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Market extends intraday losses

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Key benchmark indices extended losses to hit fresh intraday low in early afternoon trade. At 12:16 IST, the barometer index, the S&P Sensex, was down 315.53 points or 1.12% at 27,766.81. The 50 index was down 99.05 points or 1.14% at 8,609.75. Weakness in Asian stocks spoiled investors sentiment in Indian market. The and the Nifty, both, hit their lowest levels in almost two weeks. The fell 319.03 points, or 1.14% at the day's low of 27,763.31 in early afternoon trade, its lowest level since 30 September 2016. The index fell 39.72 points, or 0.14% at the day's high of 28,042.62 in early trade. The fell 99.40 points, or 1.14% at the day's low of 8,609.40 in early afternoon trade, its lowest level since 30 September 2016. The index fell 27.25 points, or 0.31% at the day's high of 8,681.55 in early trade.

The broad market depicted weakness. There were more than two losers against every gainer on 1,722 shares fell and 852 shares rose. A total of 109 shares were unchanged. The Mid-Cap index was currently down 1.32%. The BSE Small-Cap index was currently down 1.21%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

Most realty shares edged lower. DLF (down 3.28%), D B Realty (down 3.05%), Housing Development and Infrastructure (HDIL) (down 2.84%), Indiabulls Real Estate (down 2.8%), Prestige Estates Projects (down 2.49%), Peninsula Land (down 2.34%), Unitech (down 2.23%), Sobha (down 2.08%), Sunteck Realty (down 2.02%), Anant Raj (down 1.77%), Omaxe (down 0.9%), Godrej Properties (down 0.59%), Phoenix Mills (down 0.53%) and Mahindra Lifespace Developers (down 0.1%), edged lower. Oberoi Realty (up 0.33%) and Parsvnath Developers (up 2.93%), edged higher.

Cement shares declined. Ambuja Cements (down 1.71%) and ACC (down 1.46%), edged lower. UltraTech Cement was up 0.63%.

Grasim Industries was down 2.03%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

On the economic front, India's industrial production declined 0.7% in August 2016 compared with a revised 2.5% decline in July 2016. The government unveiled the industrial production data for August 2016 after trading hours on Monday, 10 October 2016. Decline in production in metal and manufacturing sector led the decline in industrial production in August 2016. Production of the mining sector declined 5.6% and manufacturing production fell 0.3%. As per use-based classification, capital goods production declined sharply by 22.2% in August 2016. Consumer goods production rose 1.1%.

In overseas stock markets, Asian stocks declined after minutes of the last US Federal Reserve policy meeting indicated a December rate increase was still on the cards. US stocks finished mostly higher yesterday, 12 October 2016. Minutes from the Fed's September meeting, indicate that policy makers wanted more evidence of full employment and gains in inflation before feeling confident in raising rates, but the minutes also said a rate increase was in the cards relatively soon.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 13 2016. 12:14 IST