Sensex, Nifty hit lowest closing level in more than three weeks
Metal stocks and index heavyweights ITC and L&T led losses for key benchmark indices. The barometer index, the S&P BSE Sensex, fell 174.01 points or 0.68% to settle at 25,406.33. The losses for the 50-unit Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty shed 43.65 points or 0.56% to settle at 7,741. The two key benchmark indices lost ground during the latter part of the trading session after seeing a range bound movement until afternoon trade. Weakness in global stocks weighed on domestic bourses.
The Sensex and the Nifty, both, hit their lowest closing level in more than three weeks as the two key benchmark indices extended losses for the third straight trading session.
Metal and mining stocks witnessed across the board decline after a monthly survey pointed to weakness in China's services sector. Shares of public sector oil marketing companies (PSU OMCs) edged higher as global crude oil prices fell. Shares of oil exploration and production (E&P) companies dropped along with crude oil prices. Index heavyweight Reliance Industries (RIL) edged higher on reports that a foreign brokerage has maintained conviction buy on the stock. Narayana Hrudayalaya, which operates a chain of hospitals made a strong debut.
In overseas stock markets, European stocks edged lower as investors continued to fret over slowing economic growth in China. US stock futures pointed to sharp losses at the opening bell after weak Chinese services data cemented fears of an economic slowdown in the world's second largest economy. Trading in US index futures indicated that the Dow Jones Industrial Average could slide 203 points at the opening bell today, 6 January 2015.
Asian equities edged lower as China continued guiding the yuan lower and after the outcome of a monthly survey pointed to weakness in China's services sector. Fresh geopolitical concerns over the Korean Peninsula also weighed on sentiment in Asian markets after an announcement from North Korea that it had successfully conducted a hydrogen-bomb test.
The Sensex fell 174.01 points or 0.68% to settle at 25,406.33, its lowest closing level since 15 December 2015. The index fell 222.64 points or 0.87% at the day's low of 25,357.70. The index rose 52.23 points or 0.2% at the day's high of 25,632.57.
The Nifty shed 43.65 points or 0.56% to settle at 7,741, its lowest closing level since 15 December 2015. The index fell 63.45 points or 0.81% at the day's low of 7,721.20. The index rose 16.30 points or 0.2% at the day's high of 7,800.95.
Among sectoral indices on BSE, the BSE Telecom index (down 1.07%), BSE Basic Materials index (down 0.77%), BSE Auto index (down 1.24%), BSE Metal index (down 1.48%), BSE Bankex index (down 0.81%), BSE Industrials (down 1.09%), and BSE FMCG index (down 1.57%) underperformed the Sensex. The BSE Finance index (down 0.48%), the BSE IT index (up 0.01%), BSE Energy index (up 1.42%), BSE Healthcare index (down 0.53%), BSE Utilities index (down 0.36%), BSE Power index (down 0.59%), BSE Oil & Gas index (up 0.76%), and BSE Teck index (down 0.15%) outperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,515 shares declined and 1,404 shares rose. A total of 113 shares were unchanged.
The BSE Mid-Cap index shed 0.29%. The BSE Small-Cap index lost 0.42%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3799 crore, higher than turnover of Rs 3522.50 crore registered during the previous trading session.
Metal and mining stocks witnessed across the board decline after a monthly survey pointed to weakness in China's services sector. Vedanta (down 4%), Hindustan Zinc (down 3.05%), NMDC (down 2.57%), Hindalco Industries (down 2.84%), Jindal Steel & Power (down 2.76%), JSW Steel (down 2.48%), Tata Steel (down 2.12%), Steel Authority of India (down 2.06%) and National Aluminium Company (down 0.9%) edged lower. China is the world's largest consumer of steel, copper and aluminum.
Latest data showed that the Caixin China services purchasing managers' index (PMI) fell to a 17-month low of 50.2 in December 2015 from 51.2 in November 2015.
Shares of public sector banks were mixed. Union Bank of India (up 0.56%) and Bank of Baroda (up 0.61%) gained. State Bank of India (down 0.57%), Punjab National Bank (down 0.86%) and Canara Bank (down 0.85%) declined.
Bank of India was flat at Rs 114.15 after the bank said it allotted 2 crore equity shares at Rs 132.06 each to Life Insurance Corporation of India on preferential basis yesterday, 5 January 2016.
