Key indices trim losses after hitting fresh intraday low

A bout of volatility was witnessed as key benchmark indices trimmed losses after extending intraday slide in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was off 121.98 points or 0.48% at 25,408.13. The 50-unit Nifty 50 index was currently off 33.50 points or 0.43% at 7,731.90. The Sensex hit a 10-week low when it fell 142.98 points or 0.56% at the day's low of 25,387.13 in afternoon trade. The barometer index rose 12.36 points or 0.04% at the day's high of 25,542.47 in morning trade. The Nifty hit its lowest level in almost three weeks when it lost 38.15 points or 0.49% at the day's low of 7,727.25 in afternoon trade. The index rose 5.85 points or 0.07% at the day's high of 7,771.25 in morning trade.

The market breadth indicating the overall health of the market was weak. On BSE, 1,557 shares fell and 982 shares rose. A total of 147 shares were unchanged. The BSE Mid-Cap index was currently off 0.58%. The BSE Small-Cap index was currently down 0.59%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

Overseas cues were negative. Chinese stocks led decline in Asian markets after China reported weak trade data for November 2015. Energy and materials sector stocks led losses for US equities yesterday, 7 December 2015, as global crude oil prices tumbled in the wake of a decision late last week from the Organization of the Petroleum Exporting Countries to keep crude production running at current levels.

Realty stocks declined. Indiabulls Real Estate (down 3.56%), Unitech (down 3.57%), Oberoi Realty (down 0.53%), Phoenix Mills (down 0.61%), Housing Development & Infrastructure (HDIL) (down 2.95%), DLF (down 2.32%), and Omaxe (down 0.11%) edged lower. Sobha rose 0.28%.

Shares of power generation and power distribution companies edged lower. Torrent Power (down 1.42%), GVK Power & Infrastructure (down 0.8%), Tata Power Company (down 1.25%), Adani Power (down 5.42%), Power Grid Corporation of India (down 0.5%), Reliance Infrastructure (down 2.16%) and Reliance Power (down 3.26%) declined. NTPC rose 0.23%.

NHPC declined 2.54%. The company said during market hours that its 120 megawatts (MW) Sewa-II power generation unit in Jammu & Kashmir has been completely shut down for attending annual maintenance of machines for about 20 days with effect from 7 December 2015.

RattanIndia Power (down 4.94%), Kailash Auto Finance (down 4.76%), PMC Fincorp (down 4.23%), Cairn India (down 3.61%) and Oil India (down 3.54%) were the major losers from the BSE's 'A' group.

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