Key indices hit lowest closing level in more than 19 months
Losses for stocks of public sector banks and metal and power sector companies led losses for key benchmark indices. The barometer index, the S&P BSE Sensex, fell 317.93 points or 1.28% to settle at 24,455.04. The 50-unit Nifty 50 index fell 99 points or 1.31% to settle at 7,437.80. After seeing a range bound movement until mid-afternoon trade, key benchmark indices witnessed a sudden slide later. The broad market depicted weakness. The broad based losses for Indian stocks materialized amid lower global stocks. The Sensex and the Nifty, both, hit their lowest closing levels in more than 19 months.
Shares of oil exploration and production firms declined as crude oil prices fell. Metal shares dropped on continued worries about slowing growth in China's economy.
In overseas stock markets, European stocks edged lower as investor concerns about global growth intensified and oil retreated. Chinese stocks led decline in Asian equities amid worries about slowing growth in China's economy. In mainland China, the Shanghai Composite index ended 3.55% lower. In Hong Kong, the Hang Seng index lost 1.33%. The latest data showed new yuan loans in December were well below the previous month's lending and broad M2 money supply growth also slowed.
US stock index futures pointed at steep losses for US stocks later in the global day. Trading in US index futures indicated that the Dow Jones Industrial Average could fall 276 points at the opening bell today, 15 January 2016. US stocks surged yesterday, 14 January 2016, as a rebound in oil prices allowed the main indexes to claw back much of the steep fall seen in the previous session.
The Sensex fell 317.93 points or 1.28% to settle at 24,455.04, its lowest closing level since 30 May 2014. The Sensex fell 351.44 points or 1.41% at the day's low of 24,421.53 in late trade. The barometer index rose 139.67 points, or 0.56% at the day's high of 24,912.64.
The Nifty 50 index fell 99 points or 1.31% to settle at 7,437.80, its lowest closing level since 4 June 2014. The index fell 109.50 points or 1.45% at the day's low of 7,427.30. The index rose 29.70 points or 0.39% at the day's high of 7,566.50.
The BSE Mid-Cap index fell 2.68%. The BSE Small-Cap index fell 3.13%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness. More than five stocks fell for each stock that rose on BSE. 2,288 shares fell and 399 shares rose. A total of 144 shares were unchanged.
The total turnover on BSE amounted to Rs 2911 crore, lower than turnover of Rs 3151.51 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Utilities index (down 4.29%), the S&P BSE Realty index (down 4.2%), the S&P BSE Power index (down 3.88%), the S&P BSE Industrials index (down 3.03%), the S&P BSE Basic Materials index (down 2.9%), the S&P BSE Capital Goods index (down 2.82%), the S&P BSE Bankex (down 2.72%), the S&P BSE Metal index (down 2.61%), the S&P BSE Telecom index (down 2.54%), the S&P BSE Finance index (down 2.42%), the S&P BSE Consumer Durables index (down 1.88%), the S&P BSE Healthcare index (down 1.86%), the S&P BSE Consumer Discretionary Goods & Services index (down 1.81%), the S&P BSE FMCG index (down 1.8%) and the S&P BSE Auto index (down 1.79%), underperformed the Sensex. The S&P BSE Oil & Gas index (down 0.97%), the S&P BSE Teck index (down 0.31%), the S&P BSE IT index (up 0.07%) and the S&P BSE Energy index (up 0.11%), outperformed the Sensex.
Index heavyweight and cigarette major ITC fell 1.09% at Rs 313.75. The stock hit a high of Rs 317.90 and a low of Rs 312.10 in intraday trade.
Index heavyweight and housing finance major HDFC fell 0.91% at Rs 1,148.85. The stock hit a high of Rs 1,166.50 and a low of Rs 1,143 in intraday trade.
Shares of oil exploration and production firms declined as crude oil prices fell. Cairn India (down 4.63%), ONGC (down 2.27%) and Oil India (down 1%) edged lower. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Index heavyweight Reliance Industries rose 1.13% to Rs 1,073.15. The stock hit a high of Rs 1,089.50 and a low of Rs 1,066 in intraday trade.
Shares of public sector oil marketing companies (PSU OMCs) also edged lower.
HPCL (down 0.14%) and Indian Oil Corporation (IOC) (down 2.01%) edged lower. BPCL rose 2.78%.
In the global commodities markets, Brent for March settlement was currently off $1.40 a barrel at $29.48 a barrel. The contract had risen 60 cents or 1.98% to settle at $30.88 a barrel during the previous trading session.
