Sensex, Nifty hit lowest level in almost a week

Key benchmark indices extended losses in mid-afternoon trade, with the barometer index, the S&P BSE Sensex, and the Nifty 50 index, both, hitting their lowest level in almost a week. At 14:25 IST, the Sensex was down 252.36 points or 0.9% at 27,832.80. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty 50 index was currently down 89.05 points or 1.03% at 8,589.20. The Sensex was trading below the psychological 28,000 level after falling below that level in morning trade.

The Sensex lost 304.17 points or 1.08% at the day's low of 27,780.99 in mid-afternoon trade, its lowest level since 4 August 2016. The barometer index rose 58.12 points or 0.21% at the day's high of 28,143.28 at onset of trading session. The Nifty lost 102.75 points or 1.18% at the day's low of 8,575.50 in mid-afternoon trade, its lowest level since 4 August 2016. The index rose 11.85 points or 0.14% at the day's high of 8,690.10 at onset of trading session.

The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,847 shares fell and 751 shares rose. A total of 146 shares were unchanged. The BSE Mid-Cap index was currently off 0.88%. The BSE Small-Cap index was currently off 0.85%. The fall in both these indices was lower than the Sensex's decline in percentage terms.

In overseas stock markets, Asian and European stocks witnessed a mixed trend as investors assess the timing of the next interest rate hike by the US Federal Reserve as well as the outlook for oil prices. US stocks eked out small gains yesterday, 9 August 2016, with the Nasdaq Composite index posting a fresh record close, as investors kept an eye on falling oil prices.

Mahindra & Mahindra (M&M) declined 1.52%. The company's net profit rose 12.37% to Rs 955.21 crore on 14.33% rise in total income to Rs 12159.73 crore in Q1 June 2016 over Q1 June 2015. The result was announced during trading hours today, 10 August 2016. In its outlook, M&M said that with a robust rainfall received so far and IMD's prediction of normal rains for rest of the monsoon season, rural demand can be expected to gather further strength in the coming months.

IT stocks fell. TCS (down 0.42%), Infosys (down 0.02%), Wipro (down 0.84%), MindTree (down 2.37%), Tech Mahindra (down 1.07%), Hexaware Technologies (down 1.77%) and MphasiS (down 2.89%) declined. Oracle Financial Services Software rose 0.72%.

HCL Technologies fell 0.17% to Rs 816.05 after the stock turned ex-dividend today, 10 August 2016, for interim dividend of Rs 6 per share for the year ended 31 March 2017 (FY 2017). Before turning ex-dividend, the stock offered a dividend yield of 0.73% based on its closing price of Rs 817.45 on the BSE yesterday, 9 August 2016.

Power generation stocks declined. Reliance Infrastructure (down 2.97%), Tata Power Company (down 1.53%), NTPC (down 0.31%), Torrent Power (down 2.03%), Reliance Power (down 2.29%), NHPC (down 0.2%), Jaiprakash Power Ventures (down 3.03%), Adani Power (down 2.89%), JSW Energy (down 1.81%) edged lower. CESC rose 0.07%.

State-run coal-mining giant Coal India was up 0.31% at Rs 338. The stock hit a high of Rs 340 and a low of Rs 334.40 so far during the day.

Shares of state-run power transmission major Power Grid Corporation of India shed 0.65%.

Shares of state-run power sector finance firms also moved higher. Rural Electrification Corporation was off 1.84% at Rs 223.95.

Power Finance Corporation (PFC) was off 2.57% at Rs 218.10. The company's net profit rose 8.64% to Rs 1712.55 crore on 5.91% rise in total income to Rs 7158.66 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 9 August 2016.

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