Shares of private sector banks were also mixed. IndusInd Bank (up 2.59%) and HDFC Bank (up 0.33%) rose. ICICI Bank (down 1.85%), Yes Bank (down 0.69%), Kotak Mahindra Bank (down 0.8%) and Axis Bank (down 1.27%) edged lower.
Auto stocks continued to be under pressure. Ashok Leyland (down 0.59%), Bajaj Auto (down 0.46%), Hero MotoCorp (down 1.5%) and TVS Motor Company (down 0.14%) edged lower. Eicher Motors rose 2.22%.
Mahindra & Mahindra (M&M) fell 2.04% at Rs 1,222.65. The stock hit a high of Rs 1,254 and a low of Rs 1,218.10 in intraday trade. The company during market hours today, 6 January 2016, announced the launch of Imperio, its premium, aspirational pick-up vehicle. Imperio is developed to cater to the transportation needs of small and medium businesses. Imperio will be available in two model variants of single cabin and double cabin and in 3 colours. The vehicle is priced at Rs 6.25 lakh ex-showroom Thane, Mumbai for single cabin BS3 variant.
Tata Motors shed 2.39% at Rs 365.70. The stock hit a high of Rs 378 and a low of Rs 364,40 in intraday trade. Jaguar Land Rover (JLR) North America yesterday, 5 January 2016, said its US sales rose 30% to 9,638 units in December 2015 over December 2014. Land Rover sales rose 47% to 8,441 units in December 2015 over December 2014. Jaguar sales fell 29% to 1,197 units in December 2015 over December 2014. JLR is British luxury car unit of Tata Motors. The sales figures were announced after close of Indian market hours yesterday, 5 January 2016.
Maruti Suzuki India declined 1.94%. The company announced during market hours today, 6 Janaury 2016, that its total production rose 12.96% to 1.07 lakh units in December 2015 over December 2014.
Shares of public sector oil marketing companies (PSU OMCs) edged higher as global crude oil prices fell. BPCL (up 0.89%), HPCL (up 2.96%) and Indian Oil Corporation (up 1.22%) edged higher. Decline in crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices.
However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports. The government has already decontrolled pricing of petrol and diesel.
Global crude oil prices dropped amid concerns about an expanding global supply glut. Brent for February settlement was currently off $1.36 a barrel at $35.06 a barrel. The contract had lost 80 cents or 2.14% to settle at $36.42 a barrel during the previous trading session.
In the foreign exchange market, the partially convertible rupee was currently hovering at 66.83, compared with its close of 66.595 during the previous trading session.
Shares of oil exploration and production (E&P) companies dropped along with crude oil prices. ONGC (down 1.82%), Cairn India (down 0.18%) and Oil India (down 0.82%) edged lower. Lower crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Index heavyweight Reliance Industries (RIL) rose 2.43% at Rs 1,029.50 on reports that a foreign brokerage has maintained conviction buy on the stock. Commercial launch of broadband services from RIL's telecom unit Reliance Jio Infocomm last month could provide a big positive swing for the company going ahead, the brokerage reportedly said.
Index heavyweight and cigarette major ITC fell 3.02% at Rs 314.90. The stock hit a high of Rs 325.90 and a low of Rs 314.80 in intraday trade.
L&T fell 1.52% at Rs 1,238.30. The stock was volatile. The stock hit high of Rs 1,261 and low of Rs 1,237 in intraday trade. The company during market hours today, 6 January 2016, announced that its construction division has secured orders worth Rs 2871 crore across various businesses.
Narayana Hrudayalaya, which operates a chain of hospitals made a strong debut. The stock settled at Rs 336.70 on BSE, a premium of 34.68% over the initial public offer price (IPO) of Rs 250 per share. The stock debuted at Rs 291, a premium of 16.4% compared with its IPO price. The stock hit a high of Rs 344.20 and a low of Rs 291 in intraday trade. On BSE, 89.51 lakh shares were traded in the counter. Headquartered in Bengaluru, Narayana Hrudayalaya operates a chain of 23 hospitals, 8 heart centres and 24 primary care facilities across India.
Meanwhile, the outcome of a monthly survey showed that growth in India's services sector accelerated last month. The Nikkei India Services PMI rose to a 10-month high of 53.6 in December 2015.
