Volatility continued as key benchmark indices languished in negative zone after staging a strong intraday rebound in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was off 81.22 points or 0.32% at 25,570.62. The 50-unit CNX Nifty was down 40.65 points or 0.52% at 7,771.35. The Sensex and the Nifty trimmed losses after weakness in global stocks triggered a more than 1% slide for both these indices in early trade. The Sensex hit its lowest level in almost two weeks when it tumbled 265.36 points to 25,386.48 in early trade. The Nifty also hit its lowest level in almost two weeks when it lost 88.75 points to 7,723.25 in early trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,121 shares fell and 976 shares rose. A total of 105 shares were unchanged. The BSE Mid-Cap index was down 0.48%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was down 0.03%. The decline in this index was lower than the Sensex's decline in percentage terms.
In overseas markets, Chinese stocks led decline in Asian equities after disappointing Chinese manufacturing data added to mounting concerns about slowdown of the world's second biggest economy. Trading in US index futures indicated further losses for US stocks which fell yesterday, 22 September 2015, amid a slump in global commodity prices.
Most realty shares edged higher. Oberoi Realty (up 2.51%), Parsvnath Developers (up 2.25%), Housing Development and Infrastructure (HDIL) (up 2.09%), Unitech (up 1.52%), Indiabulls Real Estate (up 0.99%), DLF (up 0.84%), Phoenix Mills (up 0.48%), D B Realty (up 0.37%), Prestige Estates Projects (up 0.26%), Peninsula Land (up 0.23%) and Anant Raj (up 0.15%), edged higher. Sunteck Realty (down 0.6%), Sobha (down 1.05%) and Godrej Properties (down 2.28%), edged lower.
Cement shares edged lower. Shree Cement (down 2.26%), ACC (down 0.83%), UltraTech Cement (down 0.74%) and Ambuja Cements (down 0.22%), edged lower.
Grasim Industries was down 0.95%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Index heavyweight L&T was down 0.7% at Rs 1,474.05. L&T today, 23 September 2015, confirmed media reports of loan defaults by two special purpose vehicles (SPVs) promoted by L&T Infrastructure Development Projects, a subsidiary of L&T. The defaults aggregating to Rs 12 crore were with respect to servicing of project loans as on 31 August 2015. According to L&T, the defaults have occurred primarily out of failure of the respective concession authorities in meeting certain of their obligations under the respective concession agreements. The loans availed by these two SPVs are without recourse to either L&T Infrastructure Development Projects or to L&T.
Index heavyweight and housing finance lender HDFC was down 1.25% to Rs 1,153.20. The stock hit a high of Rs 1,161.50 and a low of Rs 1,144.40 so far in intraday trade.
Index heavyweight and cigarette major ITC was up 1.14% at Rs 315.60. The stock hit a high of Rs 315.95 and a low of Rs 308 so far in intraday trade.
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