Benchmark indices slide for the second day in a row
Amid a divergent trend among various index constituents, the two key benchmark indices registered minuscule to small losses. The barometer index, the S&P BSE Sensex, fell 43.01 points or 0.17% to settle at 25,580.34. The 50-unit Nifty 50 index fell 6.65 points or 0.09% to settle at 7,784.65. The Sensex and the Nifty, both, hit 2-1/2-week closing low as these two key benchmark indices fell for the second day in a row. The broad market depicted strength. More than two stocks rose against each stock that fell on BSE. 2,064 shares rose and 844 shares declined. A total of 99 shares were unchanged.
TCS edged lower on media reports that the company has joined the bidding process for Perot Systems, an IT management business of Dell Inc. Metal and mining stocks edged higher as copper prices rose in global commodities markets. JSW Steel moved higher after the company announced that the Karnataka high court on 3 December 2015 provided a partial relief on the payment of Forest Development Tax (FDT) while hearing a petition filed by mine owners and the purchasers of iron ore, including JSW Steel on the levy of FDT by the Karnataka state government.
Shares of gas production and distribution companies rose after the Supreme Court upheld temporary ban on sale of large diesel vehicles in New Delhi.
In overseas markets, European stocks reversed initial gains. Chinese stocks edged lower in choppy trade amid worries about how Chinese regulators would address the market volatility and potential selling by big shareholders. In mainland China, the Shanghai Composite index ended 0.26% lower. In Hong Kong, the Hang Seng index lost 0.65%. Concerns over the slowing Chinese economy and falling yuan triggered 7% decline in Chinese stocks yesterday, 4 January 2016, triggering a halt to trading and leading to a global selloff. US stocks closed sharply lower yesterday, 4 January 2016, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East.
The Sensex fell 43.01 points or 0.17% to settle at 25,580.34, its lowest closing level since 18 December 2015. The index fell 109.60 points or 0.42% at the day's low of 25,513.75. The barometer index rose 143.41 points or 0.55% at the day's high of 25,766.76.
The Nifty declined 6.65 points or 0.09% to settle at 7,784.65, its lowest closing level since 18 December 2015. The index fell 28.05 points or 0.36% at the day's low of 7,763.25. The index rose 39.90 points or 0.51% at the day's high of 7,831.20.
The BSE Mid-Cap index rose 56%. The BSE Small-Cap index gained 0.79%. Both these indices outperformed the Sensex.
Among sectoral indices on BSE, the BSE Telecom index (down 0.55%), BSE Finance index (down 0.2%), the BSE IT index (down 0.42%), BSE Auto index (down 0.31%), BSE Bankex index (down 0.32%), and BSE Teck index (down 0.41%) underperformed the Sensex. The BSE Industrials (up 0.31%), BSE Healthcare index (up 0.11%), BSE Energy index (up 1.07%), BSE Oil & Gas index (up 1.93%), BSE Basic Materials index (up 1.63%), BSE Metal index (up 2.2%), BSE FMCG index (down 0.1%), BSE Utilities index (up 0.98%), and BSE Power index (up 0.29%) outperformed the Sensex.
The total turnover on BSE amounted to Rs 3504 crore, higher than turnover of Rs 3363.75 crore registered during the previous trading session.
TCS fell 1.07% at Rs 2,350.10 on media reports that the company has joined the bidding process for Perot Systems, an IT management business of Dell Inc. TCS joined three other contenders for US based Perot Systems viz. Cognizant Technology Solutions Corp, NTT Data Corp and Atos SE, as per reports. Dell had been seeking more than $5 billion for Perot Systems, reports suggested. Perot Systems is major provider of IT consulting to hospitals and government departments. It was acquired by Dell in 2009.
Metal and mining stocks edged higher as copper prices rose in global commodities markets. Tata Steel (up 6.19%), Steel Authority of India (up 5.95%), Vedanta (up 3.82%), Hindustan Zinc (up 5.08%), NMDC (up 3.33%), Jindal Steel & Power (up 3.29%) and Hindalco Industries (up 2.23%) edged higher.
High Grade Copper for March 2016 delivery was currently up 0.89% at $2.098 per pound on the COMEX.
JSW Steel rose 3.53% at Rs 1,084 after the company announced that the Karnataka high court on 3 December 2015 provided a partial relief on the payment of Forest Development Tax (FDT) while hearing a petition filed by mine owners and the purchasers of iron ore, including JSW Steel on the levy of FDT by the Karnataka state government. The parties are entitled to appeal to the high court within the stipulated period of 90 days. JSW Steel said that the company is closely monitoring the developments in this regard. The announcement was made after market hours yesterday, 4 January 2016.
Shares of gas production and distribution companies rose after the Supreme Court upheld temporary ban on sale of large diesel vehicles in New Delhi. Indraprastha Gas (up 7.36%), Gujarat State Petronet (up 7.09%) and Gujarat Gas (up 5.25%) edged higher.
Shares of state-run gas transmission major GAIL (India) rose 3.6% at Rs 372.65. The stock hit a high of Rs 374.65 and a low of Rs 362.15 in intraday trade.
