Sensex, Nifty hit lowest level in more than 13 weeks

A bout of volatility was witnessed as key benchmark indices extended losses in morning trade, with the barometer index, the S&P BSE Sensex, and the 50-unit Nifty 50 index, both, hitting their lowest level in more than 13 weeks. At 10:18 IST, the Sensex was off 87.41 points or 0.35% at 25,222.92. The decline for the Sensex was higher in percentage terms compared with the fall in Nifty. The Nifty was currently down 20.20 points or 0.26% at 7,681.50. The Sensex lost 123.95 points or 0.48% at the day's low of 25,186.38 in morning trade, its lowest level since 8 September 2015. The barometer index rose 6.62 points or 0.02% at the day's high of 25,316.95 in early trade. The Nifty fell 29.70 points or 0.38% at the day's low of 7,672 in morning trade, its lowest level since 8 September 2015. The index rose 1.15 points or 0.01% at the day's high of 7,702.85 in early trade.

The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,359 shares fell and 587 shares rose. A total of 112 shares were unchanged. The BSE Mid-Cap index was currently off 0.7%. The BSE Small-Cap index was currently down 0.91%. The decline in both these indices was higher than Sensex's decline in percentage terms.

In overseas stock markets, Asian share markets extended losses registered in previous trading session. In mainland China, the Shanghai Composite index was up 0.65%. Latest data showed that China's consumer price inflation rose 1.5% on year in November 2015. On a monthly basis, inflation was flat last month following the 0.3% decline in October. US stocks closed lower yesterday, 8 December 2015, but off session lows as oil prices stabilized and biotech stocks gained.

Metal and mining stocks declined. Vedanta (down 1.89%), Hindalco Industries (down 0.99%), Jindal Steel & Power (down 1.85%), NMDC (down 1.19%), National Aluminium Company (down 1.65%), Tata Steel (down 1.02%), JSW Steel (down 0.69%) and Steel Authority of India (down 0.45%) edged lower. Hindustan Zinc (up 0.63%) edged higher.

Cement stocks edged lower. Ambuja Cements (down 1.47%), UltraTech Cement (down 1.49%), Shree Cement (down 0.47%) and ACC (down 1.21%) declined.

Grasim Industries was off 0.29%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Bharat Heavy Electricals (Bhel) rose 1.61% to Rs 167.30 on reports that Heavy Industry Minister Anant Geete clarified to the media that there were no plans of divestment of the government's stake in the company. As on 30 September 2015, the government held 63.06% stake in Bhel. In March 2014, the government had sold 4.66% stake in the company.

Binani Industries lost 4.29% at Rs 83.75 as the stock turned ex-dividend today, 9 December 2015, for dividend of Rs 3 per share for the year ended 31 March 2015. Before turning ex-dividend, the stock offered a dividend yield of 3.42% based on the stock's closing price of Rs 87.50 on BSE yesterday, 8 December 2015.

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