Cap index was currently down 1.11%. The BSE Small-Cap index was currently down 0.95%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The Sensex hit two-week low when it dropped 196.62 points or 0.8% at the day's low of 24,354.55 in afternoon trade. The barometer index rose 9.80 points or 0.13% at the day's high of 24,565.30 at the onset of the trading session. The Nifty hit its lowest level in almost two weeks when it shed 55.45 points or 0.74% at the day's low of 7405.15 in afternoon trade. The index rose 9.80 points or 0.13% at the day's high of 7,470.40 at the onset of the trading session.
In overseas stock markets, Asian stocks were mixed as investors remained cautious ahead of the outcome of US Federal Reserve's monetary policy meeting later in the global day. Most US stocks edged lower yesterday, 15 March 2016, weighed by a fall in oil prices and a string of lackluster economic data. The Federal Reserve's two-day monetary policy meeting ends today, 16 March 2016. Federal Reserve officials are likely to hold short-term interest rates steady at its policy meeting amid uncertainties about global financial markets and global growth. The Fed in December 2015 raised its benchmark federal-funds rate from near zero to a range between 0.25% and 0.5%.
Bank shares witnessed selling pressure. Among state-run banks, Punjab National Bank (down 2.88%), Union Bank of India (down 2.83%), Allahabad Bank (down 2.51%), Andhra Bank (down 2.43%), Bank of India (down 2.1%), UCO Bank (down 2.02%), Canara Bank (down 1.96%), Corporation Bank (down 1.93%), IDBI Bank (down 1.92%), United Bank of India (down 1.8%), Bank of Maharashtra (down 1.71%), State Bank of India (down 1.65%), Syndicate Bank (down 1.52%), Indian Bank (down 1.5%), Bank of Baroda (down 1.05%), Central Bank of India (down 1.02%), Vijaya Bank (down 0.94%), Dena Bank (down 0.88%) and Punjab and Sind Bank (down 0.14%), edged lower.
Among private sector banks, Axis Bank (down 1.62%), Yes Bank (down 1.6%), City Union Bank (down 1.47%), IndusInd Bank (down 0.85%), Federal Bank (down 0.84%), ICICI Bank (down 0.84%), HDFC Bank (down 0.49%) and Kotak Mahindra Bank (down 0.41%), edged lower.
FMCG shares declined. Britannia Industries (down 2.88%), Marico (down 1.4%), Bajaj Corp (down 1.36%), Procter & Gamble Hygiene & Health Care (down 1.21%), Colgate Palmolive (India) (down 1.16%), Hindustan Unilever (down 1.16%), Godrej Consumer Products (down 0.84%), Jyothy Laboratories (down 0.64%), Dabur India (down 0.55%) and Nestle India (down 0.51%), edged lower. Tata Global Beverages (up 0.04%) and GlaxoSmithKline Consumer Healthcare (up 1.42%), edged higher.
Meanwhile, as per data announced by the government after market hours yesterday, 15 March 2016, India's merchandise exports fell 5.66% in dollar terms in February 2016 over February 2015. Non-petroleum exports fell 2.69%. The trend of falling exports is in tandem with other major world economies, according to a statement from the Ministry of Commerce & Industry. Imports fell 5.03% in dollar terms in February 2016 over February 2015.
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