In a highly volatile trade, the key benchmark indices BSE Sensex and NSE Nifty on Wednesday closed 242.88 points and 68.85 points lower at 25,453.56 and 7,717, respectively. Both of these indices fell for the third straight day in a row.
Selling pressure was visible in power, metal, oil & gas, banking, capital goods and consumer durable stocks. The BSE Power index and BSE Bankex declined 2.43 per cent and 1.81 per cent at 1752.42 and 18581.12.
In the 50-share Nifty index, Tech Mahindra, Idea, TCS, UltraTech Cements and Tata Steel jumped in between 2.10 per cent and 5.20 per cent. On the other hand, BHEL, ONGC, State Bank of India, Cairn India and HUL dipped the most in between 3 per cent and 5 per cent.
The BSE Sensex opened at 25,891.95 and touched a high and low of 25,939.37 and 25,395.09 on Wednesday.
Gaurav Jain, director, Hem Securities, said, “Initially after a positive opening indices were hammered in last hour of trade on account of sharp selling pressure. Continuous sell-off by the foreign portfolio investors created a worrisome sentiment on the street. Even strengthening rupee couldn’t boost the sentiment.”
Stocks of DLF shares were up by almost 8 per cent in the day’s trade after the real estate major reported that its subsidiary arm DLF Home Developers has entered into a joint venture with Singapore based wealth fund GIC to invest in its forthcoming projects. DLF shares closed 3.40 per cent higher Rs 109.60.
Shares of Hero MotoCorp fell more than 3 per cent in the day’s trade after its August sales figures saw a fall of 13.97 per cent year on year. This week’s festive season is late by almost three weeks which is being reflected in the lower August numbers and shall have a consecutive effect in coming months as well. Hero MotoCorp closed 1.76 per cent lower at Rs 2,343.25.
Crude prices fell by more than 2 per cent in the day on the back of better-than-expected US oil stocks buildup and weaker demand expectations.
Rest of Asian shares fell on Wednesday as weak manufacturing reports from China, US and Europe fuelled worries about slowing global growth, while the dollar took back some ground lost in the previous session to the safe-haven Japanese yen.
Hang Seng, Shanghai and Nikkei closed down 1.18 per cent, 0.20 per cent and 0.39 per cent, respectively.
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Markets through the day
3.29 pm: Bank of India fell as much as 3.2 percent to 130.30 rupees, their lowest level in nearly 2 years.
3.21 pm: Sensex was down 222 points at 25,474. BHEL, Mahindra & Mahindra were down over 4 per cent.3.07 pm: Sensex plunged over 300 points at 25,395.09.
2.45 pm: Asian shares declined on Wednesday. Back home, Sensex was down 199 points at 25,497.
1.52 pm: Sadbhav Engineering clocked volume of 5.57 lakh shares by 1.52 pm on BSE, a 19.89-times surge over two-week average daily volume of 27,000 shares. The share price of Sadbhav Engineering was trading 0.48 per cent lower at Rs 289.35.
Godrej Consumer Products, Blue Dart Express, Majesco and Dishman Pharmaceuticals & Chemicals were among the other stocks which witnessed a surge in volumes on BSE on September 2.
1.43 pm: The BSE Midcap was down 0.11 per cent at 10512 while the BSE Smallcap index was up 0.40 per cent at 10,776. Sensex was down 108 points at 25,588.1.28 pm: BSE Sensex was down 62.54 points at 25,633.90. Nifty down 14.35 points at 7,771.50. BSE Bankex down 1.44 per cent.1.02 pm: Sensex was down 0.51 points at 25695. Nifty was up 2 points at 7,788.12.38 pm: Inox Leisure was trading 2.75 per cent higher at Rs 233.50. It opened at Rs 230 and had touched a high and low of Rs 237 and 229.60, in trade so far. The company informed BSE that it has taken over operations of Multiplex Cinema Theatre located at Old Rajshree Cinema, Sector 21, Near Akshardham Mandir, Gandhi Nagar in the state of Gujarat having 6 screens and 686 seats with effect from September 1, 2015. INOX is now present in 54 cities with 100 multiplexes, 389 screens and 102,035 seats.
12.31 pm: The 50-share Nifty was trading flat, marginally up by 3.70 points or 0.05 per cent at 7,789.55. Major losers were, BHEL, NTPC, PNB, SBIN and PNB. While gainers included Tech Mahindra, Tata Steel, TCS, Ambuja Cements and TCS. Meanwhile, foreign investors sold shares worth Rs 675.32 crore on Tuesday, as per provisional data.
12.10 pm: The market breadth indicating the overall health of the market was positive. Sensex was up 26 points at 25,722. Nifty was up over 15 points at 7,801.
11.53 am: Meanwhile, Motilal Oswal cut its Sensex FY16E EPS by 3 per cent to Rs 1,515 (growth of 12 per cent) post 1QFY16 results, led by global headwinds.
11.47 am: Eros International Media shares were trading over 1 per cent higher in the morning trade on Wednesday after the company announced that it is set to carve a niche in the Malayalam movie market with the release of its debut production, ‘Life of Josutty’. Sensex was flat at 26,680.
11.18 am: Sensex was down 47 points 25,650.
11.13 am: ITC shares were up around 2 per cent at Rs 321.80. The share price of the company jumped on reports that the company is all set to foray into dairy product market with ghee, which would be available in the market by the end of the current quarter. The company’s ambitious dairy business will rollout in the next few years, other products following ghee will include packaged milk, butter, cheese and chocolates.
10.36 am: Sensex was up 125 points at 25,821.
10.16 am: DLF was trading 3.63 per cent higher Rs 109.85. The share price of the company jumped after the announcement made by the company that DLF Home Developers, a wholly-owned subsidiary of DLF, and GIC, Singapore’s sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi. Sensex was up 81 points at 25,777.
9.30 am: Hero MotoCorp reported 13.97 per cent drop in its total two-wheeler sales at 4.80 lakh units in August 2015 over August 2014. The announcement was made after market hours on Tuesday. The share price of Hero MotoCorp was 3.28 per cent lower at Rs 2306.95 in the early trade. Sensex was up 40 points at 25,736.
Domestic equity markets opened in green on Wednesday after in a big relief to FIIs, the government on Tuesday accepted recommendation of a high level panel that minimum alternate tax (MAT) should not be imposed on overseas portfolio investors retrospectively.
The BSE Sensex and NSE Nifty opened 195.91 points and 70.80 points higher at 25,891.95 and 7856.65, respectively.
All the sectoral indices on the Bombay Stock Exchange opened in green. The BSE Realty index and the BSE Metal index were up 1.95 per cent and 0.28 per cent at 1,244.56 and 7,225.17, respectively.
(With inputs from agencies)