Key indices fell for the third day in a row today, 6 January 2016. The Sensex has declined 754.57 points or 2.88% in the preceding three sessions from its close of 26,160.90 on 1 January 2016. The Sensex has declined 711.21 points or 2.72% in the first four trading sessions of this month. From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 572.79 points or 2.3%. The Sensex is off 4,618.41 points or 15.38% from a record high of 30,024.74 hit on 4 March 2015.
The Sensex and the Nifty, both, hit their lowest closing level in more than three weeks as the two key benchmark indices extended losses for the third straight trading session.
Metal and mining stocks witnessed across the board decline after a monthly survey pointed to weakness in China's services sector. Shares of public sector oil marketing companies (PSU OMCs) edged higher as global crude oil prices fell. Shares of oil exploration and production (E&P) companies dropped along with crude oil prices. Index heavyweight Reliance Industries (RIL) edged higher on reports that a foreign brokerage has maintained conviction buy on the stock. Narayana Hrudayalaya, which operates a chain of hospitals made a strong debut.
In overseas stock markets, European stocks edged lower as investors continued to fret over slowing economic growth in China. US stock futures pointed to sharp losses at the opening bell after weak Chinese services data cemented fears of an economic slowdown in the world's second largest economy. Trading in US index futures indicated that the Dow Jones Industrial Average could slide 203 points at the opening bell today, 6 January 2015.
Asian equities edged lower as China continued guiding the yuan lower and after the outcome of a monthly survey pointed to weakness in China's services sector. Fresh geopolitical concerns over the Korean Peninsula also weighed on sentiment in Asian markets after an announcement from North Korea that it had successfully conducted a hydrogen-bomb test.
The Sensex fell 174.01 points or 0.68% to settle at 25,406.33, its lowest closing level since 15 December 2015. The index fell 222.64 points or 0.87% at the day's low of 25,357.70. The index rose 52.23 points or 0.2% at the day's high of 25,632.57.
The Nifty shed 43.65 points or 0.56% to settle at 7,741, its lowest closing level since 15 December 2015. The index fell 63.45 points or 0.81% at the day's low of 7,721.20. The index rose 16.30 points or 0.2% at the day's high of 7,800.95.
Among sectoral indices on BSE, the BSE Telecom index (down 1.07%), BSE Basic Materials index (down 0.77%), BSE Auto index (down 1.24%), BSE Metal index (down 1.48%), BSE Bankex index (down 0.81%), BSE Industrials (down 1.09%), and BSE FMCG index (down 1.57%) underperformed the Sensex. The BSE Finance index (down 0.48%), the BSE IT index (up 0.01%), BSE Energy index (up 1.42%), BSE Healthcare index (down 0.53%), BSE Utilities index (down 0.36%), BSE Power index (down 0.59%), BSE Oil & Gas index (up 0.76%), and BSE Teck index (down 0.15%) outperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,515 shares declined and 1,404 shares rose. A total of 113 shares were unchanged.
The BSE Mid-Cap index shed 0.29%. The BSE Small-Cap index lost 0.42%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3799 crore, higher than turnover of Rs 3522.50 crore registered during the previous trading session.
Metal and mining stocks witnessed across the board decline after a monthly survey pointed to weakness in China's services sector. Vedanta (down 4%), Hindustan Zinc (down 3.05%), NMDC (down 2.57%), Hindalco Industries (down 2.84%), Jindal Steel & Power (down 2.76%), JSW Steel (down 2.48%), Tata Steel (down 2.12%), Steel Authority of India (down 2.06%) and National Aluminium Company (down 0.9%) edged lower. China is the world's largest consumer of steel, copper and aluminum.
Latest data showed that the Caixin China services purchasing managers' index (PMI) fell to a 17-month low of 50.2 in December 2015 from 51.2 in November 2015.
Shares of public sector banks were mixed. Union Bank of India (up 0.56%) and Bank of Baroda (up 0.61%) gained. State Bank of India (down 0.57%), Punjab National Bank (down 0.86%) and Canara Bank (down 0.85%) declined.
Bank of India was flat at Rs 114.15 after the bank said it allotted 2 crore equity shares at Rs 132.06 each to Life Insurance Corporation of India on preferential basis yesterday, 5 January 2016.
Shares of private sector banks were also mixed. IndusInd Bank (up 2.59%) and HDFC Bank (up 0.33%) rose. ICICI Bank (down 1.85%), Yes Bank (down 0.69%), Kotak Mahindra Bank (down 0.8%) and Axis Bank (down 1.27%) edged lower.
