Key indices pare losses after initial sharp slide

Gains in index heavyweight Reliance Industries (RIL) aided recovery for key benchmark from lower level. At 10:17 IST, the barometer index, the S&P BSE Sensex, was off 205.61 points or 0.82% at 24,728.72. The 50-unit Nifty 50 index was down 75.45 points or 0.99% at 7,525.90. Weakness in global markets weighed on Indian stocks.

The Sensex hit its lowest levels in more than 19 months when it lost 335.43 points or 1.35% at the day's low of 24,598.90 in early trade. The barometer index fell 147.22 points or 0.59% at the day high of 24,787.11 in opening trade. The Nifty hit its lowest levels in almost 18 months when it fell 107 points, or 1.41% at the day's low of 7,494.35 in early trade. The index fell 72.95 points, or 0.96% at the day high of 7,528.40 in morning trade.

The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,462 shares fell and 681 shares rose. A total of 92 shares were unchanged. The BSE Mid-Cap index was currently off 0.95%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.8%. The decline in this index was lower than the Sensex's decline in percentage terms.

In overseas stock markets, Chinese stocks led losses for Asian stocks on continued worries about the Chinese economy. In mainland China, the Shanghai Composite was currently off 2.4%. In Hong Kong, the Hang Seng index was currently off 2.45%. US stocks closed sharply lower during the previous trading session on Friday, 8 January 2016, as the December nonfarm payroll report showed weakness in the pace of wage growth and as crude oil prices tumbled.

Index heavyweight Reliance Industries (RIL) was up 1.89% at Rs 1,043.40. The stock hit a high of Rs 1,043.70 and a low of Rs 1,011 so far during the day.

Power generation stocks edged lower. GMR Infrastructure (down 3.27%), Jaiprakash Power Ventures (down 2.76%), JSW Energy (down 2.41%), Adani Power (down 2.1%), Torrent Power (down 1.92%), NHPC (down 1.66%), CESC (down 0.88%) and Reliance Infrastructure (down 0.12%), edged lower. NTPC was up 0.47%.

Tata Power Company was down 2.48%. The company after market hours on Friday, 8 January 2016, announced about the issue of unsecured, non-cumulative, redeemable, taxable, listed, rated Non-Convertible Debentures (NCDs) amounting to Rs 500 crore on private placement basis. The company will issue 5,000 debentures having tenure of 7 years with floating rate of NCDs linked with base rate of State Bank of India. The date of allotment of debentures is 12 January 2016 and the date of maturity is 12 January 2023.

State-run coal mining major Coal India was down 1.48% to Rs 316.30.

IT stocks edged lower. Tech Mahindra (down 1.47%), Wipro (down 1.29%), HCL Technologies (down 1.26%), Hexaware Technologies (down 1.23%), Persistent Systems (down 1.1%), MindTree (down 0.7%), MphasiS (down 0.64%) and Oracle Financial Services Software (down 0.4%) edged lower.

Index heavyweight and IT major Infosys was down 0.25% to Rs 1,060. The company will announce its Q3 December 2015 results on Thursday, 14 January 2016.

Another IT major TCS was down 1.45% to Rs 2,362.50. The company will announce its Q3 December 2015 results tomorrow, 12 January 2016.

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