After trimming losses in morning trade, key benchmark indices once again lost ground in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 187.25 points or 0.76% at 24,471.98. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty was down 49.65 points or 0.66% at 7,435.65. The Sensex and the Nifty have traded in negative zone so far during the trading session after opening with a downward gap.
The Sensex fell 207.63 points, or 0.84% at the day's low of 24,451.60 in early trade, its lowest level since 3 March 2016. The index fell 92.67 points, or 0.38% at the day's high of 24,566.56 in mid-morning trade. The Nifty 50 index fell 61 points, or 0.81% at the day's low of 7,424.30 in early trade, its lowest level since 3 March 2016. The index fell 23.35 points, or 0.31% at the day's high of 7,461.95 in mid-morning trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,210 shares fell and 864 shares rose. A total of 100 shares were unchanged. The BSE Mid-Cap index was currently up 0.07%, outperforming the Sensex. The BSE Small-Cap index was currently down 0.50%. The decline in this index was lower than the Sensex's decline in percentage terms.
In overseas stock markets, Asian stocks witnessed a mixed trend as investors awaited the outcome of European Central Bank's (ECB) monetary policy meeting tomorrow, 10 March 2016. Chinese stocks lost ground in the aftermath of a disappointing trade data announced during the previous trading session. In mainland China, the Shanghai Composite was currently down 2.40%. Hong Kong's Hang Seng was down 0.37%. US stocks snapped five-day winning streak to close lower yesterday, 8 March 2016, as supply woes weighed on oil prices and worries about a prolonged slowdown in China resurfaced.
The ECB is widely expected to announce further easing of monetary policy tomorrow, 10 March 2016, in a bid to boost low inflation and support economic recovery in the euro zone.
Index heavyweight and housing finance major HDFC fell 2.8% to Rs 1,114. The stock hit a high of Rs 1,147 and a low of Rs 1,113.25 so far during the day.
Index heavyweight and cigarette major ITC fell 1.81% to Rs 315.45. The stock hit a high of Rs 319.05 and a low of Rs 314.20 so far during the day.
Index heavyweight and engineering & construction major L&T rose 1.19% to Rs 1,201.40. The stock hit a high of Rs 1,206.50 and a low of Rs 1,178 so far during the day.
Pharma stocks were mixed.Sun Pharmaceutical Industries (down 1.58%), Dr Reddy's Laboratories (down 1.13%), Divi's Laboratories (down 1.08%), Glenmark Pharmaceuticals (down 0.96%), Cadila Healthcare (down 0.89%), Cipla (down 0.88%), Aurobindo Pharma (down 0.57%), IPCA Laboratories (down 0.4%) and Alkem Laboratories (down 0.26%), edged lower. Strides Shasun (up 0.20%), Piramal Enterprises (up 0.26%), Lupin (up 0.40%), GlaxoSmithKline Pharmaceuticals (up 0.48%) and Wockhardt (up 1.70%), edged higher.
Container Corporation of India declined 2.72% after the floor price for the offer for sale (OFS) for divestment of Government of India's (GoI) 5% stake in the company was set at a discount to previous session's closing price. The OFS floor price of Rs 1,195 per share was at a discount of 2.58% to the stock's closing price of Rs 1,226.65 on BSE yesterday, 8 March 2016. Meanwhile, the live bidding data on BSE showed that non-retail investors category was fully bid.
Government of India (GoI) is selling up to 97.48 lakh equity shares, constituting 5% of the total paid up equity share capital of the company via the stock exchanges mechanism. Bidding for the shares in the OFS by non-retail investors takes place in a single trading session called 'T' day today, 9 March 2016. However, those non-retail investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day will be allowed to revise their bids on T+1 day. Bidding by retail investors will take place in a single trading session called T+1 day on Thursday, 10 March 2016. Retail investors will be allocated shares in OFS at a discount of 5% to the cut off price.
Ashoka Buildcon rose 2.47% after the company announced that a consortium of the company along with Bhartia Infra Projects has received letter of acceptance from National Highways & Infrastructure Development Corporation (NHIDCL) for a highway project in Arunachal Pradesh to be executed in engineering, procurement and construction (EPC) mode. The accepted bid value of the project is Rs 155.81 crore, Ashoka Buildcon said. Ashoka Buildcon's share in the consortium is 49%, the company said. The announcement was made after market hours yesterday, 8 March 2016.
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