After trimming losses, key benchmark indices weakened again in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was off 160.89 points or 0.66% at 24,294.15. The 50-unit Nifty 50 index was currently off 45.95 points or 0.62% at 7,391.85. Weakness in Asian stocks weighed on domestic bourses. The broad market depicted weakness. There were more than seven losers against every gainer on BSE. 2,215 shares declined and 303 shares rose. A total of 118 shares were unchanged. The BSE Mid-Cap index was currently down 1.54%. The BSE Small-Cap index was currently down 2.8%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
In overseas stock markets, Asian stocks declined after weak US economic data and massive falls in oil prices stoked further worries about a global economic downturn. US stocks dropped sharply during the previous trading session on Friday, 15 January 2016, as oil prices plunged and investors worried about slowing growth in the US.
Kotak Mahindra Bank rose 0.01% to Rs 676 after announcing good Q3 results. The stock was volatile. The stock hit high of Rs 686.40 and low of Rs 669.85 so far during the day. The bank's net profit jumped 36.63% to Rs 634.72 crore on 61.77% rise in total income to Rs 4843.86 crore in Q3 December 2015 over Q3 December 2014. The results are not comparable due to merger of ING Vysya Bank with Kotak Mahindra Bank which took effect from 1 April 2015. The result was announced during market hours today, 18 January 2016.
Auto stocks declined. Mahindra & Mahindra (M&M) (down 1.36%), Ashok Leyland (down 1.7%), Tata Motors (down 0.92%), Eicher Motors (down 3.97%), Hero MotoCorp (down 1.11%), Bajaj Auto (down 3.56%) and TVS Motor Company (down 2.94%) declined.
Maruti Suzuki India (MSIL) dropped 0.75%. The company on Saturday, 16 January 2016, announced a price increase ranging from Rs 1000 to Rs 4000 across models ex-showroom Delhi. Price of the recently launched model Baleno has been increased in the range of Rs 5000 to Rs 12,000, MSIL said. This price increase is with effect from 16 January 2016.
Bharat Heavy Electricals (Bhel) gained after the company announced that it has commissioned a 660 megawatts (MW) supercritical unit of Lalitpur Super Thermal Power Project (STPP) in Uttar Pradesh. The stock rose 3.99% to Rs 141.95. The stock was volatile. The stock hit a low of Rs 131.90 in intraday trade so far, which is 52-week low for the counter. The stock hit high of Rs 142.20 so far during the day.
Most shares of power generation and power distribution companies edged lower. Torrent Power (down 5.63%), NHPC (down 0.92%), NTPC (down 0.92%), Adani Power (down 7.47%), Power Grid Corporation of India (down 0.11%), and Reliance Power (down 2.25%) declined. Tata Power Company rose 2.19%. Reliance Infrastructure rose 0.11%.
TCS gained 0.99% after the company announced the launch of two retail solutions. The announcement was made during market hours today, 18 January 2016.
Meanwhile, the latest data showed that India's merchandise exports declined for the thirteenth straight month in December 2015. Exports fell 14.7% to $22.30 billion in December 2015 over a year ago, data released by the government today, 18 January 2016 showed. Imports fell 3.9% to $33.96 billion. The trade deficit widened 27.1% to $11.7 billion in December 2015 from $9.18 billion in December 2014.
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