Losses for metal sector stocks and index heavyweights Reliance Industries, L&T and Infosys led latest slide for key benchmark indices. The barometer index, the S&P BSE Sensex, lost 274.28 points or 1.08% to settle at 25,036.05. The decline for the 50-unit Nifty 50 index was higher in percentage terms compared with the fall in the Sensex. The Nifty fell 89.20 points or 1.16% to settle at 7,612.50. The Sensex and the Nifty, both, hit their lowest closing level in more than thirteen weeks. The slide for the two key benchmark indices accentuated during the last one and half hour of the trading session.
Diminishing hopes that the constitutional amendment bill on goods and services tax (GST) will be passed during the ongoing winter session of parliament triggered the latest slide on the domestic bourses with main opposition Congress party disrupting the parliament. The latest row in parliament stems from a New Delhi judge's order that Congress president Sonia Gandhi and her son Rahul must appear in court next week, in a case brought by BJP's Subramanian Swamy. Slogan-shouting Congress parliamentarians forced the Rajya Sabha to be adjourned for the day while the Lower House was repeatedly disrupted. The Congress has accused the government of pursuing a political vendetta against the Gandhi family.
GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country.
The Sensex and Nifty declined for the sixth straight trading session.
Overseas cues were negative. European stocks reversed initial gains. Asian stocks ended in red. In China, the latest data showed that China's consumer price inflation rose 1.5% on year in November 2015. On a monthly basis, inflation was flat last month following the 0.3% decline in October. US stocks closed lower yesterday, 8 December 2015, but off session lows as oil prices stabilized and biotech stocks gained.
The Sensex lost 274.28 points or 1.08% to settle at 25,036.05, its lowest closing level since 7 September 2015. The barometer index lost 298.11 points or 1.17% at the day's low of 25,012.22. The Sensex rose 6.62 points or 0.02% at the day's high of 25,316.95.
The Nifty shed 89.20 points or 1.16% to settle at 7,612.50, its lowest closing level since 7 September 2015. The Nifty fell 94.80 points or 1.23% at the day's low of 7,606.90. The index rose 1.15 points or 0.01% at the day's high of 7,702.85.
The broad market depicted weakness. There were more than four losers against every gainer on BSE. 2,215 shares fell and 542 shares rose. A total of 161 shares were unchanged.
The BSE Mid-Cap index shed 1.76%. The BSE Small-Cap index dropped 2.24%. The decline in both these indices was higher than Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 2594 crore, lower than turnover of Rs 2763.41 crore registered during the previous trading session.
Among sectoral indices on BSE, the S&P BSE Industrials index (down 2.02%), the S&P BSE Telecom index (down 2.16%), the S&P BSE Basic Materials index (down 2.67%), the S&P BSE Realty index (down 1.12%), the S&P BSE Capital Goods index (down 1.29%), the S&P BSE Healthcare index (down 2.02%), the S&P BSE Oil & Gas index (down 1.72%), the S&P BSE Energy index (down 2.3%), the S&P BSE Consumer Discretionary Goods & Services index (down 1.66%), the S&P BSE Auto index (down 1.74%), and the S&P BSE Metal index (down 3.07%) underperformed the Sensex. The S&P BSE Utilities index (down 0.88%), the S&P BSE Power index (down 0.67%), the S&P BSE Consumer Durables index (down 0.63%), the S&P BSE Finance index (down 0.99%), the S&P BSE Teck index (down 0.96%), the S&P BSE IT index (down 0.81%), the S&P BSE Bankex (down 0.85%), and the S&P BSE FMCG index (down 0.62%) outperformed the Sensex.
Auto stocks declined. Ashok Leyland (down 3.51%), Maruti Suzuki India (down 1.83%), Eicher Motors (down 3.69%), Hero MotoCorp (down 2.15%), Bajaj Auto (down 2.92%), Mahindra & Mahindra (M&M) (down 0.52%) and TVS Motor Company (down 0.89%) declined.
Tata Motors declined 1.98%. The company announced after market hours that Tata Motors Group global wholesales including Jaguar Land Rover, rose 8% at 90,695 units in November 2015 over November 2014. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in fell 4% to 29,066 units in November 2015 over November 2014. Global wholesales of all passenger vehicles in rose 15% at 61,629 units in November 2015 over November 2014.
Bank stocks declined. Among public sector banks, Bank of Baroda (down 0.86%), Punjab National Bank (down 1.29%), Bank of India (down 1.18%), State Bank of India (SBI) (down 0.66%), and Union Bank of India (down 2.24%) edged lower.
Among private sector banks, Axis Bank (down 1.67%), HDFC Bank (down 0.09%), ICICI Bank (down 0.75%), and Kotak Mahindra Bank (down 0.61%) edged lower.
