Key benchmark indices edged lower in early trade tracking weakness in Asian markets and overnight slide in US stocks. At 9:21 IST, the barometer index, the S&P BSE Sensex was off 71.89 points or 0.28% at 25,458.22. The 50-unit Nifty 50 index was off 16.90 points or 0.22% at 7,748.50.
In overseas stock markets, Asian stocks edged lower after steep slide in global crude oil prices yesterday, 7 December 2015. US stocks declined yesterday, 7 December 2015, weighed by a sharp decline in energy stocks as oil plunged to a near-seven-year low.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 626 shares rose and 560 shares declined. A total of 63 shares were unchanged. The BSE Mid-Cap index was currently off 0.12%. The BSE Small-Cap index was currently off 0.01%. The decline in both these indices was lower than Sensex's decline in percentage terms.
Shares of oil exploration and production (E&P) firms declined along with steep slide in global crude oil prices. Cairn India (down 2.21%), Oil India (down 0.98%), ONGC (down 1.12%) and Reliance Industries (down 0.58%) edged lower. Lower crude oil price would result in lower realization from crude sales for oil exploration firms.
In the global commodities markets, Brent for January settlement was currently up 27 cents at $41 a barrel. The contract had tumbled $2.27 a barrel or 5.27% to settle at $40.73 a barrel during the previous trading session.
Tata Motors was up 1.14% after the company's British luxury car unit Jaguar Land Rover (JLR) reported 27% rise in retail sales to 46,547 vehicles in November 2015 over November 2014. Retail volumes in China were down 22% in November 2015 over November 2014, reflecting slowdown in the economy, JLR said.
TCS was off 0.16% at Rs 2,320.45. TCS announced that IDFC Bank has gone operational with TCS BaNCS for core banking operations. IDFC Bank started operations on 1 October 2015, with operations powered by TCS BaNCS. TCS made the announcement after market hours yesterday, 7 December 2015.
Infosys rose 0.44% at Rs 1,050.50 after the company said that it intends to create 250 new jobs in Ireland over the next three years. This includes 95 roles at a dedicated product-centric research and development centre which will be established by Infosys' subsidiary EdgeVerve Systems in Ireland. The announcement was made after market hours yesterday, 7 December 2015.
Ashok Leyland rose 0.39% at Rs 90.45 after the company announced that it has started its regular operations at its Ennore manufacturing unit near Chennai from 7 December 2015. The announcement was made after market hours yesterday, 7 December 2015. Earlier, the company had announced stoppage of production activity at its Ennore plant due to heavy rains/floods in Chennai. The company said that it will be able to assess the losses arising from heavy rains and floods only after an assessment is done by the insurance company.
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