Banking, telecom and index heavyweights ITC and Infosys led modest-to-strong losses for key benchmark indices. The barometer index, the S&P BSE Sensex, lost 231.94 points or 0.87% at 26,515.24, as per the provisional closing data. The Nifty 50 index fell 90.95 points or 1.1% at 8,170.80, as per the provisional closing data. Weakness in European stocks weighed on sentiment on the domestic bourses. Adding to global cues, domestic data over the weekend showing decline in the industrial production in October affected investors' sentiment.
The Sensex lost 278.59 points or 1.04% at the day's low of 26,468.59 in late trade, its lowest level since 8 December 2016. The index fell 21.87 points or 0.08% at the day's high of 26,725.31 in opening trade. The Nifty lost 107.30 points or 1.29% at the day's low of 8,154.45 in late trade, its lowest level since 8 December 2016. The index fell 31.10 points or 0.37% at the day's high of 8,230.65 in opening trade.
The BSE Mid-Cap index lost 1.11%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index fell 0.73%. The decline in this index was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,526 shares declined and 1,102 shares rose. A total of 150 shares were unchanged.
The total turnover on BSE amounted to Rs 2095.26 crore, lower than turnover of Rs 2399.56 crore registered during the previous trading session.
Overseas, European stocks edged lower as investors await another rate decision from the US Federal Reserve later this week. Asian stocks witnessed a mixed trend. In Japan, the Nikkei 225 index closed 0.84% higher. Japan's October core machinery orders rose for the first time in three months to beat expectations, government data showed. Core orders, regarded as an indicator of capital spending in the coming six to nine months, rose 4.1% in October from the previous month.
US major stock indices continued their recent winning streak, closing at all-time highs on Friday, 9 December 2016. All major indexes have been hitting record highs since the election amid hopes that the Trump administration will usher in tax cuts, deregulation and fiscal stimulus.
Index heavyweight and cigarette major ITC lost 1.31% at Rs 232.70. The stock hit a high of Rs 236 and a low of Rs 232.30 in intraday trade.
Index heavyweight and software major Infosys fell 0.87% at Rs 978.75. The stock hit a high of Rs 981.50 and a low of Rs 965.45 in intraday trade.
Telecom stocks declined. Reliance Communications (down 2.03%) and Bharti Airtel (down 1.18%) edged lower.
Bharti Infratel was off 1.56%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Idea Cellular declined 1.24%. The company said it proposes to issue non-convertible debentures amounting to Rs 1500 crore on private placement basis. The tenure of debentures is 5 years with a coupon/interest of 7.57% per annum. The announcement was made after market hours on Friday, 9 December 2016.
On the macro front, India's industrial production declined 1.9% in October 2016 over October 2015. Twelve out of 22 industry groups in the manufacturing sector showed negative growth in October 2016. The data was released by the government after market hours on Friday, 9 December 2016.
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