IndusInd Bank dropped 1.78%. The bank said during market hours that it has inaugurated a new branch in Indore, Madhya Pradesh. The bank now has 3 branches in Indore and 51 branches in Madhya Pradesh after the inauguration of new branch.
Cement stocks edged lower. Ambuja Cements (down 2.55%), UltraTech Cement (down 2.42%), Shree Cement (down 4.44%) and ACC (down 1.66%) declined.
Grasim Industries was off 1.28%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom stocks declined. Tata Teleservices (Maharashtra) (down 9.38%) Bharti Airtel (down 2.14%), Idea Cellular (down 1.51%), Reliance Communications (down 3.49%) and Mahanagar Telephone Nigam (down 8.68%) edged lower.
Index heavyweight and housing finance major HDFC fell 1.25% at Rs 1,156.80. The stock hit a high of Rs 1,170.45 and a low of Rs 1,151.05 in intraday trade.
Another index heavyweight L&T fell 1.81% at Rs 1,298. The stock hit a high of Rs 1,325.05 and a low of Rs 1,298 in intraday trade.
Metal and mining stocks declined. Vedanta (down 5.4%), Jindal Steel & Power (down 4.32%), National Aluminium Company (down 4.31%), Tata Steel (down 3.3%), Hindalco Industries (down 2.5%), JSW Steel (down 2.22%), Steel Authority of India (down 1.8%), NMDC (down 1.53%) and Hindustan Zinc (down 0.04%) edged lower.
Oil stocks witnessed across the board slide. Among state-run oil marketing companies (PSU OMCs), BPCL (down 3.44%), HPCL (down 2.61%) and Indian Oil Corporation (down 2.58%) declined.
Among oil exploration and production (E&P) stocks, Cairn India (down 1.05%), and Oil India (down 0.36%) edged lower. ONGC (up 0.56%) edged higher.
Index heavyweight Reliance Industries (RIL) declined 2.81% to Rs 915.95. The stock hit high of Rs 944.35 and low of Rs 913.
In the global commodities markets, Brent for January settlement was currently up 37 cents at $40.63 a barrel. The contract had declined 47 cents or 1.15% to settle at $40.26 a barrel during the previous trading session.
Pharma stocks declined. Wockhardt (down 4.54%), Sun Pharmaceutical Industries (down 1.58%), Cipla (down 2.93%), and Lupin (down 2.34%) edged lower.
Shares of Dr Reddy's Laboratories (DRL) and Glenmark Pharmaceuticals edged lower on reports the latest political developments in Venezuela might impact the business prospects of these two companies. DRL fell 2.27% at Rs 3,001. Glenmark Pharmaceuticals tumbled 5.05% at Rs 882.25. Media reports suggest that the victory of the Opposition party in the Venezuela National Assembly elections on Sunday, 6 December 2015, might have an impact on Indian drug companies due to a change in the political landscape of the South American country and the many economic reforms the Opposition plans to roll out there. Reports indicated that Venezuela might even go for a currency devaluation. There is a likelihood that the currency will be converted to market-determined rates from a fixed-rate regime, reports suggested. DRL and Glenmark Pharmaceuticals reportedly earn decent revenue from Venezuela.
Index heavyweight Infosys declined 1.49% to Rs 1,029.35. The stock hit high of Rs 1,047.60 and low of Rs 1,023.50.
TCS rose 1.49% at Rs 2,364.20 after the company announced that Oman Housing Bank (OHB) has selected TCS BaNCS Universal Banking solution to help deliver enhanced end-customer experience in its endeavor to become a leading housing finance bank in the region. The announcement was made during market hours today, 9 December 2015.
Bharat Heavy Electricals (Bhel) rose 2.64% at Rs 169 on reports that Heavy Industry Minister Anant Geete clarified to the media that there were no plans of divestment of the government's stake in the company. As on 30 September 2015, the government held 63.06% stake in Bhel. In March 2014, the government had sold 4.66% stake in the company.
Adani Ports and Special Economic Zone dropped 2.93% to Rs 243.90. The stock hit high of Rs 251.25 and low of Rs 243.55.
Coal India declined 3.24% to Rs 307.65. The stock hit high of Rs 318.30 and low of Rs 306.
Index heavyweight Reliance Industries (RIL) declined 2.81% to Rs 915.95. The stock hit high of Rs 944.35 and low of Rs 913.
The Sensex and the Nifty fell for sixth day in a row. The Sensex has declined 1,133.36 points or 4.33% in the preceding six trading sessions from its close of 26,169.41 on 1 December 2015. The Sensex has declined 1,109.62 points or 4.24% in this month so far (till 9 December 2015). The Sensex has fallen 2,463.37 points or 8.95% in this calendar year so far (till 9 December 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 202.51 points or 0.81%. The Sensex is off 4,988.69 points or 16.61% from a record high of 30,024.74 hit on 4 March 2015.
Powered by Capital Market - Live News
