Intraday recovery in mid-morning trade proved short lived as key benchmark indices weakened again in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 189.50 points or 0.76% at 24,635.54. The 50-unit Nifty 50 index was currently off 56.10 points or 0.74% at 7,507.75. In overseas stock markets, most Asian stocks traded in negative zone in the midst of crumbling confidence in the Chinese economy.
The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,326 shares fell and 1,135 shares rose. A total of 186 shares were unchanged. The BSE Mid-Cap index was currently down 0.56%. The BSE Small-Cap index was currently down 0.22%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The Sensex fell 193.82 points or 0.78% at the day's low of 24,631.22 in early afternoon trade. The barometer index rose 57.26 points, or 0.23% at the day's high of 24,882.30 at the onset of trading session. The Nifty fell 57.50 points or 0.76% at the day's low of 7,506.35 in early afternoon trade. The index rose 24.45 points or 0.32% at the day's high of 7,588.30 at the onset of trading session.
In overseas stock markets, most Asian stocks traded in negative zone in the midst of crumbling confidence in the Chinese economy. 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.
FMCG shares were mixed. Dabur India (down 2.68%), Procter & Gamble Hygiene & Health Care (down 1.69%), Nestle India (down 1.22%), Jyothy Laboratories (down 0.57%), Tata Global Beverages (down 0.49%), Marico (down 0.34%) and GlaxoSmithKline Consumer Healthcare (down 0.09%), edged lower. Hindustan Unilever (up 0.22%), Colgate Palmolive (India) (up 0.34%), Bajaj Corp (up 0.81%), Britannia Industries (up 1.93%) and Godrej Consumer Products (up 3.25%), edged higher.
Telecom shares witnessed selling pressure. Bharti Airtel (down 1.48%), Idea Cellular (down 0.65%), MTNL (down 1.12%) and Reliance Communications (down 0.24%) edged lower. Tata Teleservices (Maharashtra) was up 0.13%.
Vivimed Labs rose 1.51% after the company said that the board of directors of the company at its meeting held yesterday, 11 January 2016, approved a 5-for-1 stock split. The announcement was made by the company after market hours yesterday, 11 January 2016.
Omax Autos surged 9.35% after the company announced after market hours yesterday, 11 January 2016, that it sold its entire remaining 51% stake in its subsidiary Gmax Auto for Rs 2.55 lakh to AG Industries, which already owned 49% stake in Gmax Auto. Gmax Auto reported a turnover of Rs 91.14 crore and had a negative networth of Rs 12.83 crore in the year ended 31 March 2015. The share transfers have been registered yesterday, 11 January 2016, by the board of directors of Gmax Auto. Consequently, the company has no stake in Gmax Auto and it is no more a subsidiary of the company, Omax Autos said.
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