Amid a divergent trend among various index constituents, the two key benchmark indices registered minuscule to small losses. The barometer index, the S&P BSE Sensex, fell 67.06 points or 0.26% at 25,556.29, as per the provisional closing data. The 50-unit Nifty 50 index fell 6.65 points or 0.09% at 7,784.65, as per the provisional closing data.
The Sensex hit two-week low when it fell 109.60 points or 0.42% at the day's low of 25,513.75 in early afternoon trade. The barometer index rose 143.41 points or 0.55% at the day's high of 25,766.76 at the onset of the trading session. The Nifty hit its lowest level in more than two weeks when it fell 28.05 points or 0.36% at the day's low of 7,763.25 in early afternoon trade. The index rose 39.90 points or 0.51% at the day's high of 7,831.20 at the onset of the trading session.
In overseas markets, European stocks reversed initial gains. Chinese stocks edged lower in choppy trade amid worries about how Chinese regulators would address the market volatility and potential selling by big shareholders. In mainland China, the Shanghai Composite index ended 0.26% lower. In Hong Kong, the Hang Seng index lost 0.65%. Concerns over the slowing Chinese economy and falling yuan triggered 7% decline in Chinese stocks yesterday, 4 January 2016, triggering a halt to trading and leading to a global selloff. US stocks closed sharply lower yesterday, 4 January 2016, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East.
Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 2,056 shares rose and 863 shares declined. A total of 88 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.56%. The BSE Small-Cap index was provisionally up 0.79%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3504 crore, higher than turnover of Rs 3363.75 crore registered during the previous trading session.
TCS fell 1.07% at Rs 2,350.10 on media reports that the company has joined the bidding process for Perot Systems, an IT management business of Dell Inc. TCS joined three other contenders for US based Perot Systems viz. Cognizant Technology Solutions Corp, NTT Data Corp and Atos SE, as per reports. Dell had been seeking more than $5 billion for Perot Systems, reports suggested. Perot Systems is major provider of IT consulting to hospitals and government departments. It was acquired by Dell in 2009.
Metal and mining stocks edged higher as copper prices rose in global commodities markets. Tata Steel (up 6.19%), Steel Authority of India (up 5.95%), Vedanta (up 3.82%), Hindustan Zinc (up 5.08%), NMDC (up 3.33%), Jindal Steel & Power (up 3.29%) and Hindalco Industries (up 2.23%) edged higher. National Aluminium Company (down 0.26%) edged lower.
High Grade Copper for March 2016 delivery was currently up 0.89% at $2.098 per pound on the COMEX.
JSW Steel rose 3.53% at Rs 1,084 after the company announced that the Karnataka high court on 3 December 2015 provided a partial relief on the payment of Forest Development Tax (FDT) while hearing a petition filed by mine owners and the purchasers of iron ore, including JSW Steel on the levy of FDT by the Karnataka state government. The parties are entitled to appeal to the high court within the stipulated period of 90 days. JSW Steel said that the company is closely monitoring the developments in this regard. The announcement was made after market hours yesterday, 4 January 2016.
Oil stocks rose across the board. Among oil exploration and production (E&P) stocks, ONGC (up 1.22%), Cairn India (up 1.73%), Reliance Industries (up 0.91%) and Oil India (up 0.66%) edged higher.
Among the state-run oil marketing companies (PSU OMCs), BPCL (up 1.58%), Indian Oil Corporation (up 4.62%) and HPCL (up 0.47%) edged higher.
In the global commodities markets, Brent for February settlement was currently down 5 cents at $37.17 a barrel. The contract had fallen 6 cents or 0.16% to settle at $37.22 a barrel during the previous trading session.
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