A bout of volatility was witnessed as key benchmark indices pared losses after extending intraday slide in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was down 89.04 points or 0.36% at 24,736. The losses for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently off 31.90 points or 0.42% at 7,531.95.
The Sensex rose 57.26 points, or 0.23% at the day's high of 24,882.30 at the onset of trading session. The barometer index fell 170.07 points or 0.69% at the day's low of 24,654.97 in mid-morning trade. The Nifty rose 24.45 points or 0.32% at the day's high of 7,588.30 at the onset of trading session. The index fell 55.05 points or 0.73% at the day's low of 7,508.80 in mid-morning trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,242 shares rose and 1,104 shares fell. A total of 163 shares were unchanged. The BSE Mid-Cap index was currently down 0.14%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.08%, outperforming the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks eked out small gains yesterday, 11 January 2016, after dipping in and out of negative territory as a deepening rout in oil prices hit the energy sector on the heels of the worst weekly start ever to a new year.
Cement shares witnessed selling pressure. UltraTech Cement (down 2.05%), Ambuja Cements (down 1.99%) and ACC (down 1.35%) edged lower.
Grasim Industries was down 1.11%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Bank stocks edged lower. Among PSU banks, Bank of India (down 1.9%), Syndicate Bank (down 1.83%), Allahabad Bank (down 1.34%), State Bank of India (down 1.3%), Canara Bank (down 1.16%), Punjab National Bank (down 1.07%), Bank of Baroda (down 0.83%), UCO Bank (down 0.71%), Andhra Bank (down 0.41%), IDBI Bank (down 0.39%), Dena Bank (down 0.38%), Vijaya Bank (down 0.3%), Bank of Maharashtra (down 0.16%) and Central Bank of India (down 0.15%), edged lower. Union Bank of India (up 0.23%), Indian Bank (up 0.28%), Corporation Bank (up 0.36%) and United Bank of India (up 0.71%), edged higher.
Among private sector banks, Axis Bank (down 2%), Yes Bank (down 1.99%), Federal Bank (down 1.43%), Kotak Mahindra Bank (down 0.89%), City Union Bank (down 0.75%), HDFC Bank (down 0.54%) and ICICI Bank (down 0.46%) edged lower.
IndusInd Bank was down 1.17% at Rs 926.60. The bank will unveil its Q3 results today, 12 January 2016.
IT stocks declined. HCL Technologies (down 1.84%), Tech Mahindra (down 1.5%) and Wipro (down 0.9%) edged lower. Oracle Financial Services Software was up 0.86%.
IT major Infosys was down 1.94% at Rs 1,036.60. The company will unveil its Q3 results on Thursday, 14 January 2016.
Another IT major TCS was down 1.34% at Rs 2,331.35. The company will unveil its Q3 results today, 12 January 2016.
HDFC was down 1.29% to Rs 1,147.75. The company announced after market hours yesterday, 11 January 2016, that HDFC Standard Life Insurance Company, a material subsidiary of the company, on 10 January 2016, incorporated a wholly-owned subsidiary in the Dubai International Financial Centre (DIFC) called the HDFC International Life and Re Company (HILRCL) with an initial capital outlay of $12.33 million. Further, HILRCL will operate in DIFC, and shall shortly commence its business operations, subject to completion of further regulatory formalities for obtaining the final license from the Dubai Financial Services Authority. HILRCL would be in the business of offering reinsurance capacity to ceding insurers and may also foray into directly underwriting insurance contracts, subject to receipt of necessary approvals. It would initially offer reinsurance capacity in the UAE and subsequently expand to other jurisdictions, using either of the aforesaid business models.
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