Key benchmark indices pared some losses in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 396.06 points or 1.38% at 28,401.19. The Nifty 50 index was down 126.75 points or 1.43% at 8,739.95. Sentiment was weak due to negative global cues. The Sensex fell 545.94 points, or 1.90% at the day's low of 28,251.31 at the onset of trading session, its lowest level since 30 August 2016. The index fell 316.14 points, or 1.10% at the day's high of 28,481.11 in morning trade. The Nifty fell 167.30 points, or 1.89% at the day's low of 8,699.40 at the onset of trading session, its lowest level since 30 August 2016. The index fell 119.75 points, or 1.35% at the day's high of 8,746.95 in morning trade.
The broad market depicted weakness. There were more than three losers against every gainer on BSE. 1,588 shares fell and 458 shares rose. A total of 86 shares were unchanged. The BSE Mid-Cap index was currently down 1.75%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 1.37%. The decline in this index was lower than the Sensex's decline in percentage terms.
In overseas stock markets, 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. 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.
FMCG shares edged lower. Jyothy Laboratories (down 2.75%), Marico (down 2.22%), Dabur India (down 1.97%), Tata Global Beverages (down 1.97%), Bajaj Corp (down 1.72%), Godrej Consumer Products (down 1.7%), Colgate Palmolive (India) (down 1.56%), Hindustan Unilever (down 1.47%), Britannia Industries (down 1.17%), Procter & Gamble Hygiene & Health Care (down 0.96%), Nestle India (down 0.92%) and GlaxoSmithKline Consumer Healthcare (down 0.41%), edged lower.
IT shares were mixed. MphasiS (down 1.18%), Oracle Financial Services Software (down 0.91%), MindTree (down 0.73%), Persistent Systems (down 0.47%) and TCS (down 0.19%), edged lower. HCL Technologies (up 0.03%), Hexaware Technologies (up 0.05%), Wipro (up 0.37%), Tech Mahindra (up 1.16%) and Infosys (up 1.17%), edged higher.
Housing Development and Infrastructure (HDIL) fell 6.88% after consolidated net profit fell 30% to Rs 40.89 crore on 2.7% decline in total income to Rs 265.21 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.
HDIL said that it follows project completion method and accordingly results on quarter to quarter basis may not be comparable.
Jaypee Infratech fell 5.78% after the company posted net loss of Rs 35.67 crore in Q1 June 2016 compared with net profit of Rs 20.86 crore in Q1 June 2015. Total income jumped 113.64% to Rs 1099.33 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.
India's stock market remains closed tomorrow, 13 September 2016, on account of Bakri Id.
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