A range bound movement was witnessed as key benchmark indices languished in negative zone in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was off 96.64 points or 0.38% at 25,213.69. The 50-unit Nifty 50 index was currently down 35.70 points or 0.46% at 7,666. Weakness in global stocks weighed on sentiment on the domestic bourses.
In overseas stock markets, Asian share markets extended losses registered in previous trading session. In mainland China, the Shanghai Composite index was currently off 0.11%, reversing intraday gains. Latest data showed that China's consumer price inflation rose 1.5% on year in November 2015. On a monthly basis, inflation was flat last month following the 0.3% decline in October. US stocks closed lower yesterday, 8 December 2015, but off session lows as oil prices stabilized and biotech stocks gained.
Closer home, the broad market depicted weakness. There were more than three losers against every gainer on BSE. 1,946 shares fell and 528 shares rose. A total of 136 shares were unchanged. The BSE Mid-Cap index was currently off 1.01%. The BSE Small-Cap index was currently down 1.57%. The decline in both these indices was higher than Sensex's decline in percentage terms.
Capital goods stocks declined. Suzlon Energy (down 2.57%), Beml (down 2.48%), Siemens (down 1.71%), ABB India (down 1.68%), AIA Engineering (down 1.3%), Praj Industries (down 0.72%), Havells India (down 0.77%), Alstom T&D India (down 1.03%), L&T (down 0.9%), Bharat Electronics (down 0.49%), Crompton Greaves (down 0.08%) and Thermax (down 0.11%) edged lower.
Bharat Heavy Electricals (Bhel) rose 2.98% at Rs 169.55 on reports that Heavy Industry Minister Anant Geete clarified to the media that there were no plans of divestment of the government's stake in the company. As on 30 September 2015, the government held 63.06% stake in Bhel. In March 2014, the government had sold 4.66% stake in the company.
FMCG shares dropped. Dabur India (down 2.05%), Britannia Industries (down 1.75%), Bajaj Corp (down 1.57%), Emami (down 0.39%), Nestle India (down 1.11%), Colgate Palmolive (India) (down 0.6%), Jyothy Laboratories (down 0.34%), Procter & Gamble Hygiene and Health Care (down 0.31%) and Godrej Consumer Products (down 0.09%) edged lower. GlaxoSmithkline Consumer Healthcare (up 1.48%), Marico (up 1.44%), Hindustan Unilever (up 0.98%) and Tata Global Beverages (up 0.33%) edged higher.
TCS rose 1.39% at Rs 2,361.90 after the company announced that Oman Housing Bank (OHB) has selected TCS BaNCS Universal Banking solution to help deliver enhanced end-customer experience in its endeavor to become a leading housing finance bank in the region. The announcement was made during market hours today, 9 December 2015.
Electrosteel Steels jumped 5.85% at Rs 4.16 after the company announced that a consortium of lenders approved part conversion of the company's debt into equity shares under the debt restructuring package. Electrosteel Steels' board considered and took on record strategic debt restructuring (SDR) package approved by joint lenders' forum for conversion of part of debt aggregating to Rs 2507 crore into 250.75 crore equity shares of the company of Rs 10 each, the company said. The company would convene an extra ordinary general meeting of the company's shareholders on 7 January 2016 to consider and approve the SDR.
Supreme Industries fell 1.65% at Rs 650.10 after a bulk deal of 4.80 lakh shares was executed on the scrip at Rs 652 per share at 11:36 IST on BSE today, 9 December 2015.
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