Key benchmark indices extended losses and hit fresh intraday low in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was currently down 86.72 points or 0.33% at 26,350.30. The market breadth indicating the overall health of the market was weak, with more than two losers for every gainer on BSE. The BSE Small-Cap index was off 1.31%. Realty stocks declined. Among pharma stocks, Lupin and Cipla hit record high. Cement stocks dropped.
Key indices had moved into negative zone from positive in early afternoon trade. Before that key indices had moved into green after a weak start.
European shares dropped after previous session's sharp gains that were fuelled by prospects of further stimulus measures from the European Central Bank. Asian stocks declined in volatile trade. Brent crude oil prices rose for the second day in a row ahead of weekly US oil inventory data from the American Petroleum Institute.
At 14:15 IST, the S&P BSE Sensex was down 86.72 points or 0.33% at 26,350.30. The index dropped 122.13 points at the day's low of 26,314.89 in mid-afternoon trade, its lowest level since 21 August 2014. The index rose 44.95 points at the day's high of 26,481.97 in morning trade.
The CNX Nifty was down 32.05 points or 0.41% to 7,874.25. The index hit a low of 7,864.40 in intraday trade, its lowest level since 21 August 2014. The index hit a high of 7,915.45 in intraday trade.
The market breadth indicating the overall health of the market was weak, with more than two losers for every gainer on BSE. On BSE, 1,928 shares fell and 898 shares rose. A total of 110 shares were unchanged.
The BSE Mid-Cap index was down 73.29 points or 0.79% at 9,207.81. The BSE Small-Cap index was down 134.61 points or 1.31% at 10,120.77. Both these indices underperformed the Sensex.
Realty stocks declined. DLF (down 1.13%), Housing Development & Infrastructure (HDIL) (down 0.2%), Sobha (down 2.68%) and Unitech (down 2.22%) dropped.
Cipla rose 0.51% to Rs 508.55 after hitting record high of Rs 517.10 in intraday trade.
Lupin gained 0.52% to Rs 1,269.45 after hitting record high of Rs 1,274.90 in intraday trade.
Cement stocks dropped. ACC (down 3.24%), Ambuja Cements (down 1.6%), and UltraTech Cement (down 1.44%), declined.
Grasim Industries declined 2.49%. Grasim has exposure to the cement sector through its subsidiary UltraTech Cement.
Shree Cement declined 0.25%. The company's net profit fell 2.56% to Rs 277.02 crore on 11.45% increase in total income to Rs 1708.17 crore in Q4 June 2014 over Q4 June 2013. The result was announced after market hours on Monday, 25 August 2014. Shree Cement's net profit fell 21.59% to Rs 787.24 crore on 5.08% increase in total income to Rs 6072.25 crore in the year ended 30 June 2014 over the year ended 30 June 2013.
Meanwhile, Shree Cement announced after market hours on Monday, 25 August 2014, that its board approved acquiring 1.50 MTPA cement grinding unit of Jaiprakash Associates situated at Panipat in Haryana on going concern basis for consideration of approx Rs 360 crore subject to adjustment for any financial indebtedness and net working capital taken over as of the closing date, subject to satisfactory completion of due diligence and obtaining necessary approvals and consents.
The stock market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month August 2014 series to September 2014 series. The near-month August 2014 F&O contracts expire on Thursday, 28 August 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 127.33 crore on Monday, 25 August 2014, as per provisional data from the stock exchanges.
The Supreme Court on Monday, 25 August 2014, deemed all coal block allocations made since 1993 as illegal. The allocations had no objective criteria and no fair and transparent procedure was followed, the Court said, adding they were impermissible. The quashing of these allocations still remains to be decided in further hearings. The court suggested the appointment of a panel of retired apex court judges to help the court in this matter. The case will be heard on 1 September next.
Brent crude prices rose for the second day in a row ahead of weekly US oil inventory data from the American Petroleum Institute. Brent for October settlement was up 9 cents at $102.74 a barrel. The contract rose 36 cents to settle at $102.65 a barrel on Monday, 25 August 2014.
The presidents of Ukraine and Russia will meet in Minsk, Belarus later today, 26 August 2014. Meanwhile, the US and its European allies have condemned escalating violence in Libya after Islamist militias took control of an international airport in Tripoli.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.5275, compared with its close of 60.565 on Monday, 25 August 2014.
European shares were in red today, 26 August 2014, trimming the previous session's sharp gains that were fuelled by prospects of further stimulus measures from the European Central Bank. Key benchmark indices in Germany and France were off 0.07% to 0.38%. UK stocks rose, catching up with a rally in other European markets yesterday, when London was closed for a bank holiday. The FTSE 100 index was up 0.38%
Asian stocks declined in volatile trade today, 26 August 2014. Key benchmark indices in Indonesia, Japan, Singapore, Hong Kong and China fell 0.22% to 0.99%. Key benchmark indices in South Korea and Taiwan rose 0.04% to 0.35%.
Trading in US index futures indicated that the Dow could gain 1 point at the opening bell on Tuesday, 26 August 2014. US stocks gained on Monday, 25 August 2014, with S&P 500 index closing at a record high and moving above 2,000 mark in intraday trade for the first time, buoyed by deal activity and hints of more stimulus from the European Central Bank.
The pace of new-home sales in US fell to the slowest in four months in July. Purchases unexpectedly declined 2.4% to a 412,000 annualized pace, Commerce Department data showed on Monday, 25 August 2014. June purchases were revised up to a 422,000 rate after a May gain that was also bigger than previously estimated.
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