Losses in IT, telecom stocks and index heavyweight Reliance Industries (RIL) outweighed gains in stocks of public sector banks and index heavyweights ITC and HDFC, with the two key benchmark indices registered small losses. The barometer index, the S&P BSE Sensex, fell 70.37 points or 0.28% at 25,271.49 as per the provisional closing data. The 50-unit Nifty 50 index fell 25.35 points or 0.33% at 7,713.05 as per the provisional closing data. Weakness in global stocks weighed on sentiment on the domestic bourses.
The Sensex fell 222.51 points, or 0.88% at the day's low of 25,119.35 in afternoon trade, its lowest level since 30 March 2016. The barometer index rose 13.08 points, or 0.05% at the day's high of 25,354.94 in morning trade. The Nifty fell 72.30 points, or 0.93% at the day's low of 7,666.10 in afternoon trade, its lowest level since 30 March 2016. The index rose 1.75 points, or 0.02% at the day's high of 7,740.15 in morning trade.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,707 shares rose and 830 shares fell. A total of 106 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.22%. The BSE Small-Cap index provisionally rose 0.93%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2129 crore, lower than turnover of Rs 2764.82 crore registered during the previous trading session.
In the overseas stock market, European stocks edged lower ahead of release of the closely watched US jobs data, which could reveal more about the state of health of the US economy. Earlier during the global day, Japanese stocks led losses in Asian markets after data showing a slump in business confidence in Japan in Q1 March 2016. The Nikkei 225 Average ended 3.55% lower. US stocks closed lower yesterday, 31 March 2016, but still had one of their best months since October as market sentiment stabilized on a more dovish Federal Reserve.
Aviation stocks surged. InterGlobe Aviation (up 4.12%), Jet Airways (India) (up 3.93%) and SpiceJet (up 3.05%), edged higher.
IT stocks edged lower. TCS (down 2.29%), Tech Mahindra (down 2.65%) and Wipro (down 0.42%) fell. HCL Technologies rose 0.80%.
Index heavyweight and IT major Infosys fell 0.8% to Rs 1,208.20. The stock hit a high of Rs 1,221.80 and a low of Rs 1,197 in intraday trade. Infosys is set to announce its Q4 March 2016 results on 15 April 2016.
Index heavyweight and cigarette major ITC rose 2.61% to Rs 336.60. The stock hit a high of Rs 336.75 and a low of Rs 325.85 in intraday trade.
Index heavyweight and housing finance major HDFC rose 0.85% to Rs 1,115. The stock hit a high of Rs 1,117 and a low of Rs 1,093.30 in intraday trade. The company before market hours today, 1 April 2016, announced that it has completed the sale of a 9% stake in HDFC Standard Life Insurance Company (HDFC Life), a subsidiary of the company, to Standard Life (Mauritius Holdings) 2006.
Bharat Heavy Electricals (Bhel) rose 2.24% to Rs 116.30 on media reports that a foreign brokerage has upgraded the stock to buy from sell citing robust order pipeline. Bhel is scheduled to announce flash results for the year ended 31 March 2016 (FY 2016) on 7 April 2016.
Meanwhile, data released by the government after trading hours yesterday, 31 March 2016, showed that the output of eight core industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) surged 5.7% in February 2016, the highest rate of expansion in the past 15 months. The cumulative growth during the period April 2015 to February 2016 stood at 2.3%.
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