Nifty hits 13-1/2-week closing low
Banking and telecom stocks led losses as key benchmark indices edged lower on the last trading session of the week. The barometer index, the S&P BSE Sensex, lost 207.89 points or 0.82% to settle at 25,044.43. The decline for the 50-unit Nifty 50 index was higher in percentage terms compared with the fall in the Sensex. The Nifty lost 72.85 points or 0.95% to settle at 7,610.45. The Nifty hit a 13-1/2-week closing low. The Sensex hit its lowest level in more than 13 weeks when it fell 321.89 points or 1.27% at the day's low of 24,930.43 in mid-afternoon trade.
Bank stocks fell across the board reacting to the Reserve Bank of India Governor Raghuram Rajan's comments on bad loans. Index heavyweight L&T edged lower. Auto stocks declined on media reports that the National Green Tribunal had called for no new diesel vehicles to be registered in Delhi to curb air pollution. Infosys nudged higher after the company won a five-year contract to transform the application landscape of DNB Bank of Norway.
The Sensex lost 207.89 points or 0.82% to settle at 25,044.43, its lowest closing level since 9 December 2015. The index fell 321.89 points or 1.27% at the day's low of 24,930.43. The index rose 63.82 points or 0.25% at the day's high of 25,316.14.
The Nifty fell 72.85 points or 0.95% to settle at 7,610.45, its lowest closing level since 7 September 2015. The index lost 108 points or 1.4% at the day's low of 7,575.30. The index rose 19.75 points or 0.25% at the day's high of 7,703.05.
The BSE Mid-Cap index fell 1.18%. The fall in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index fell 0.81%. The fall in this index was lower than Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was weak. On BSE, 1,666 shares fell and 992 shares rose. A total of 201 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Realty index (down 2.52%), BSE Bankex (down 2.25%), BSE Auto index (down 1.71%), BSE Finance index (down 1.68%), BSE Capital Goods index (down 1.36%), BSE Consumer Durables index (down 1.46%), BSE Power index (down 1.44%) and BSE Telecom index (down 1.64%) underperformed the Sensex. The S&P BSE Metal index (up 0.23%), BSE IT index (up 0.14%), BSE FMCG index (down 0.01%), BSE Healthcare index (down 0.05%) and BSE Teck index (down 0.18%) outperformed the Sensex.
Index heavyweight L&T lost 1.99% at Rs 1,284.40. The stock hit a high of Rs 1,314 and a low of Rs 1,277.65 in intraday trade.
Another index heavyweight and cigarette major ITC fell 0.12% at Rs 320.90. The stock was volatile. The stock hit a high of Rs 322.50 and a low of Rs 315.30 in intraday trade.
Tata Steel rose 3.41% at Rs 240.90. The stock hit a high of Rs 243.90 and a low of Rs 235.60 in intraday trade.
Bank stocks fell across the board reacting to the Reserve Bank of India Governor Raghuram Rajan's comments on bad loans. Among public sector banks, Punjab National Bank (down 5.02%), Indian Bank (down 4.02%), IDBI Bank (down 2.94%), Bank of Baroda (down 2.51%), Union Bank of India (down 2.4%), State Bank of India (down 2.09%), Canara Bank (down 1.89%), Oriental Bank of Commerce (down 1.44%), Bank of India (down 1.41%) and Corporation Bank (down 0.12%) declined.
Among private sector banks, Yes Bank (down 3.71%), ICICI Bank (down 3.6%), Axis Bank (down 2.22%), Kotak Mahindra Bank (down 1.68%), IndusInd Bank (down 1.56%) and HDFC Bank (down 1.39%) edged lower.
Rajan reportedly said today, 11 December 2015, that RBI was monitoring how Indian banks were using the provisions - including that of strategic debt restructuring (SDR) - given to them to tackle the issue of bad loans. Banks are facing criticism over their use of SDR, which helps banks swap unpaid debt for majority control in troubled companies. Investors are worried that accounts under SDR may attract early provisioning, reports added.
Meanwhile, the Reserve Bank of India (RBI) yesterday, 10 December 2015, announced a reduction of 100 basis points in the Statutory Liquidity Ratio (SLR) of commercial banks to 20.5% from 21.5% in four equal stages starting from 2 April 2016. The SLR will be reduced to 21.25% from 2 April 2016, 21% from 9 July 2016, 20.75% from 1 October 2016 and 20.5% from 7 January 2017.
Auto stocks declined on media reports that the National Green Tribunal had called for no new diesel vehicles to be registered in Delhi to curb air pollution. Ashok Leyland (down 2.98%), Eicher Motors (down 2.93%) and Mahindra & Mahindra (down 1.92%) edged lower.