It may be recalled that Supreme Court last month imposed a ban on registration of new diesel sport utility vehicles (SUVs) and private cars in Delhi with an engine capacity of over 2000cc until 31 March 2016, to rein in the alarming pollution levels in the capital city. The Supreme Court had simultaneously ruled that taxis plying in Delhi will have to be converted into compressed natural gas (CNG) by 1 March 2016.
Shares of public sector banks edged lower. Punjab National Bank (down 1.86%), Union Bank of India (down 1.55%), Canara Bank (down 1.24%), IDBI Bank (down 0.77%), State Bank of India (down 0.65%), Andhra Bank (down 0.55%) and Indian Bank (down 0.49%) declined.
Bank of Baroda (BoB) declined 2.22% at Rs 147.75. The stock hit a high of Rs 152.50 and a low of Rs 146.35 in intraday trade. The bank announced after market hours yesterday, 4 January 2016, that the seventh installment of annual interest amounting to Rs 26.72 crore on the bank's Rs 300.20 crore IPDI Series-I bonds will be paid on 30 January 2016.
Shares of private sector banks were mixed. Kotak Mahindra Bank (up 0.5%), ICICI Bank (up 0.47%) and Yes Bank (up 0.4%) edged higher. IndusInd Bank (down 0.09%), HDFC Bank (down 0.85%) and Axis Bank (down 0.66%) edged lower.
Oil stocks rose across the board. Among oil exploration and production (E&P) stocks, ONGC (up 1.22%), Cairn India (up 1.73%), Reliance Industries (up 0.91%) and Oil India (up 0.66%) edged higher.
Among the state-run oil marketing companies (PSU OMCs), BPCL (up 1.58%), Indian Oil Corporation (up 4.62%) and HPCL (up 0.47%) edged higher.
In the global commodities markets, Brent for February settlement was currently down 5 cents at $37.17 a barrel. The contract had fallen 6 cents or 0.16% to settle at $37.22 a barrel during the previous trading session.
Shares of power generation and power distribution companies gained. Torrent Power (up 1.16%), NHPC (up 2.8%), Tata Power Company (up 1.54%), Adani Power (up 4.73%), Reliance Infrastructure (up 2.16%) and Reliance Power (up 2.54%) gained. Power Grid Corporation of India (down 1.28%) and NTPC (down 0.9%) declined.
Key indices fell for the second day in a row today, 5 January 2016. The Sensex has declined 580.56 points or 2.21% in the preceding two sessions from its close of 26,160.90 on 1 January 2016. The Sensex has declined 537.20 points or 2.05% in the first three trading sessions this month. From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 746.80 points or 3%. The Sensex is off 4,444.40 points or 14.8% from a record high of 30,024.74 hit on 4 March 2015.
TCS edged lower on media reports that the company has joined the bidding process for Perot Systems, an IT management business of Dell Inc. Metal and mining stocks edged higher as copper prices rose in global commodities markets. JSW Steel moved higher after the company announced that the Karnataka high court on 3 December 2015 provided a partial relief on the payment of Forest Development Tax (FDT) while hearing a petition filed by mine owners and the purchasers of iron ore, including JSW Steel on the levy of FDT by the Karnataka state government.
Shares of gas production and distribution companies rose after the Supreme Court upheld temporary ban on sale of large diesel vehicles in New Delhi.
In overseas markets, European stocks reversed initial gains. Chinese stocks edged lower in choppy trade amid worries about how Chinese regulators would address the market volatility and potential selling by big shareholders. In mainland China, the Shanghai Composite index ended 0.26% lower. In Hong Kong, the Hang Seng index lost 0.65%. Concerns over the slowing Chinese economy and falling yuan triggered 7% decline in Chinese stocks yesterday, 4 January 2016, triggering a halt to trading and leading to a global selloff. US stocks closed sharply lower yesterday, 4 January 2016, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East.
The Sensex fell 43.01 points or 0.17% to settle at 25,580.34, its lowest closing level since 18 December 2015. The index fell 109.60 points or 0.42% at the day's low of 25,513.75. The barometer index rose 143.41 points or 0.55% at the day's high of 25,766.76.
The Nifty declined 6.65 points or 0.09% to settle at 7,784.65, its lowest closing level since 18 December 2015. The index fell 28.05 points or 0.36% at the day's low of 7,763.25. The index rose 39.90 points or 0.51% at the day's high of 7,831.20.
The BSE Mid-Cap index rose 56%. The BSE Small-Cap index gained 0.79%. Both these indices outperformed the Sensex.
Among sectoral indices on BSE, the BSE Telecom index (down 0.55%), BSE Finance index (down 0.2%), the BSE IT index (down 0.42%), BSE Auto index (down 0.31%), BSE Bankex index (down 0.32%), and BSE Teck index (down 0.41%) underperformed the Sensex. The BSE Industrials (up 0.31%), BSE Healthcare index (up 0.11%), BSE Energy index (up 1.07%), BSE Oil & Gas index (up 1.93%), BSE Basic Materials index (up 1.63%), BSE Metal index (up 2.2%), BSE FMCG index (down 0.1%), BSE Utilities index (up 0.98%), and BSE Power index (up 0.29%) outperformed the Sensex.
