Key benchmark indices dropped sharply on first trading day of the week on weak global cues. After gyrating in small range between positive and negative zone for most part of the day, key indices saw a sell-off in last hour of trade. The barometer index, the S&P BSE Sensex, was down 236.03 points or 0.91% at 25,627.47, as per provisional closing data. The 50-unit CNX Nifty was down 72.80 points or 0.93% at 7,795.70, as per provisional closing data.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, shares 1,578 declined and 1,132 shares rose. A total of 131 shares were unchanged. The BSE Mid-Cap index was off 0.28%. The BSE Small-Cap index was off 0.21%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 2584 crore, slightly higher than turnover of Rs 2567.09 crore registered during the previous trading session on Thursday, 24 September 2015
Metal and mining stocks declined on weak Chinese economic data. China is the world's largest consumer of steel, copper and aluminum.
Vedanta (down 4.25%), JSW Steel (down 2.27%), Tata Steel (down 2.83%), Steel Authority of India (Sail) (down 2.65%), Hindustan Zinc (down 4.62%), Jindal Steel & Power (down 2.34%), National Aluminium Company (down 1.37%), Hindalco Industries (down 1.12%), Hindustan Copper (down 2.29%) edged lower.
NMDC slipped 1.52%. Adani Ports and Special Economic Zone (APSEZ) rose 2.02%. APSEZ replaced NMDC as a constituent in the 50-unit CNX Nifty index with effect from today, 28 September 2015.
Auto stocks declined. Hero MotoCorp (down 1.41%), Eicher Motors (down 2.88%), Bajaj Auto (down 0.14%), Ashok Leyland (down 0.33%), Mahindra & Mahindra (down 0.36%), TVS Motor Company (down 2.21%) and Maruti Suzuki (India) (down 0.99%) edged lower.
Tata Motors slumped 6.31% to Rs 284.50. The stock hit a low of Rs 283.80 in intraday trade, which is 52-week low for the counter. As per reports, the company has been removed from Credit Suisse Asia Ex-Japan focus list.
In overseas markets, European and Asian stock markets edged lower with trading sentiment hurt by another weak data release from China. Markets in Hong Kong, Taiwan and South Korea are closed for holiday. Economic data showed that China's industrial profits fell 8.8% in August from a year ago, extending July's 2.9% fall as the slowing economy hit enterprises' profitability. US markets ended on a mixed note on Friday, 25 September 2015 due to a sharp sell-off in biotech and healthcare stocks. Prospects for the US economy generally appear solid, Federal Reserve Chairwoman Janet Yellen said in her speech late Thursday, 24 September 2015 after US markets had closed. She argued in favor of hiking interest rates this year, giving more clarity to Fed watchers.
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