Key benchmark indices continued to trade with weakness in early afternoon trade as shares of index heavyweights HDFC and ITC remained subdued. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 257.01 points or 0.97% at 26,301.62. The Nifty 50 index was currently off 83.20 points or 1.02% at 8,109.70. Weakness in Asian stocks weighed adversely on the domestic bourses.
Overseas, Asian markets declined on global uncertainties as investors adopted a wait-and-see mood. Later today, 2 December 2016, the US Labor Department will release its closely watched monthly employment report for November. Investors are awaiting US payrolls report for confirmation the US economy continues to strengthen, with an eye on an expected hike in benchmark US interest rates by the Federal Reserve at its meeting on 13-14 December. Investors are also concerned about Italy's constitutional referendum on Sunday, 4 December 2016 which could determine whether or not the country will remain in the euro zone.
A sharp decline in technology stocks pulled both the Nasdaq and the S&P 500 indexes into the red yesterday, 1 December 2016 while the Dow managed to notch a record closing high with a lift from bank and energy shares.
Closer home, the broad market depicted weakness. There were more than two losers for every gainer. On BSE, 1,622 shares declined and 698 shares rose. A total of 110 shares were unchanged. The BSE Mid-Cap index was currently off 0.9%. The BSE Small-Cap index was currently off 0.92%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
Index heavyweight and housing finance major HDFC lost 1.84% to Rs 1,247. The stock hit high of Rs 1,289.20 and low of Rs 1,235.65 so far during the day.
Index heavyweight and cigarette major ITC lost 1.82% to Rs 229.10. The stock hit high of Rs 232.90 and low of Rs 228.10 so far during the day.
Realty stocks dropped. Indiabulls Real Estate (down 3.12%), Housing Development & Infrastructure (down 2.2%), DLF (down 2.05%), Oberoi Realty (down 1.96%), Unitech (down 2.41%), D B Realty (down 3.05%), Prestige Estates Projects (down 1.16%), Sobha (down 0.8%), Godrej Properties (down 0.46%) and Omaxe (down 0.28%) edged lower.
Clariant Chemicals (India) fell 1.84% after net profit declined 86.1% to Rs 3.46 crore on 2.1% rise in net sales to Rs 227.62 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 1 December 2016.
Dilip Buildcon lost 11.18% after net profit fell 82.7% to Rs 6.97 crore on 3.5% increase in net sales to Rs 915.66 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 1 December 2016.
Shilpa Medicare rose 1.08% to Rs 666.45 after the company's board proposed to increase the foreign investors' shareholding limit to 40% from the existing limit of 30%. The announcement was made after market hours yesterday, 1 December 2016.
Shilpa Medicare's board at its meeting held yesterday, 1 December 2016, approved raising of funds up to Rs 175 crore by issuing equity shares on preferential basis to TA FII Investors, Mauritius, at Rs 570 per share, which will be classified as a non-promoter shareholder.
Jindal Drilling & Industries fell 5.91% after an arbitration award had been passed against Jindal Drilling & Industries, making it liable to pay $31.76 million with other expenses and interest charges. The company said it is taking necessary steps to contest in relation to the award. The announcement was made after market hours yesterday, 1 December 2016.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)