Volatility continued as key benchmark indices trimmed losses after extending intraday slide in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was off 228 points or 0.92% at 24,454.03.The decline for the 50-unit Nifty 50 index was lower in percentage terms compared with the Sensex's slide. The Nifty was currently down 60.75 points or 0.81% at 7,449.55. The broad market depicted weakness. There were almost seven losers against every gainer on BSE. 2,365 shares fell and 342 shares rose. A total of 129 shares were unchanged. The BSE Mid-Cap index was currently down 1.99%. The BSE Small-Cap index was currently down 3.91%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The Sensex hit its lowest levels in more than 19 months when it fell 294.34 points or 1.19% at the day's low of 24,387.69 in afternoon trade. The barometer index rose 227.19 points or 0.92% at the day's high of 24,909.22 in morning trade, its highest level since 11 January 2016. The Nifty hit its lowest levels in almost 18 months when it fell 84.50 points or 1.12% at the day's low of 7,425.80 in afternoon trade. The index rose 75.65 points or 1% at the day's high of 7,585.95 in morning trade.
In overseas stock markets, most Asian shares were trading higher after Chinese trade data for December 2015 beat expectations. However, stocks fell in mainland China. The Shanghai Composite ended 2.42% lower. China's exports rose 2.3% in December 2015 from a year earlier in yuan terms, after a drop of 3.7% in November 2015. Imports fell 4% in December 2015 in yuan terms from a year earlier, compared with a 5.6% decrease in November 2015. US stocks edged higher yesterday, 12 January 2016, as investors bought shares of consumer, technology and health-care companies, even as the energy sector slipped.
Capital goods shares edged lower in volatile trade. Bharat Heavy Electricals (Bhel) (down 3.75%), ABB India (down 1.54%), BEML (down 5.84%), Bharat Electronics (down 2.51%), Punj Lloyd (down 6.96%), Crompton Greaves (down 3.8%), Siemens (down 2.53%) and Thermax (down 2.83%) dropped.
Index heavyweight and engineering & construction major L&T was down 3.82% at Rs 1,134.50. The stock hit a high of Rs 1,192 and a low of Rs 1,128.70 so far during the day.
Power generation stocks declined. Reliance Infrastructure (down 7.54%), CESC (down 5.34%), NTPC (down 2.58%), Torrent Power (down 0.68%), Reliance Power (down 6.05%), NHPC (down 4.13%), Jaiprakash Power Ventures (down 4.76%), Adani Power (down 6.07%) and JSW Energy (down 6.45%) edged lower.
Tata Power Company lost 3.8%. Tata Power Company announced after market hours yesterday, 12 January 2016, that the company has successfully issued and allotted 5,000 unsecured, non-cumulative, redeemable, taxable, listed, rated Non-Convertible Debentures (NCDs) of the face value of Rs 10 lakh each aggregating Rs 500 crore on a private placement basis. These NCDs carry a floating interest rate linked to base rate of State Bank of India and have been rated CARE AA by CARE.
State-run coal-mining giant Coal India was off 0.57% at Rs 314.55. The stock hit a high of Rs 319.50 and a low of Rs 314.50 so far during the day.
Marksans Pharma was locked at 20% lower circuit at Rs 75.80 at 12:45 IST on reports that the company's Goa plant has got a notice of deficiency from UK Medicines and Healthcare products Regulatory Agency (MHRA). The drug regulator has found violations in goods manufacturing practices (GMP) norms in the Goa plant. The UK drug market contributes 40% to the company's revenue, report added.
Nilkamal lost 10.97% to Rs 1,375.95 on profit booking after gaining 12.62% in preceding three trading days to Rs 1,545.55 yesterday, 12 January 2016 from a recent low of Rs 1,372.30 on 7 January 2016.
On the macro front, the latest data showed that India's industrial production witnessed a contraction during the festive Diwali month in November 2015 due to high base effect. Industrial Production declined 3.2% in November 2015 over a year ago period. The output of the manufacturing sector declined 4.4% in November 2015, contributing to the decline in industrial production. The government disclosed the data after market hours yesterday, 12 January 2016.
Another data showed that inflation based on the consumer price index (CPI) accelerated last month. The all-India general consumer price index (CPI) inflation inched up to 5.61% in December 2015 from 5.41% in November 2015. Among the CPI components, inflation of food and beverages increased to 6.3% in December 2015 from 6.1% in November 2015 contributing to the rise in CPI inflation. The core CPI inflation rose to 4.5% in December 2015 from 4.2% in November 2015. The government disclosed the data after market hours yesterday, 12 January 2016.
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