Weakness continued on the bourses in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was off 313.89 points or 1.22% at 25,405.69. The decline for the 50-unit CNX Nifty index was higher in percentage terms compared with the fall for the Sensex. The Nifty was currently off 101.60 points or 1.3% at 7,717. The broad market depicted weakness. There were almost three losers against every gainer on BSE. 1,529 shares fell and 521 shares rose. A total of 65 shares were unchanged.
The BSE Mid-Cap index was down 0.93%. The decline in this index was lower than Sensex's fall in percentage terms. The BSE Small-Cap index was down 1.25%. The decline in this index was higher than Sensex's fall in percentage terms.
Overseas cues were negative. Stocks in Japan and Hong Kong led decline in Asian equities after weak Japanese economic data and as a report showing a record rise in job openings in the United States in July sparked worries about a potential interest-rate hike from the US Federal Reserve. Higher US interest rates will reduce the attraction of riskier emerging-markets assets. US stocks closed sharply lower yesterday, 9 September 2015, as the strong job openings data for July triggered concerns about an imminent hike in interest rates from the Federal Reserve.
Close home, bank stocks declined. Among public sector banks, UCO Bank (down 2.95%), Bank of Baroda (down 3.13%), Syndicate Bank (down 2.75%), Punjab National Bank (down 3.03%), Allahabad Bank (down 3.95%), Bank of India (down 3.66%), State Bank of India (SBI) (down 2.85%), Union Bank of India (down 3.23%), Canara Bank (down 3.79%), and United Bank of India (down 3.9%) edged lower. Corporation Bank rose 1.98%.
Among private sector banks, Axis Bank (down 1.58%), HDFC Bank (down 1.67%), ICICI Bank (down 2.55%), Kotak Mahindra Bank (down 2.97%), Federal Bank (down 1.84%), Yes Bank (down 3.02%), and IndusInd Bank (down 2.02%) edged lower.
Capital goods stocks dropped. BEML (down 2.86%), Bharat Heavy Electricals (Bhel) (down 1.62%), Havells India (down 3.13%), L&T (down 1.62%), Thermax (down 2.13%), Crompton Greaves (down 2.65%) and Siemens (down 2.52%) declined.
Sun TV Network (down 5.11%), Sunrise Asian (down 4.95%), UPL (down 4.8%), Monsanto India (down 4.74%) and Hindalco Industries (down 4.77%) were the major losers from BSE A group of shares.
GAIL (India) declined 1.65%. The company during market hours today, 10 September 2015, announced that Rajasthan State Gas (RSGL) and the Rajasthan state government have signed a memorandum of understanding (MoU) towards investment of Rs 2700 crore in the next three years for developing natural gas infrastructure in Rajasthan. RSGL is a joint venture company of GAIL Gas and Rajasthan State Petroleum Corporation. GAIL Gas is a wholly owned subsidiary of GAIL (India).
Piramal Enterprises (PEL) rose 1.24% on media reports that the company is in talks to take control of Infrastructure Leasing & Financial Services (IL&FS) India's largest unlisted infrastructure developer and financier in an all-stock deal. The IL&FS board reportedly discussed the contours of the proposed deal a few weeks ago. As per the plan, PEL will carve out its financial services business and merge it with IL&FS in an all-stock deal to create a $2.5-billion (about Rs 15000 crore) company, reports said.
Bal Pharma rose 2.22% after the company announced the launch of its maiden over the counter (OTC) product Eye Spa, in Bangalore market. The company made the announcement after market hours yesterday, 9 September 2015. Eye Spa is an unique product which soothes and rejuvenates the tired eyes, due to their continuous exposure to dust, TV/computer screen, air conditioning and other modern lifestyle disorders, Bal Pharma said. The Bangalore market was chosen for the launch of the product as majority of the city's population is exposed to these lifestyle eye disorders.
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