Market extends losses

Losses for IT stocks pulled key benchmark indices further lower in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was down 158.35 points or 0.61% at 25,645.43. The Nifty 50 index was down 48.45 points or 0.62% at 7,795.90. The Sensex fell 166.03 points or 0.64% at the day's low of 25,637.75 in mid-morning trade. The barometer index fell 14.27 points or 0.05% at the day's high of 25,789.51 in early trade. The Nifty fell 49.60 points or 0.63% at the day's low of 7,794.75 in mid-morning trade. The index fell 8.20 points or 0.1% at the day's high of 7,836.15 in early trade.

In overseas stock market, most Asian stocks were in the red after losses for US stocks overnight. Japanese stocks edge lower amid high volatility. The Nikkei 225 Average was currently off 1.75%. The Bank of Japan surprised financial markets by announcing additional measures to its three-year old easing program after the conclusion of two-day monetary policy meeting.

The market breadth indicating the overall health of the market was positive. On BSE, 1,138 shares rose and 1,084 shares fell. A total of 179 shares were unchanged. The BSE Mid-Cap index was currently up 0.34%. The BSE Small-Cap index was currently up 0.04%. Both these indices outperformed the Sensex.

Metal shares edged lower. Vedanta (down 2.01%), Jindal Steel & Power (down 1.95%), Bhushan Steel (down 1.22%), NMDC (down 0.97%), JSW Steel (down 0.81%), Steel Authority of India (down 0.62%), Hindustan Zinc (down 0.6%), Tata Steel (down 0.45%), Hindalco Industries (down 0.18%) and Hindustan Copper (down 0.09%), edged lower. National Aluminium Company (Nalco) was flat at Rs 41.45.

Most realty shares edged higher. Phoenix Mills (up 1.63%), Housing Development and Infrastructure (HDIL) (up 1.21%), Oberoi Realty (up 1.06%), D B Realty (up 1.05%), Godrej Properties (up 0.86%), DLF (up 0.39%), Indiabulls Real Estate (up 0.25%) and Anant Raj (up 0.14%), edged higher. Sunteck Realty (down 0.21%), Prestige Estates Projects (down 0.43%), Unitech (down 0.76%), Peninsula Land (down 0.87%) and Mahindra Lifespace Developers (down 1.15%) edged lower.

Sobha was up 1.83% after the company announced the launch of its first commercial project, Sobha City Mall, at Puzhakkal in Thrissur, Kerala. The announcement was made after market hours yesterday, 17 December 2015. Situated at heart of Sobha City - the first and the largest integrated township in Kerala, Sobha City Mall will offer best-in-class retail and entertainment experience for the customers. Sprawled over 5 acres, Sobha City Mall has a built up area of approximately of 4.5 lakh square feet, comprising of three floors of shopping space along with a basement for car parking.

Jyoti jumped 13.25% after the company announced that is has secured an order worth Rs 139 crore from DRN Infrastructure, Hubli, Karnataka. The announcement was made after market hours yesterday, 17 December 2015. Jyoti said that the order is for design, manufacturing, supply, erection, testing and commissioning of five units of metallic volute pumps along with allied mechanical, electrical and instrumentation equipment for TubchiBableshwar Lift Irrigation Scheme under Karnataka Neeravari Nigam.

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