After opening lower, key benchmark indices extended losses in morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was down 139.06 points or 0.56% at 24,654.90. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty was down 34.55 points or 0.46% at 7,497.25. Side counter stocks bucked trend.
The Sensex rose 23.52 points, or 0.09% at the day's high of 24,817.48 in early trade. The index fell 200.38 points, or 0.81% at the day's low of 24,593.58 in morning trade. The Nifty 50 index rose 15.30 points, or 0.20% at the day's high of 7,547.10 in early trade. The index fell 53.35 points, or 0.71% at the day's low of 7,478.45 in morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,113 shares rose and 720 shares fell. A total of 107 shares were unchanged. The BSE Mid-Cap index was currently up 0.26%. The BSE Small-Cap index was currently up 0.52%. Both these indices outperformed the Sensex.
In the overseas market, most Asian stocks edged higher today, 10 March 2016, after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank (ECB) later today, 10 March 2016, as global policy makers step up efforts to support their wobbly economies. A rebound in the price of oil, a source of recent anxiety, also calmed investor nerves. In mainland China, Shanghai Composite was down 1.12%. Hong Kong's Hang Seng index was up 0.78%. US stocks closed modestly higher yesterday, 9 March 2016, as a rally in oil prices and sharp advances in energy and tech stocks kept the main indexes buoyant.
Metal shares edged higher. Bhushan Steel (up 0.42%), Hindustan Copper (up 0.61%), Hindustan Zinc (up 0.41%), Hindalco Industries (up 2.40%), JSW Steel (up 0.61%), NMDC (up 0.22%), Steel Authority of India (up 0.83%), Tata Steel (up 0.30%) and Vedanta (up 1.76%), edged higher. Jindal Steel & Power (down 0.08%) and Nalco (down 0.13%), edged lower.
Most pharmaceutical shares edged higher. Aurobindo Pharma (up 1.71%), Divi's Laboratories (up 1.26%), Glenmark Pharmaceuticals (up 1.17%), Ipca Laboratories (up 1.11%), Wockhardt (up 1%), Strides Shasun (up 0.60%), Alkem Laboratories (up 0.58%), Piramal Enterprises (up 0.50%), Cadila Healthcare (up 0.44%), Cipla (up 0.41%) and Lupin (up 0.06%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.25%), Dr. Reddy's Laboratories (down 0.74%) and Sun Pharmaceutical Industries (down 0.93%), edged lower.
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