Tata Motors dropped 2.92%. The stock was volatile. The stock hit a high of Rs 392.80 and a low of Rs 375.30 in intraday trade. Tata Motors said during market hours today, 11 December 2015, that its British luxury car unit, Jaguar Land Rover will open a manufacturing facility in Slovakia. Earlier, an agreement was signed between the company and the Government of the Slovak Republic to build a new plant in the city of Nitra, western Slovakia. The new world-class £1 billion premium manufacturing facility will eventually employ around 2,800 people. As part of Jaguar Land Rover's commitment to deliver more lightweight vehicles, the plant will manufacture a range of all-new aluminium Jaguar Land Rover vehicles. It is anticipated that the first cars will come off the production line from the plant in late 2018. The factory will have an initial capacity of 1.5 lakh vehicles. Jaguar Land Rover has selected Slovakia as the location for its next manufacturing site following robust analysis of a number of locations around the world including other European countries, United States and Mexico.
Maruti Suzuki India fell 0.34% at Rs 4,481.40. The stock was volatile. The stock hit a high of Rs 4,530 and a low of Rs 4,415 in intraday trade. According to reports, the company plans to raise prices of its cars by up to Rs 20,000 from 1 January 2016 to offset cost increases and unfavourable foreign exchange rates.
Among two-wheeler makers, Bajaj Auto (down 1.21%), TVS Motor Company (down 1.62%) and Hero MotoCorp (down 0.88%) edged lower.
Telecom stocks declined. Mahanagar Telephone Nigam (down 4.72%), Tata Teleservices (Maharashtra) (down 4.13%), Reliance Communications (down 2.87%), Idea Cellular (down 2.12%) and Bharti Airtel (down 1.02%) edged lower.
Infosys rose 0.57% at Rs 1,052.35 after the company announced that it has won a five-year contract to transform the application landscape of DNB Bank of Norway. The announcement was made after market hours yesterday, 10 December 2015.
TCS rose rose 0.27% at Rs 2,387.25 after the company announced the inauguration of phase II of its campus at Kalinga Park in Bhubaneswar. With the addition of 3,000 seats in phase II, the Kalinga Park campus now has operational capacity of 4,000 seats. The announcement was made after market hours yesterday, 10 December 2015.
Tata Power Company (Tata Power) dropped 1.12% at Rs 61.90. The stock was volatile. The stock hit a high of Rs 63.20 and a low of Rs 61 in intraday trade. Tata Power announced that its joint venture (JV) of 120 megawatts (MW) Itezhi Tezhi Hydro Power Project in Zambia has received Clean Development Mechanism (CDM) approval from United Nations Framework Convention on Climate Change (UNFCCC). Itezhi Tezhi Power Corporation (ITPC) is a JV with Zambian parastatal utility ZESCO Limited (ZESCO). ITPC is a special purpose vehicle (SPV) which has been set to build and operate a 120 MW hydro power plant in Itezhi Tezhi district on Kafue River in Zambia. ITPC is the first project in Zambia to get the CDM approval from UNFCCC. The proposed project activity involves installation of Greenfield 120 MW hydro power plant in the Central Province of Zambia and will be connected to Southern African Power Pool (SAPP) grid system.
Separately, Tata Power announced after market hours yesterday, 10 December 2015 that Tata Power Solar, India's largest integrated solar player, has successfully commissioned a 12 megawatts (MW) solar rooftop project for RSSB Educational & Environmental Society (RSSB–EES) in Amritsar, Punjab. This project is the largest solar rooftop plant in the world set up in a single phase. The plant will produce more than 150 lakh units of power annually and offset over 19,000 tonnes of carbon emissions every year.
Siemens fell 0.34% at Rs 1,144.60. The stock hit a high of Rs 1,170 and a low of Rs 1,139.05 in intraday trade. Siemens announced after market hours yesterday, 10 December 2015, that it has won an order worth about Rs 102 crore to supply a 400 kV gas insulated switchgear (GIS) substation to West Bengal State Electricity Transmission Company (WBSETCL). The scope of the order includes engineering, supply, installation and commissioning of the GIS Substation. The 400 kV GIS solution is being manufactured at Siemens' manufacturing plant at Aurangabad.
The Sensex has declined 1,101.24 points or 4.21% in this month so far (till 11 December 2015). The Sensex has fallen 2,454.99 points or 8.92% in this calendar year so far (till 11 December 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 210.89 points or 0.84%. The Sensex is off 4,980.31 points or 16.58% from a record high of 30,024.74 hit on 4 March 2015.
