Weakness continued on the bourses in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex was down 213.62 points or 0.87% at 24,325.38. The 50-unit Nifty 50 index was currently off 65.15 points or 0.87% at 7,390.40. Weakness in global stocks hit sentiment on the domestic bourses adversely. The broad market depicted weakness. There were nearly four losers against every gainer on BSE. 1,471 shares declined and 368 shares rose. A total of 50 shares were unchanged. The BSE Mid-Cap index was currently off 1.15%. The BSE Small-Cap index was currently off 1.45%. The losses for both these indices were higher in percentage terms than those for the Sensex.
The Sensex lost 275.35 points or 1.12% at the day's low of 24,263.65 in early trade, its lowest level since 22 January 2016. The index lost 145.23 points or 0.59% at the day's high of 24,393.77 at the onset of the trading session. The Nifty lost 85.55 points or 1.14% at the day's low of 7,370 in early trade, its lowest level since 22 January 2016. The index lost 49.45 points or 0.66% at the day's high of 7,406.10 at the onset of the trading session.
In overseas stock markets, Chinese and Japanese stocks led decline in Asian equities as a steep drop in crude prices rekindled concerns that global growth is slowing. In Japan, the Nikkei Stock Average was currently off 3.34%. In mainland China, the Shanghai Composite index was currently off 1.17%. In Hong Kong, the Hang Seng index was currently off 2.49%. US stocks closed sharply lower yesterday, 2 February 2016, as investors unloaded energy and financial stocks amid a selloff in crude-oil futures.
Telecom stocks edged lower. Bharti Airtel (down 1.19%), Idea Cellular (down 1.68%), Reliance Communications (down 2.1%) and Tata Teleservices (Maharashtra) (down 2.85%) edged lower. Mahanagar Telephone Nigam was unchanged at Rs 18.40.
Cement stocks declined. Ambuja Cements (down 1.37%), ACC (down 0.7%), UltraTech Cement (down 0.83%) and Shree Cement (down 4.1%) edged lower.
Grasim Industries was up 0.24%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Crompton Greaves slumped 23.88% at Rs 127.20 after the company reported consolidated net loss of Rs 107.03 crore in Q3 December 2015 as against net profit of Rs 274.29 crore in Q3 December 2014. Net sales declined 14.18% to Rs 2067.80 crore in Q3 December 2015 over Q3 December 2014. The result was announced after trading hours yesterday, 2 February 2016.
In a separate announcement after trading hours yesterday, 2 February 2016, Crompton Greaves said that with effect from 3 February 2016, Laurent Demortler will be stepping down as the CEO and Managing Director of the company and K. N Neelkant will take over as CEO and Managing Director of the company. From 1 April 2016, Madhav Acharya will join as a member of the Board of the company as Executive Director Finance in addition to being the CFO of the company. Norberto Santiago will remain as the CEO of the international Automation business and will report to the international board of the company.
Meanwhile, the company further added that its board of directors received a definitive offer for the purchase of selected power businesses in Europe, the USA and Indonesia. After due discussion and deliberation, the board decided not to accept the offer in its current form.
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