A range bound movement was witnessed as key benchmark indices hovered in negative zone in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 149.21 points or 0.58% to 25,453.89. The Nifty 50 index was currently down 42.35 points or 0.54% at 7,804.90. Weakness in global stocks weighed on the domestic bourses. Asian and European stocks edged lower in the wake of the Japanese central bank's decision against expanding monetary stimulus.
The Sensex lost 179.07 points, or 0.7% at the day's low of 25,424.03 in mid-afternoon trade, its lowest level since 13 April 2016. The index rose 152.33 points, or 0.59% at the day's high of 25,755.43 in morning trade. The Nifty lost 58.55 points, or 0.75% at the day's low of 7,788.70 in mid-afternoon trade, its lowest level since 13 April 2016. The index rose 41.80 points, or 0.53% at the day's high of 7,889.05 in morning trade.
The market breadth indicating the overall health of the market was weak. On BSE, shares 1,474 fell and 903 shares rose. A total of 158 shares were unchanged. The BSE Mid-Cap index was currently down 0.41%. The fall in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.67%. The fall in this index was higher than the Sensex's decline in percentage terms.
In overseas stock markets, Asian and European stocks edged lower in the wake of the Japanese central bank's decision against expanding monetary stimulus. Losses for US stocks overnight also weighed on Asian markets. After the conclusion of a two-day monetary policy, the Bank of Japan (BOJ) yesterday, 28 April 2016, voted to keep its current level of asset purchases unchanged and rates on hold while announcing a 300 billion ($2.69 billion) lending program to support banks in the region hit by this month's Kyushu earthquake. Speculation was rise that the Japanese the central bank would announce a further easing of the monetary policy to stimulate Japan's economy. US stocks ended lower yesterday, 28 April 2016, under the combined weight of disappointing data and weak corporate earnings. US gross domestic product grew only 0.5% in the first quarter, its slowest pace of growth in two years.
Most realty shares edged lower on profit booking after a rally in the previous session triggered by media reports that Mumbai's civic body has raised the floor space index (FSI) in its new draft development plan for the city. Peninsula Land (down 4.36%), Unitech (down 3.68%), Housing Development and Infrastructure (HDIL) (down 3.25%), D B Realty (down 2.6%), Anant Raj (down 2.3%), Parsvnath Developers (down 2.06%), Mahindra Lifespace Developers (down 1.95%), Sunteck Realty (down 1.63%), DLF (down 1.11%), Sobha (down 0.93%), Oberoi Realty (down 0.82%) and Godrej Properties (down 0.07%), edged lower. Prestige Estates Projects (up 0.56%), Phoenix Mills (up 1.50%) and Indiabulls Real Estate (up 2.92%), edged higher.
According to reports, FSI in the island city will be raised from current 1.33 to 2 based on the new draft development plan. In Mumbai's suburbs, FSI will be hiked from 1 to 2. For construction of five-star hotels and commercial development, FSI will go up to 5 from the present 3 to 3.5. FSI is the ratio of a building's total floor area to the size of the land upon which it is built and indicates how much a developer can construct on a particular plot of land. Higher FSI will allow builders to construct more offices and apartments, which will boost sales and drive profitability, media reports suggested.
Shares of Anil Dhirubhai Ambani group edged lower. Reliance Capital (down 4.49%), Reliance Power (down 3%), Reliance Infrastructure (down 1.86%) and Reliance Communications (down 1.29%), edged lower.
Most sugar stocks edged lower, extending previous session's losses triggered by the central government's decision to allow state governments to impose and enforce stock limits to check increase in sugar price. Empee Sugars and Chemicals (down 5.29%), DCM Shriram Industries (down 2.23%), Triveni Engineering & Industries (down 2.03%), Balrampur Chini Mills (down 1.61%), Upper Ganges Sugar & Industries (down 1.4%), Dwarikesh Sugar Industries (down 1.08%), Shree Renuka Sugar (down 1.06%), Rana Sugars (down 1%), Oudh Sugar Mills (down 0.58%), KCP Sugar & Industries Corporation (down 0.2%) and Dhampur Sugar Mills (down 0.12%), edged lower. EID Parry (India) (up 0.09%) and Sakthi Sugars (up 1.23%), edged higher.
The Union Cabinet on Wednesday, 27 April 2016, gave its approval to bring sugar under the purview of imposing stock holding limits on dealers of sugar, keeping in view the recent upward trend in sugar prices.
Powered by Capital Market - Live News
