Key benchmark indices opened lower tracking negative leads from the global market. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 276.91 points or 1.11% at 24,657.42. The Nifty 50 index was down 87.35 points or 1.15% at 7,514.
The broad market depicted weakness. There were more than three losers against every gainer on BSE. 1025 shares fell and 286 shares rose. A total of 68 shares were unchanged. The BSE Mid-Cap index was down 1.06%. The BSE Small-Cap index was down 1%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
In overseas markets, Asian shares fell sharply, following a global rout last week that centered on worries about the Chinese economy and falling yuan. US stocks closed sharply lower on Friday, 8 January 2016, ending the week with the biggest percentage declines since 23 September 2011. Selling was triggered by concerns over a slowdown in China's economy and plunging oil prices.
Tata Power Company fell 2.11%. The company after market hours on Friday, 8 January 2016, announced about the issue of unsecured, non-cumulative, redeemable, taxable, listed, rated Non-Convertible Debentures (NCDs) amounting to Rs 500 crore on private placement basis. The company will issue 5,000 debentures having tenure of 7 years with floating rate of NCDs linked with base rate of State Bank of India. The date of allotment of debentures is 12 January 2016 and the date of maturity is 12 January 2023.
Container Corporation of India fell 0.52%. The company after market hours on Friday, 8 January 2016, announced that the management has detected a suspected case of misappropriation of company's funds of an approximate value of Rs 1.24 crore at one of its regional offices. The management has initiated immediate action against the suspected perpetrators and has also taken steps to plug loopholes in the system to prevent any similar leakages in the future.
Ashok Leyland rose 0.44%. The company after market hours on Friday, 8 January 2016, announced that it received an order for 680 vehicles and spare parts, worth $50 million from the Ministry of Local Government, Public Works and National Housing, Government of Republic of Zimbabwe.
Metal shares witnessed selling pressure. Vedanta (down 4.13%), Jindal Steel & Power (down 3.55%), Tata Steel (down 2.96%), Hindalco Industries (down 2.73%), National Aluminium Company (down 2.28%), Steel Authority of India (down 2.22%), NMDC (down 1.63%), JSW Steel (down 1.16%), Bhushan Steel (down 0.47%) and Hindustan Copper (down 0.09%), edged lower. Hindustan Zinc was up 0.46%.
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