Auto stocks continued to be under pressure. Ashok Leyland (down 0.59%), Bajaj Auto (down 0.46%), Hero MotoCorp (down 1.5%) and TVS Motor Company (down 0.14%) edged lower. Eicher Motors rose 2.22%.
Mahindra & Mahindra (M&M) fell 2.04% at Rs 1,222.65. The stock hit a high of Rs 1,254 and a low of Rs 1,218.10 in intraday trade. The company during market hours today, 6 January 2016, announced the launch of Imperio, its premium, aspirational pick-up vehicle. Imperio is developed to cater to the transportation needs of small and medium businesses. Imperio will be available in two model variants of single cabin and double cabin and in 3 colours. The vehicle is priced at Rs 6.25 lakh ex-showroom Thane, Mumbai for single cabin BS3 variant.
Tata Motors shed 2.39% at Rs 365.70. The stock hit a high of Rs 378 and a low of Rs 364,40 in intraday trade. Jaguar Land Rover (JLR) North America yesterday, 5 January 2016, said its US sales rose 30% to 9,638 units in December 2015 over December 2014. Land Rover sales rose 47% to 8,441 units in December 2015 over December 2014. Jaguar sales fell 29% to 1,197 units in December 2015 over December 2014. JLR is British luxury car unit of Tata Motors. The sales figures were announced after close of Indian market hours yesterday, 5 January 2016.
Maruti Suzuki India declined 1.94%. The company announced during market hours today, 6 Janaury 2016, that its total production rose 12.96% to 1.07 lakh units in December 2015 over December 2014.
Shares of public sector oil marketing companies (PSU OMCs) edged higher as global crude oil prices fell. BPCL (up 0.89%), HPCL (up 2.96%) and Indian Oil Corporation (up 1.22%) edged higher. Decline in crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices.
However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports. The government has already decontrolled pricing of petrol and diesel.
Global crude oil prices dropped amid concerns about an expanding global supply glut. Brent for February settlement was currently off $1.36 a barrel at $35.06 a barrel. The contract had lost 80 cents or 2.14% to settle at $36.42 a barrel during the previous trading session.
In the foreign exchange market, the partially convertible rupee was currently hovering at 66.83, compared with its close of 66.595 during the previous trading session.
Shares of oil exploration and production (E&P) companies dropped along with crude oil prices. ONGC (down 1.82%), Cairn India (down 0.18%) and Oil India (down 0.82%) edged lower. Lower crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Index heavyweight Reliance Industries (RIL) rose 2.43% at Rs 1,029.50 on reports that a foreign brokerage has maintained conviction buy on the stock. Commercial launch of broadband services from RIL's telecom unit Reliance Jio Infocomm last month could provide a big positive swing for the company going ahead, the brokerage reportedly said.
Index heavyweight and cigarette major ITC fell 3.02% at Rs 314.90. The stock hit a high of Rs 325.90 and a low of Rs 314.80 in intraday trade.
L&T fell 1.52% at Rs 1,238.30. The stock was volatile. The stock hit high of Rs 1,261 and low of Rs 1,237 in intraday trade. The company during market hours today, 6 January 2016, announced that its construction division has secured orders worth Rs 2871 crore across various businesses.
Narayana Hrudayalaya, which operates a chain of hospitals made a strong debut. The stock settled at Rs 336.70 on BSE, a premium of 34.68% over the initial public offer price (IPO) of Rs 250 per share. The stock debuted at Rs 291, a premium of 16.4% compared with its IPO price. The stock hit a high of Rs 344.20 and a low of Rs 291 in intraday trade. On BSE, 89.51 lakh shares were traded in the counter. Headquartered in Bengaluru, Narayana Hrudayalaya operates a chain of 23 hospitals, 8 heart centres and 24 primary care facilities across India.
Meanwhile, the outcome of a monthly survey showed that growth in India's services sector accelerated last month. The Nikkei India Services PMI rose to a 10-month high of 53.6 in December 2015.
Key indices fell for the third day in a row today, 6 January 2016. The Sensex has declined 754.57 points or 2.88% in the preceding three sessions from its close of 26,160.90 on 1 January 2016. The Sensex has declined 711.21 points or 2.72% in the first four trading sessions of this month. From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 572.79 points or 2.3%. The Sensex is off 4,618.41 points or 15.38% from a record high of 30,024.74 hit on 4 March 2015.
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