Losses for banking sector stocks and index heavyweights HDFC, Infosys and L&T outweighed gains for pharma stocks and index heavyweight Reliance Industries (RIL) resulting in small losses for key benchmark indices. The barometer index, the S&P BSE Sensex, lost 73.60 points or 0.28% at 26,095.81, as per the provisional closing data. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty shed 32.35 points or 0.41% at 7,922.55, as per the provisional closing data.
The Sensex and the Nifty witnessed mild intraday volatility. The Sensex lost 127.73 points or 0.48% at the day's low of 26,041.68 in mid-morning trade, its lowest level since 27 November 2015. The barometer index hit its highest level in almost four weeks when it rose 87.01 points or 0.33% at the day's high of 26,256.42 at the onset of the trading session. The Nifty dropped 44.10 points or 0.55% at the day's low of 7,910.80 in mid-morning trade, its lowest level since 27 November 2015. The Nifty hit its highest level in almost four weeks when it rose 24.40 points or 0.3% at the day's high of 7,979.30 in early trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,486 shares rose and 1,296 shares fell. A total of 155 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.2%. The BSE Small-Cap index was provisionally up 0.01%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks reversed initial gains in choppy trade. Earlier during the global day, Chinese stocks edged higher as disappointing manufacturing data spurred hopes of stimulus for the world's second biggest economy. US stocks edged higher yesterday, 1 December 2015, after downbeat manufacturing report hinted at gradual pace of US interest rate increases next year. The US Federal Reserve is widely expected to announce an increase of 25 basis points in the federal funds rate after a regular monetary policy review scheduled during the middle of this month. With markets having already priced in a 25 basis points rate hike in mid-December, the focus has shifted to the likely pace and quantum of rate hikes once this first move is done.
The total turnover on BSE amounted to Rs 3019 crore, higher than turnover of Rs 2994.91 crore registered during the previous trading session.
Shares of hospitality companies surged. TajGVK Hotels & Resorts (up 5.57%), Hotel Leela Venture (up 11.11%), Indian Hotels (up 11.29%), EIH (up 10.31%), EIH Associated Hotels (up 14.29%) and Royal Orchid Hotels (up 6.89%) jumped.
Shares of index heavyweight Reliance Industries (RIL) rose 1.14% at Rs 976.60. The stock hit a high of Rs 978.60 and a low of Rs 965.80 in intraday trade.
Shares of Chennai-based companies fell as heavy rains in Chennai has thrown life out of gear and created a flood like situation in many areas. Chennai Petroleum Corporation (CPCL) fell 0.91%. India Cements fell 1.32%.
Shares of IT major Infosys fell 1.65% at Rs 1,058.90. The stock hit a high of Rs 1,082 and a low of Rs 1,058.25 in intraday trade.
Ashok Leyland lost 0.48%. Ashok Leyland's Ennore plant in Chennai accounts for 40% of its production, as per media reports.
Shares of TVS Motor Company shed 4.9% after the company announced that incessant rains for the past three weeks in Chennai have had an adverse impact on the company's production in November 2015. The company suffered a loss of approximately 15,000 units due to the inclement weather, TVS Motor Company said at the time of announcement of sales volume data for November 2015 after market hours yesterday, 1 December 2015. The company reported 2.43% growth in total sales to 2.25 lakh units in November 2015 over November 2014.
Wockhardt rose 0.73% after the company said that UK MHRA has issued an unrestricted GMP certificate to the company's L1-Chikalthana manufacturing facility in Aurangabad after carrying out the inspection at the facility. The announcement was made after market hours yesterday, 1 December 2015.
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