Bank shares declined. Among PSU banks, Allahabad Bank (down 8.34%), Union Bank of India (down 7.86%), IDBI Bank (down 7.72%), Syndicate Bank (down 7.52%), Canara Bank (down 5.91%), Punjab National Bank (down 5.88%), State Bank of India (down 5.64%), Andhra Bank (down 5.58%), Bank of India (down 4.42%), UCO Bank (down 4.01%), Bank of Baroda (down 3.89%), Vijaya Bank (down 2.86%), Punjab and Sind Bank (down 2.64%), Dena Bank (down 2.26%), Bank of Maharashtra (down 1.83%), Indian Bank (down 0.42%), Central Bank of India (down 0.39%), Corporation Bank (down 0.25%) and United Bank of India (down 0.25%), edged lower.
Among private sector banks, ICICI Bank (down 4.57%), Axis Bank (down 4.33%), City Union Bank (down 1.8%), Kotak Mahindra Bank (down 1.47%), Yes Bank (down 1.46%), HDFC Bank (down 0.64%) and Federal Bank (down 0.42%), edged lower. IndusInd Bank rose 0.38%.
Metal shares dropped on continued worries about slowing growth in China's economy. Jindal Steel & Power (down 11.59%), Vedanta (down 8.13%), Steel Authority of India (Sail) (down 4.83%), Bhushan Steel (down 4.26%), Tata Steel (down 3.69%), Hindalco Industries (down 3.68%), JSW Steel (down 2.74%), Hindustan Copper (down 2.73%), National Aluminium Company (down 1.91%), Hindustan Zinc (down 1.73%) and NMDC (down 1.6%) edged lower. China is the world's largest consumer of steel, copper and aluminum.
Power generation stocks declined across the board. Reliance Power (down 8.27%), Reliance Infrastructure (down 7.32%), JSW Energy (down 6.92%), Adani Power (down 5.61%), Tata Power (down 4.63%), NTPC (down 4.58%), GMR Infrastructure (down 3.97%), NHPC (down 3.23%), Jaiprakash Power Ventures (down 3.02%), CESC (down 2.17%) and Torrent Power (down 0.34%) edged lower.
Key benchmark indices edged lower for the second day in a row. The Sensex has declined 399.07 points or 1.6% in the preceding two trading session from its close of 24,854.11 on 13 January 2016. The barometer index has fallen 1,662.50 points or 6.37% in this month so far (till 15 January 2016). The Sensex is off 5,569.70 points or 18.55% from a record high of 30,024.74 hit on 4 March 2015.
Shares of oil exploration and production firms declined as crude oil prices fell. Metal shares dropped on continued worries about slowing growth in China's economy.
In overseas stock markets, European stocks edged lower as investor concerns about global growth intensified and oil retreated. Chinese stocks led decline in Asian equities amid worries about slowing growth in China's economy. In mainland China, the Shanghai Composite index ended 3.55% lower. In Hong Kong, the Hang Seng index lost 1.33%. The latest data showed new yuan loans in December were well below the previous month's lending and broad M2 money supply growth also slowed.
US stock index futures pointed at steep losses for US stocks later in the global day. Trading in US index futures indicated that the Dow Jones Industrial Average could fall 276 points at the opening bell today, 15 January 2016. US stocks surged yesterday, 14 January 2016, as a rebound in oil prices allowed the main indexes to claw back much of the steep fall seen in the previous session.
The Sensex fell 317.93 points or 1.28% to settle at 24,455.04, its lowest closing level since 30 May 2014. The Sensex fell 351.44 points or 1.41% at the day's low of 24,421.53 in late trade. The barometer index rose 139.67 points, or 0.56% at the day's high of 24,912.64.
The Nifty 50 index fell 99 points or 1.31% to settle at 7,437.80, its lowest closing level since 4 June 2014. The index fell 109.50 points or 1.45% at the day's low of 7,427.30. The index rose 29.70 points or 0.39% at the day's high of 7,566.50.
The BSE Mid-Cap index fell 2.68%. The BSE Small-Cap index fell 3.13%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness. More than five stocks fell for each stock that rose on BSE. 2,288 shares fell and 399 shares rose. A total of 144 shares were unchanged.