In overseas stock markets, European stocks edged lower as falling crude oil prices heightened fears about receding global growth. Chinese stocks led decline in Asian markets after news reports said that Guo Guangchang, the Chairman of China's biggest non-state-owned conglomerate Fosun Group, went missing since yesterday, 10 December 2015. US stocks edged higher yesterday, 10 December 2015, as beaten down energy stocks witnessed bargain hunting.
Bank stocks fell across the board reacting to the Reserve Bank of India Governor Raghuram Rajan's comments on bad loans. Index heavyweight L&T edged lower. Auto stocks declined on media reports that the National Green Tribunal had called for no new diesel vehicles to be registered in Delhi to curb air pollution. Infosys nudged higher after the company won a five-year contract to transform the application landscape of DNB Bank of Norway.
The Sensex lost 207.89 points or 0.82% to settle at 25,044.43, its lowest closing level since 9 December 2015. The index fell 321.89 points or 1.27% at the day's low of 24,930.43. The index rose 63.82 points or 0.25% at the day's high of 25,316.14.
The Nifty fell 72.85 points or 0.95% to settle at 7,610.45, its lowest closing level since 7 September 2015. The index lost 108 points or 1.4% at the day's low of 7,575.30. The index rose 19.75 points or 0.25% at the day's high of 7,703.05.
The BSE Mid-Cap index fell 1.18%. The fall in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index fell 0.81%. The fall in this index was lower than Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was weak. On BSE, 1,666 shares fell and 992 shares rose. A total of 201 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Realty index (down 2.52%), BSE Bankex (down 2.25%), BSE Auto index (down 1.71%), BSE Finance index (down 1.68%), BSE Capital Goods index (down 1.36%), BSE Consumer Durables index (down 1.46%), BSE Power index (down 1.44%) and BSE Telecom index (down 1.64%) underperformed the Sensex. The S&P BSE Metal index (up 0.23%), BSE IT index (up 0.14%), BSE FMCG index (down 0.01%), BSE Healthcare index (down 0.05%) and BSE Teck index (down 0.18%) outperformed the Sensex.
Index heavyweight L&T lost 1.99% at Rs 1,284.40. The stock hit a high of Rs 1,314 and a low of Rs 1,277.65 in intraday trade.
Another index heavyweight and cigarette major ITC fell 0.12% at Rs 320.90. The stock was volatile. The stock hit a high of Rs 322.50 and a low of Rs 315.30 in intraday trade.
Tata Steel rose 3.41% at Rs 240.90. The stock hit a high of Rs 243.90 and a low of Rs 235.60 in intraday trade.
Bank stocks fell across the board reacting to the Reserve Bank of India Governor Raghuram Rajan's comments on bad loans. Among public sector banks, Punjab National Bank (down 5.02%), Indian Bank (down 4.02%), IDBI Bank (down 2.94%), Bank of Baroda (down 2.51%), Union Bank of India (down 2.4%), State Bank of India (down 2.09%), Canara Bank (down 1.89%), Oriental Bank of Commerce (down 1.44%), Bank of India (down 1.41%) and Corporation Bank (down 0.12%) declined.
Among private sector banks, Yes Bank (down 3.71%), ICICI Bank (down 3.6%), Axis Bank (down 2.22%), Kotak Mahindra Bank (down 1.68%), IndusInd Bank (down 1.56%) and HDFC Bank (down 1.39%) edged lower.
Rajan reportedly said today, 11 December 2015, that RBI was monitoring how Indian banks were using the provisions - including that of strategic debt restructuring (SDR) - given to them to tackle the issue of bad loans. Banks are facing criticism over their use of SDR, which helps banks swap unpaid debt for majority control in troubled companies. Investors are worried that accounts under SDR may attract early provisioning, reports added.
Meanwhile, the Reserve Bank of India (RBI) yesterday, 10 December 2015, announced a reduction of 100 basis points in the Statutory Liquidity Ratio (SLR) of commercial banks to 20.5% from 21.5% in four equal stages starting from 2 April 2016. The SLR will be reduced to 21.25% from 2 April 2016, 21% from 9 July 2016, 20.75% from 1 October 2016 and 20.5% from 7 January 2017.
Auto stocks declined on media reports that the National Green Tribunal had called for no new diesel vehicles to be registered in Delhi to curb air pollution. Ashok Leyland (down 2.98%), Eicher Motors (down 2.93%) and Mahindra & Mahindra (down 1.92%) edged lower.
