Nifty hits lowest level in more than two weeks

Volatility continued as key benchmark indices slipped into the red from green in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 78.78 points or 0.31% at 25,544.57. The 50-unit Nifty 50 index was currently down 19.80 points or 0.25% at 7,771.50. The Nifty hit its lowest level in more than two weeks when it fell 22.70 points or 0.29% at the day's low of 7,768.60 in mid-morning trade. The index rose 39.90 points or 0.51% at the day's high of 7,831.20 at the onset of the trading session. The Sensex hit two-week low when it fell 83.40 points or 0.32% at the day's low of 25,539.95 in mid-morning trade. The barometer index rose 143.41 points or 0.55% at the day's high of 25,766.76 at the onset of the trading session.

In overseas markets, Chinese stocks edged lower in choppy trade. In mainland China, the Shanghai Composite index was currently off 1.44%. In Hong Kong, the Hang Seng index was currently off 0.95%. Chinese stocks dropped 7% yesterday, 4 January 2016, triggering a halt to trading and leading to a global selloff. US stocks closed sharply lower yesterday, 4 January 2016, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East.

The market breadth indicating the overall health of the market was strong. On BSE, 1,598 shares rose and 885 shares declined. A total of 103 shares were unchanged. The BSE Mid-Cap index was currently down 0.09%. The decline in this index was lower than the Sensex's fall in percentage terms. The BSE Small-Cap index was currently up 0.21%, outperforming the Sensex.

Realty stocks rose. Indiabulls Real Estate (up 0.08%), DLF (up 1.82%), Unitech (up 0.9%), Housing Development & Infrastructure (HDIL) (up 1.18%), Oberoi Realty (up 2.14%), and Phoenix Mills (up 1.58%) edged higher. Sobha declined 0.43%.

Telecom stocks were mixed. Reliance Communications (RCom) (up 0.35%) and Idea Cellular (up 0.99%) gained. Bharti Airtel (down 1.55%) and Tata Teleservices (Maharashtra) (down 0.73%) declined.

Suven Life Sciences gained 1.54% after the company said that it secured one product patent from Canada, one product patent from ARIPO (African Regional Intellectual Property Organization) and one product patent from South Korea. These patents correspond to the New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases. These patents are valid through 2030, the company said. The announcement was made during trading hours today, 5 January 2016.

Powered by Capital Market - Live News