The total turnover on BSE amounted to Rs 3504 crore, higher than turnover of Rs 3363.75 crore registered during the previous trading session.
TCS fell 1.07% at Rs 2,350.10 on media reports that the company has joined the bidding process for Perot Systems, an IT management business of Dell Inc. TCS joined three other contenders for US based Perot Systems viz. Cognizant Technology Solutions Corp, NTT Data Corp and Atos SE, as per reports. Dell had been seeking more than $5 billion for Perot Systems, reports suggested. Perot Systems is major provider of IT consulting to hospitals and government departments. It was acquired by Dell in 2009.
Metal and mining stocks edged higher as copper prices rose in global commodities markets. Tata Steel (up 6.19%), Steel Authority of India (up 5.95%), Vedanta (up 3.82%), Hindustan Zinc (up 5.08%), NMDC (up 3.33%), Jindal Steel & Power (up 3.29%) and Hindalco Industries (up 2.23%) edged higher.
High Grade Copper for March 2016 delivery was currently up 0.89% at $2.098 per pound on the COMEX.
JSW Steel rose 3.53% at Rs 1,084 after the company announced that the Karnataka high court on 3 December 2015 provided a partial relief on the payment of Forest Development Tax (FDT) while hearing a petition filed by mine owners and the purchasers of iron ore, including JSW Steel on the levy of FDT by the Karnataka state government. The parties are entitled to appeal to the high court within the stipulated period of 90 days. JSW Steel said that the company is closely monitoring the developments in this regard. The announcement was made after market hours yesterday, 4 January 2016.
Shares of gas production and distribution companies rose after the Supreme Court upheld temporary ban on sale of large diesel vehicles in New Delhi. Indraprastha Gas (up 7.36%), Gujarat State Petronet (up 7.09%) and Gujarat Gas (up 5.25%) edged higher.
Shares of state-run gas transmission major GAIL (India) rose 3.6% at Rs 372.65. The stock hit a high of Rs 374.65 and a low of Rs 362.15 in intraday trade.
It may be recalled that Supreme Court last month imposed a ban on registration of new diesel sport utility vehicles (SUVs) and private cars in Delhi with an engine capacity of over 2000cc until 31 March 2016, to rein in the alarming pollution levels in the capital city. The Supreme Court had simultaneously ruled that taxis plying in Delhi will have to be converted into compressed natural gas (CNG) by 1 March 2016.
Shares of public sector banks edged lower. Punjab National Bank (down 1.86%), Union Bank of India (down 1.55%), Canara Bank (down 1.24%), IDBI Bank (down 0.77%), State Bank of India (down 0.65%), Andhra Bank (down 0.55%) and Indian Bank (down 0.49%) declined.
Bank of Baroda (BoB) declined 2.22% at Rs 147.75. The stock hit a high of Rs 152.50 and a low of Rs 146.35 in intraday trade. The bank announced after market hours yesterday, 4 January 2016, that the seventh installment of annual interest amounting to Rs 26.72 crore on the bank's Rs 300.20 crore IPDI Series-I bonds will be paid on 30 January 2016.
Shares of private sector banks were mixed. Kotak Mahindra Bank (up 0.5%), ICICI Bank (up 0.47%) and Yes Bank (up 0.4%) edged higher. IndusInd Bank (down 0.09%), HDFC Bank (down 0.85%) and Axis Bank (down 0.66%) edged lower.
Oil stocks rose across the board. Among oil exploration and production (E&P) stocks, ONGC (up 1.22%), Cairn India (up 1.73%), Reliance Industries (up 0.91%) and Oil India (up 0.66%) edged higher.
Among the state-run oil marketing companies (PSU OMCs), BPCL (up 1.58%), Indian Oil Corporation (up 4.62%) and HPCL (up 0.47%) edged higher.
In the global commodities markets, Brent for February settlement was currently down 5 cents at $37.17 a barrel. The contract had fallen 6 cents or 0.16% to settle at $37.22 a barrel during the previous trading session.
Shares of power generation and power distribution companies gained. Torrent Power (up 1.16%), NHPC (up 2.8%), Tata Power Company (up 1.54%), Adani Power (up 4.73%), Reliance Infrastructure (up 2.16%) and Reliance Power (up 2.54%) gained. Power Grid Corporation of India (down 1.28%) and NTPC (down 0.9%) declined.
Key indices fell for the second day in a row today, 5 January 2016. The Sensex has declined 580.56 points or 2.21% in the preceding two sessions from its close of 26,160.90 on 1 January 2016. The Sensex has declined 537.20 points or 2.05% in the first three trading sessions this month. From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 746.80 points or 3%. The Sensex is off 4,444.40 points or 14.8% from a record high of 30,024.74 hit on 4 March 2015.
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