Tata Motors dropped 2.92%. The stock was volatile. The stock hit a high of Rs 392.80 and a low of Rs 375.30 in intraday trade. Tata Motors said during market hours today, 11 December 2015, that its British luxury car unit, Jaguar Land Rover will open a manufacturing facility in Slovakia. Earlier, an agreement was signed between the company and the Government of the Slovak Republic to build a new plant in the city of Nitra, western Slovakia. The new world-class £1 billion premium manufacturing facility will eventually employ around 2,800 people. As part of Jaguar Land Rover's commitment to deliver more lightweight vehicles, the plant will manufacture a range of all-new aluminium Jaguar Land Rover vehicles. It is anticipated that the first cars will come off the production line from the plant in late 2018. The factory will have an initial capacity of 1.5 lakh vehicles. Jaguar Land Rover has selected Slovakia as the location for its next manufacturing site following robust analysis of a number of locations around the world including other European countries, United States and Mexico.
Maruti Suzuki India fell 0.34% at Rs 4,481.40. The stock was volatile. The stock hit a high of Rs 4,530 and a low of Rs 4,415 in intraday trade. According to reports, the company plans to raise prices of its cars by up to Rs 20,000 from 1 January 2016 to offset cost increases and unfavourable foreign exchange rates.
Among two-wheeler makers, Bajaj Auto (down 1.21%), TVS Motor Company (down 1.62%) and Hero MotoCorp (down 0.88%) edged lower.
Telecom stocks declined. Mahanagar Telephone Nigam (down 4.72%), Tata Teleservices (Maharashtra) (down 4.13%), Reliance Communications (down 2.87%), Idea Cellular (down 2.12%) and Bharti Airtel (down 1.02%) edged lower.
Infosys rose 0.57% at Rs 1,052.35 after the company announced that it has won a five-year contract to transform the application landscape of DNB Bank of Norway. The announcement was made after market hours yesterday, 10 December 2015.
TCS rose rose 0.27% at Rs 2,387.25 after the company announced the inauguration of phase II of its campus at Kalinga Park in Bhubaneswar. With the addition of 3,000 seats in phase II, the Kalinga Park campus now has operational capacity of 4,000 seats. The announcement was made after market hours yesterday, 10 December 2015.
Tata Power Company (Tata Power) dropped 1.12% at Rs 61.90. The stock was volatile. The stock hit a high of Rs 63.20 and a low of Rs 61 in intraday trade. Tata Power announced that its joint venture (JV) of 120 megawatts (MW) Itezhi Tezhi Hydro Power Project in Zambia has received Clean Development Mechanism (CDM) approval from United Nations Framework Convention on Climate Change (UNFCCC). Itezhi Tezhi Power Corporation (ITPC) is a JV with Zambian parastatal utility ZESCO Limited (ZESCO). ITPC is a special purpose vehicle (SPV) which has been set to build and operate a 120 MW hydro power plant in Itezhi Tezhi district on Kafue River in Zambia. ITPC is the first project in Zambia to get the CDM approval from UNFCCC. The proposed project activity involves installation of Greenfield 120 MW hydro power plant in the Central Province of Zambia and will be connected to Southern African Power Pool (SAPP) grid system.
Separately, Tata Power announced after market hours yesterday, 10 December 2015 that Tata Power Solar, India's largest integrated solar player, has successfully commissioned a 12 megawatts (MW) solar rooftop project for RSSB Educational & Environmental Society (RSSB–EES) in Amritsar, Punjab. This project is the largest solar rooftop plant in the world set up in a single phase. The plant will produce more than 150 lakh units of power annually and offset over 19,000 tonnes of carbon emissions every year.
Siemens fell 0.34% at Rs 1,144.60. The stock hit a high of Rs 1,170 and a low of Rs 1,139.05 in intraday trade. Siemens announced after market hours yesterday, 10 December 2015, that it has won an order worth about Rs 102 crore to supply a 400 kV gas insulated switchgear (GIS) substation to West Bengal State Electricity Transmission Company (WBSETCL). The scope of the order includes engineering, supply, installation and commissioning of the GIS Substation. The 400 kV GIS solution is being manufactured at Siemens' manufacturing plant at Aurangabad.
The Sensex has declined 1,101.24 points or 4.21% in this month so far (till 11 December 2015). The Sensex has fallen 2,454.99 points or 8.92% in this calendar year so far (till 11 December 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 210.89 points or 0.84%. The Sensex is off 4,980.31 points or 16.58% from a record high of 30,024.74 hit on 4 March 2015.
In overseas stock markets, European stocks edged lower as falling crude oil prices heightened fears about receding global growth. Chinese stocks led decline in Asian markets after news reports said that Guo Guangchang, the Chairman of China's biggest non-state-owned conglomerate Fosun Group, went missing since yesterday, 10 December 2015. US stocks edged higher yesterday, 10 December 2015, as beaten down energy stocks witnessed bargain hunting.
No comments:
Post a Comment