Key benchmark indices declined in volatile trading session. The barometer index, the S&P BSE Sensex, fell 78.07 points or 0.29% to 26,734.71, as per the provisional closing data. The Nifty 50 index fell 16.20 points or 0.20% to 8,203.70, as per the provisional closing data.
The Sensex rose 74.51 points, or 0.28% at the day's high of 26,887.29 in morning trade. The index fell 195.33 points, or 0.73% at the day's low of 26,617.45 in mid-afternoon trade, its lowest level since 20 June 2016. The Nifty rose 18.45 points, or 0.22% at the day's high of 8,238.35 in morning trade. The index fell 66.65 points, or 0.81% at the day's low of 8,153.25 in mid-afternoon trade, its lowest level since 20 June 2016.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,598 shares fell and 986 shares rose. A total of 196 shares were unchanged. The BSE Mid-Cap index provisionally fell 0.15%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index provisionally fell 0.70%. The decline in this index was higher than the Sensex's decline in percentage terms.
In the overseas market, European and Asian stocks were trading higher as investors were guardedly optimistic about a "Remain" vote in Britain's make-or-break European Union (EU) referendum. The key event in the UK and Europe this week is the Brexit referendum tomorrow, 23 June 2016, where British voters will decide whether the country should remain a member of the EU or leave it.
US stocks closed slightly higher yesterday, 21 June 2016, after trading within a narrow range after Federal Reserve Chairwoman Janet Yellen cautioned that the UK leaving the European Union (EU) posed a risk while new polls showed support for the "stay camp" growing. In her testimony to the Senate Banking Committee, Yellen said a victory for the "leave camp" in this week's UK referendum on membership in the EU would pose a significant risk to the US economy and global financial market stability, and reiterated the cautious approach to raising interest rates that the Federal Open Market Committee signaled last week when it stood pat on US interest rates.
Most metal shares edged lower. Bhushan Steel (down 2.02%), National Aluminium Company (down 1.67%), Steel Authority of India (down 1.23%), Hindustan Zinc (down 0.99%), Hindalco Industries (down 0.93%), Tata Steel (down 0.66%), JSW Steel (down 0.62%) and NMDC (down 0.27%), edged lower. Vedanta (up 0.80%) and Hindustan Copper (up 1.44%), edged higher.
Jindal Steel & Power (JSPL) fell 1.35% to Rs 65.65. JSPL said that its board approved issuing non-convertible debentures of upto Rs 5000 crore. The board also approved issuing further securities upto Rs 5000 crore. The announcement was made after market hours yesterday, 21 June 2016.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for July 2016 delivery was currently up 0.69% at $2.1305 per pound on the COMEX.
Telecom stocks edged lower. Tata Teleservices (Maharashtra) (down 5.67%), MTNL (down 2.12%), Reliance Communications (down 1.55%) and Idea Cellular (down 0.73%), edged lower.
Telecom major Bharti Airtel rose 0.19% to Rs 362.90.
Telecom tower infrastructure provider Bharti Infratel fell 2.87% to Rs 337.85.
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