Weakness persisted on the bourses in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 222.33 points or 0.85% to 25,818.37. The Nifty 50 index was currently down 72.85 points or 0.91% at 7,912.90. The Sensex was currently trading below the psychological 26,000 mark, after sliding below that level at the onset of the day's trading session. Metal and telecom stocks declined.
After seeing a subdued opening on the first trading day of the week, the key benchmark indices continued to trade with weakness in absence of positive cues. The Sensex slumped 286.96 points or 1.1% at the day's low of 25,753.74 in morning trade, its lowest level since 21 November 2016. The index fell 32.13 points or 0.12% at the day's high of 26,008.57 at the onset of the session. The Nifty lost 91.95 points or 1.15% at the day's low of 7,893.80 in morning trade, its lowest level since 25 May 2016. The index fell 15.70 points or 0.2% at the day's high of 7,970.05 at the onset of the session.
In side indices, the BSE Mid-Cap index was currently down 1.43%. The BSE Small-Cap index was currently down 1.38%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness and showed more than three losers against every gainer on BSE. 1,741 shares fell and 462 shares rose while a total of 100 shares were unchanged.
Overseas, Asian stocks were trading on a mixed note in light trading after Christmas with most other Asian markets closed. Markets in Hong Kong, Australia, Singapore, Indonesia, Malaysia and the US are closed today, 26 December 2016 in observance of Christmas holiday.
US stocks ended a thinly traded session on Friday, 23 December 2016 with slight gains boosted by healthcare companies. In the latest economic data, new home sales rose 5.2% in November, advancing to their second-highest pace since early 2008. Separately, the final December reading on consumer sentiment rose, the latest sign of postelection optimism.
Back home, Cipla (down 3.89%), Hero MotoCorp (down 1.93%) and Tata Motors (down 1.65%) were the major losers from the Sensex pack.
Metal and mining stocks declined as copper prices edged lower in the global commodities market. Vedanta (down 4.11%), JSW Steel (down 2.4%), Tata Steel (down 1.97%), Steel Authority of India (Sail) (down 2.42%), National Aluminium Company (down 2.44%), Hindustan Zinc (down 2.83%), Jindal Steel & Power (down 3.45%), Hindalco Industries (down 4.77%), NMDC (down 3.12%) edged lower. Hindustan Copper (up 2.05%) rose.
Copper edged lower in the global commodities market. High Grade Copper for March 2017 delivery was currently off 0.82% at $2.4790 per pound on the COMEX.
Telecom stocks declined. Bharti Airtel (down 1.68%), Idea Cellular (down 0.78%), Tata Teleservices (Maharashtra) (down 1.49%) and Reliance Communications (down 4.46%) fell. MTNL (up 0.27%) rose.
Shares of Bharti Infratel fell 1.16%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Camlin Fine Sciences rose 1.11% after the company said it will acquire 51% in stake in a Chinese entity. Camlin Fine Sciences said it entered into share purchase agreement to acquire 51% stake in China's Ningbo Wanglong Flavors & Fragrances Company (NWFFCL). The cost of proposed acquisition will be disclosed after the completion of the transaction, it added. The acquisition is subject to RBI approval and will get completed on or before 30 June 2017. The announcement was made after market hours on Friday, 23 December 2016.
NWFFCL was incorporated on 20 November 2015 and is a part of proposed joint venture with Wanglong Group Company. Ningbo is engaged in research, development and manufacture of flavours and fragrances products (Vanillin); import and export of goods and technologies.
Apar Industries rose 1.75% after the company said its board of directors will meet on 6 January 2017, to consider a proposal for buyback of shares. The announcement was made after market hours on Friday, 23 December 2016.
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