Key benchmark indices continued to hover in negative terrain in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 416.41 points or 1.45% at 28,380.84. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was down 144.15 points or 1.63% at 8,722.55. The market sentiment was weak due to negative global cues.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,924 shares fell and 665 shares rose. A total of 167 shares were unchanged. The BSE Mid-Cap index was currently down 2.75%. The BSE Small-Cap index was currently down 1.95%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
In overseas stock markets, European stocks declined as investor sentiment was rattled by concerns that the US Federal Reserve could be considering an imminent interest rate hike. Asian markets edged lower as investors were spooked by rising bond yields and talk the Federal Reserve might be serious about lifting US interest rates as early as next week.
Trading in US stock index futures indicated fall in US stocks at the opening bell today, 12 September 2016. Trading in US index futures indicated that the Dow Jones Industrial Average could slide 116 points at the opening bell. US stocks tumbled on Friday, 9 September 2016, as investor nervousness increased following a nuclear test by North Korea and Federal Reserve officials' comments lifted rate hike bets. North Korea conducted its fifth and biggest nuclear test on Friday, 9 September 2016, and said it had mastered the ability to mount a warhead on a ballistic missile, drawing condemnation from the United States as well as China, North Korea's main ally. Further pressure on the US equity market came after Boston Fed President Eric Rosengren said the US central bank faced increasing risks if it waited too much longer to raise interest rates.
Power generation stocks edged lower. Reliance Infrastructure (down 4.92%), GMR Infrastructure (down 4.69%), Jaiprakash Power Ventures (down 3.42%), Tata Power (down 2.98%), NTPC (down 2.49%), Adani Power (down 2.43%), Reliance Power (down 2.43%), Torrent Power (down 1.81%), NHPC (down 1.71%), CESC (down 1.36%) and JSW Energy (down 1.16%), edged lower.
State-run Power Grid Corporation of India was down 1.72% to Rs 180.50.
State-run Coal India was down 1.01% to Rs 328.80. The company will announce Q1 June 2016 results tomorrow, 13 September 2016.
Mahindra & Mahindra (M&M) was down 3.44% to Rs 1420.25. The company today, 12 September 2016, unveiled - the New Bolero with the mHawk D70 engine. This has been christened The New Bolero Power+. The New Bolero Power+ with the mHawk D70 engine will be available in 3 variants SLE, SLX & ZLX across Mahindra dealerships pan India starting today, 12 September 2016, at an aggressive price of Rs 6.59 lakh (ex-showroom Navi Mumbai for SLE BS4 variant).
Capital goods shares edged lower. Punj Lloyd (down 7.44%), Praj Industries (down 5.04%), Siemens (down 3.36%), Suzlon Energy (down 3.06%), Havells India (down 2.96%), ALSTOM India (down 2.82%), Thermax (down 2.67%), Crompton Greaves (down 1.88%), Lakshmi Machine Works (down 1.32%), ABB India (down 1.14%), GE T&D India (down 1.13%), AIA Engineering (down 0.83%), BEML (down 0.73%), Bharat Heavy Electricals (down 0.64%), Jindal Saw (down 0.38%) and Bharat Electronics (down 0.16%), edged lower. SKF India was up 0.47%.
Engineering & construction major L&T was down 3.38% to Rs 1,468.05. The stock hit a high of Rs 1,498.60 and a low of Rs 1,466.70 so far during the day.
Reliance Defence & Engineering dropped 8.21% to Rs 59.80 after the company reported net loss of Rs 134.50 crore in Q1 June 2016 compared with net loss of Rs 167.27 crore in Q1 June 2015. Total income dropped 34.21% to Rs 74.18 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.
Lanco Infratech shed 5.19% to Rs 4.57 after the company reported consolidated net loss of Rs 448.88 crore in Q1 June 2016 higher than net loss of Rs 316.27 crore in Q1 June 2015. Net total income from operations rose 10.1% to Rs 1727.99 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 12 September 2016.
Gujarat State Petronet lost 3.34% to Rs 152.15 after net profit rose 7.5% to Rs 121.26 crore on 0.8% growth in net sales to Rs 257.85 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Friday, 9 September 2016.
India's stock market remains closed tomorrow, 13 September 2016, on account of Bakri Id.
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