Market declines further

Key benchmark indices hit fresh intraday low in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 134.58 points or 0.50% at 26,678.20. The Nifty was down 42.95 points or 0.52% at 8,176.95.

The Sensex rose 74.51 points, or 0.28% at the day's high of 26,887.29 in morning trade. The index fell 195.33 points, or 0.73% at the day's low of 26,617.45 in mid-afternoon trade, its lowest level since 20 June 2016. The Nifty rose 18.45 points, or 0.22% at the day's high of 8,238.35 in morning trade. The index fell 66.65 points, or 0.81% at the day's low of 8,153.25 in mid-afternoon trade, its lowest level since 20 June 2016.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,577 shares fell and 864 shares rose. A total of 192 shares were unchanged. The BSE Mid-Cap index was currently down 0.38%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.68%. The decline in this index was higher than the Sensex's decline in percentage terms.

In the overseas market, European and Asian stocks were trading higher as investors were guardedly optimistic about a "Remain" vote in Britain's make-or-break European Union (EU) referendum. The key event in the UK and Europe this week is the Brexit referendum tomorrow, 23 June 2016, where British voters will decide whether the country should remain a member of the EU or leave it.

US stocks closed slightly higher yesterday, 21 June 2016, after trading within a narrow range after Federal Reserve Chairwoman Janet Yellen cautioned that the UK leaving the European Union (EU) posed a risk while new polls showed support for the "stay camp" growing. In her testimony to the Senate Banking Committee, Yellen said a victory for the "leave camp" in this week's UK referendum on membership in the EU would pose a significant risk to the US economy and global financial market stability, and reiterated the cautious approach to raising interest rates that the Federal Open Market Committee signaled last week when it stood pat on US interest rates.

Power generation stocks declined. JSW Energy (down 3.61%), GMR Infrastructure (down 3.13%), NHPC (down 2.21%), Jaiprakash Power Ventures (down 1.98%), Reliance Power (down 1.63%), Adani Power (down 1.33%), Torrent Power (down 1.07%), CESC (down 0.6%), NTPC (down 0.23%) and Reliance Infrastructure (down 0.02%), edged lower. Tata Power was up 0.07%.

Sugar stocks declined. KCP Sugar & Industries Corporation (down 7.38%), Rana Sugars (down 6.22%), Empee Sugars and Chemicals (down 4.94%), Shree Renuka Sugar (down 4.72%), Simbhaoli Sugars (down 4.52%), Sakthi Sugars (down 4.28%), Upper Ganges Sugar & Industries (down 3.28%), Oudh Sugar Mills (down 2.33%), EID Parry (India) (down 2.2%), Triveni Engineering & Industries (down 1.71%), Dhampur Sugar Mills (down 1.68%), Balrampur Chini Mills (down 0.75%), DCM Shriram Industries (down 0.74%) and Dwarikesh Sugar Industries (down 0.14%), edged lower. Bajaj Hindusthan Sugar was up 0.21%.

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