Key benchmark indices extended losses and hit fresh intraday low in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was down 105.16 points or 0.42% at 25,180.21. The 50-unit Nifty 50 index was currently down 30.95 points or 0.4% at 7,673.30. The Sensex fell 123.89 points or 0.48% at the day's low of 25,161.48 in afternoon trade. The barometer index rose 45.64 points or 0.18% at the day's high of 25,331.01 in opening trade, its highest level since 6 January 2016. The Nifty fell 37.60 points or 0.48% at the day's low of 7,666.65 in afternoon trade. The index rose 6.85 points or 0.08% at the day's high of 7,711.10 at the onset of trading session.
The market breadth indicating the overall health of the market was even. On BSE, 1,184 shares rose and 1,184 shares fell. A total of 177 shares were unchanged. The BSE Mid-Cap index was currently up 0.37%. The BSE Small-Cap index was currently up 0.15%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. Shares of exporters led a rally in Japanese stocks on a weaker yen against the US dollar. The Nikkei 225 Average closed 1.94% higher. US stocks closed slightly higher yesterday, 21 March 2016, steadying after five straight weeks of gains, led by telecommunications and health care stocks.
Index heavyweight and housing major HDFC fell 0.92% to Rs 1,141.50. The stock hit high of Rs 1,149.05 and low of Rs 1,136.50 so far during the day.
Index heavyweight Reliance Industries (RIL) rose 0.5% to Rs 1,041.35. The stock hit high of Rs 1,052. 50 and low of Rs 1,036.75 so far during the day.
IT stocks were mixed. Infosys (down 1.26%) and Wipro (down 0.78%) edged lower. HCL Technologies (up 0.45%) and TCS (up 0.17%) gained.
Auto stocks were mixed. Ashok Leyland (up 1.02%), Tata Motors (up 1.04%) and TVS Motor Company (up 2.52%) gained. Eicher Motors (down 0.5%), Bajaj Auto (down 0.27%), and Hero MotoCorp (down 0.42%) declined.
Mahindra & Mahindra (M&M) rose 2.14% after the company announced that its Mahindra Agri Business forayed into dairy business with the launch of its branded dairy products, 'Saboro'. It has launched Saboro milk in Indore, Madhya Pradesh. The company will introduce a range of fresh dairy products in Madhya Pradesh over the next one year. The company will be investing around Rs 5 crore in the first year for the set up of village level collection centre (VLC), infrastructure and brand building. The company expects to achieve around 5% market share in the first year of Rs 260 crore industry in Indore. The announcement was made during market hours today, 22 March 2016.
Maruti Suzuki India rose 0.7% on media reports that a foreign brokerage has maintained its buy rating on the stock. The foreign brokerage reportedly said that cyclical passenger vehicle recovery is on the horizon. It expects Maruti to record a 23% compound annual growth rate (CAGR) in its earnings per share (EPS) over FY 2017-18.
On the macro front, data released by the Reserve Bank of India (RBI) after market hours yesterday, 21 March 2016, showed that India's current account deficit (CAD) narrowed to $7.1 billion or 1.3% of GDP in Q3 December 2015 from $8.7 billion or 1.7% of GDP in Q2 September 2015 and $7.7 billion or 1.5% of GDP in Q3 December 2014. The contraction in CAD was primarily on account of a lower trade deficit.
After moderating in Q2 September 2015, net foreign direct investment (FDI) again picked up and stood at $10.8 billion in Q3 December 2015. Net FDI inflows during April-December 2015 jumped 24.8% over the level during the corresponding period of the previous year.
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