The total turnover on BSE amounted to Rs 2911 crore, lower than turnover of Rs 3151.51 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Utilities index (down 4.29%), the S&P BSE Realty index (down 4.2%), the S&P BSE Power index (down 3.88%), the S&P BSE Industrials index (down 3.03%), the S&P BSE Basic Materials index (down 2.9%), the S&P BSE Capital Goods index (down 2.82%), the S&P BSE Bankex (down 2.72%), the S&P BSE Metal index (down 2.61%), the S&P BSE Telecom index (down 2.54%), the S&P BSE Finance index (down 2.42%), the S&P BSE Consumer Durables index (down 1.88%), the S&P BSE Healthcare index (down 1.86%), the S&P BSE Consumer Discretionary Goods & Services index (down 1.81%), the S&P BSE FMCG index (down 1.8%) and the S&P BSE Auto index (down 1.79%), underperformed the Sensex. The S&P BSE Oil & Gas index (down 0.97%), the S&P BSE Teck index (down 0.31%), the S&P BSE IT index (up 0.07%) and the S&P BSE Energy index (up 0.11%), outperformed the Sensex.
Index heavyweight and cigarette major ITC fell 1.09% at Rs 313.75. The stock hit a high of Rs 317.90 and a low of Rs 312.10 in intraday trade.
Index heavyweight and housing finance major HDFC fell 0.91% at Rs 1,148.85. The stock hit a high of Rs 1,166.50 and a low of Rs 1,143 in intraday trade.
Shares of oil exploration and production firms declined as crude oil prices fell. Cairn India (down 4.63%), ONGC (down 2.27%) and Oil India (down 1%) edged lower. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Index heavyweight Reliance Industries rose 1.13% to Rs 1,073.15. The stock hit a high of Rs 1,089.50 and a low of Rs 1,066 in intraday trade.
Shares of public sector oil marketing companies (PSU OMCs) also edged lower.
HPCL (down 0.14%) and Indian Oil Corporation (IOC) (down 2.01%) edged lower. BPCL rose 2.78%.
In the global commodities markets, Brent for March settlement was currently off $1.40 a barrel at $29.48 a barrel. The contract had risen 60 cents or 1.98% to settle at $30.88 a barrel during the previous trading session.
Bank shares declined. Among PSU banks, Allahabad Bank (down 8.34%), Union Bank of India (down 7.86%), IDBI Bank (down 7.72%), Syndicate Bank (down 7.52%), Canara Bank (down 5.91%), Punjab National Bank (down 5.88%), State Bank of India (down 5.64%), Andhra Bank (down 5.58%), Bank of India (down 4.42%), UCO Bank (down 4.01%), Bank of Baroda (down 3.89%), Vijaya Bank (down 2.86%), Punjab and Sind Bank (down 2.64%), Dena Bank (down 2.26%), Bank of Maharashtra (down 1.83%), Indian Bank (down 0.42%), Central Bank of India (down 0.39%), Corporation Bank (down 0.25%) and United Bank of India (down 0.25%), edged lower.
Among private sector banks, ICICI Bank (down 4.57%), Axis Bank (down 4.33%), City Union Bank (down 1.8%), Kotak Mahindra Bank (down 1.47%), Yes Bank (down 1.46%), HDFC Bank (down 0.64%) and Federal Bank (down 0.42%), edged lower. IndusInd Bank rose 0.38%.
Metal shares dropped on continued worries about slowing growth in China's economy. Jindal Steel & Power (down 11.59%), Vedanta (down 8.13%), Steel Authority of India (Sail) (down 4.83%), Bhushan Steel (down 4.26%), Tata Steel (down 3.69%), Hindalco Industries (down 3.68%), JSW Steel (down 2.74%), Hindustan Copper (down 2.73%), National Aluminium Company (down 1.91%), Hindustan Zinc (down 1.73%) and NMDC (down 1.6%) edged lower. China is the world's largest consumer of steel, copper and aluminum.
Power generation stocks declined across the board. Reliance Power (down 8.27%), Reliance Infrastructure (down 7.32%), JSW Energy (down 6.92%), Adani Power (down 5.61%), Tata Power (down 4.63%), NTPC (down 4.58%), GMR Infrastructure (down 3.97%), NHPC (down 3.23%), Jaiprakash Power Ventures (down 3.02%), CESC (down 2.17%) and Torrent Power (down 0.34%) edged lower.
Key benchmark indices edged lower for the second day in a row. The Sensex has declined 399.07 points or 1.6% in the preceding two trading session from its close of 24,854.11 on 13 January 2016. The barometer index has fallen 1,662.50 points or 6.37% in this month so far (till 15 January 2016). The Sensex is off 5,569.70 points or 18.55% from a record high of 30,024.74 hit on 4 March 2015.
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