Metal and oil sector stocks led losses for key benchmark indices. The barometer index, the S&P BSE Sensex, lost 252.88 points or 0.99% at 25,277.23, as per the provisional closing data. The decline for the Sensex was higher in percentage terms compared with the fall in the 50-unit Nifty 50 index. The Nifty declined 63.70 points or 0.82% at 7,701.70, as per the provisional closing data. The slide for the two key benchmark indices accentuated during the last one hour of trading. The Sensex hit a 13-week low when it fell 273.32 points or 1.07% at the day's low of 25,256.79 in late trade. The barometer index rose 12.36 points or 0.04% at the day's high of 25,542.47 in morning trade. The Nifty hit its lowest level in almost 13 weeks when it lost 79.95 points or 1.02% at the day's low of 7,685.45 in late trade. The index rose 5.85 points or 0.07% at the day's high of 7,771.25 in morning trade.
Overseas cues were negative. Asian and European stocks edged lower as concerns over slowing Chinese growth resurfaced after a disappointing set of trade data from the world's second biggest economy. Energy and materials sector stocks led losses for US equities yesterday, 7 December 2015, as global crude oil prices tumbled in the wake of a decision late last week from the Organization of the Petroleum Exporting Countries to keep crude production running at current levels.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,868 shares fell and 889 shares rose. A total of 148 shares were unchanged. The BSE Mid-Cap index was provisionally off 1.17%. The BSE Small-Cap index was provisionally down 1.33%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 2754 crore, higher than turnover of Rs 2663.22 crore registered during the previous trading session.
Shares of oil exploration and production (E&P) firms declined along with steep slide in global crude oil prices. Cairn India (down 5.93%), Oil India (down 3.19%), ONGC (down 4.15%) and Reliance Industries (down 1.44%) edged lower. Lower crude oil price would result in lower realization from crude sales for oil exploration firms.
In the global commodities markets, Brent for January settlement was currently up 44 cents at $41.17 a barrel. The contract had tumbled $2.27 a barrel or 5.27% to settle at $40.73 a barrel during the previous trading session.
Shares of state-run gas transmission major GAIL (India) tumbled 4.99% at Rs 339.70. The stock hit a high of Rs 357.25 and a low of Rs 337.35 in intraday trade.
Shares of state-run power equipment major Bharat Heavy Electricals lost 2.42% at Rs 165. The stock hit a high of Rs 168.50 and a low of Rs 164.10 in intraday trade.
Shares of state-run coal mining giant Coal India lost 2.93% at Rs 317.95. The stock hit a high of Rs 327.55 and a low of Rs 316.95 in intraday trade.
Index heavyweight and housing finance major HDFC lost 0.96% at Rs 1,174.60. The stock hit a high of Rs 1,185 and a low of Rs 1,170 in intraday trade.
Index heavyweight L&T lost 1.85% at Rs 1,316. The stock hit a high of Rs 1,340.80 and a low of Rs 1,314.20 in intraday trade. L&T during market hours today, 8 December 2015, said that its construction division has secured orders worth Rs 1960 crore across its various businesses.
Tata Motors rose 0.75% at Rs 401.95 after the company's British luxury car unit Jaguar Land Rover (JLR) reported 27% rise in retail sales to 46,547 vehicles in November 2015 over November 2014. Retail volumes in China were down 22% in November 2015 over November 2014, reflecting slowdown in the economy, JLR said.
Powered by Capital Market - Live News
