A bout of volatility was witnessed as key benchmark indices recovered from lower level soon after extending intraday slide in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was off 221.72 points or 0.88% at 25,030.60. The decline for the 50-unit Nifty 50 index was higher in percentage terms compared with the fall in the Sensex. The Nifty was currently off 75.45 points or 0.98% at 7,607.85. The Sensex regained the psychological 25,000 mark soon after falling below that mark in afternoon trade. Bank stocks led losses for key benchmark indices.
The Sensex hit its lowest level in more than 13 weeks when it lost 288.50 points or 1.14% at the day's low of 24,963.82 in afternoon trade. The barometer index rose 63.82 points or 0.25% at the day's high of 25,316.14 at the onset of the trading session, its highest level since 9 December 2015. The Nifty hit its lowest level in more than 13 weeks when it lost 96.55 points or 1.25% at the day's low of 7,586.75 in afternoon trade. The index rose 19.75 points or 0.25% at the day's high of 7,703.05 at the onset of the trading session, its highest level since 8 December 2015.
The market breadth indicating the overall health of the market was weak. On BSE, 1,558 shares fell and 898 shares rose. A total of 163 shares were unchanged. The BSE Mid-Cap index was currently off 0.92%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently off 0.79%. The decline in this index was lower than the Sensex's decline in percentage terms.
Overseas cues were negative. Chinese stocks led decline in Asian markets after news reports said that Guo Guangchang, the Chairman of China's biggest non-state-owned conglomerate Fosun Group, went missing since yesterday, 10 December 2015. US stocks edged higher yesterday, 10 December 2015, as beaten down energy stocks witnessed bargain hunting.
Shares of power generation and power distribution companies edged lower. Torrent Power (down 1.28%), GVK Power & Infrastructure (down 0.62%), NHPC (down 1.04%), NTPC (down 0.86%), Adani Power (down 0.56%), Power Grid Corporation of India (down 1.3%), and Reliance Infrastructure (down 1.57%) declined. Reliance Power rose 0.51%.
Tata Power Company (Tata Power) declined 0.88% at Rs 62.10. The stock was volatile. The stock hit high of Rs 63.20 and low of Rs 62.05 so far during the day. The company today, 11 December 2015, announced that its joint venture (JV) of 120 megawatts (MW) Itezhi Tezhi Hydro Power Project in Zambia has received Clean Development Mechanism (CDM) approval from United Nations Framework Convention on Climate Change (UNFCCC). Itezhi Tezhi Power Corporation (ITPC) is a JV with Zambian parastatal utility ZESCO Limited (ZESCO). ITPC is a special purpose vehicle (SPV) which has been set to build and operate a 120 MW hydro power plant in Itezhi Tezhi district on Kafue River in Zambia. ITPC is the first project in Zambia to get the CDM approval from UNFCCC. The proposed project activity involves installation of Greenfield 120 MW hydro power plant in the Central Province of Zambia and will be connected to Southern African Power Pool (SAPP) grid system.
Separately, Tata Power announced after market hours yesterday, 10 December 2015 that Tata Power Solar, India's largest integrated solar player, has successfully commissioned a 12 MW solar rooftop project for RSSB Educational & Environmental Society (RSSB-EES) in Amritsar, Punjab. This project is the largest solar rooftop plant in the world set up in a single phase. The plant will produce more than 150 lakh units of power annually and offset over 19,000 tonnes of carbon emissions every year.
Realty stocks also declined. Sobha (down 0.68%), Indiabulls Real Estate (down 3.01%), Unitech (down 3.45%), Oberoi Realty (down 1.29%), D B Realty (down 0.19%), DLF (down 3.81%), and Phoenix Mills (down 0.62%) edged lower.
Tata Motors dropped 0.86%. The company said during market hours that its British luxury car unit, Jaguar Land Rover will open a manufacturing facility in Slovakia. Earlier, an agreement was signed between the company and the Government of the Slovak Republic to build a new plant in the city of Nitra, western Slovakia. The new world-class 1 billion premium manufacturing facility will eventually employ around 2,800 people. As part of Jaguar Land Rover's commitment to deliver more lightweight vehicles, the plant will manufacture a range of all-new aluminium Jaguar Land Rover vehicles. It is anticipated that the first cars will come off the production line from the plant in late 2018. The factory will have an initial capacity of 1.5 lakh vehicles. Jaguar Land Rover has selected Slovakia as the location for its next manufacturing site following robust analysis of a number of locations around the world including other European countries, United States and Mexico.
Sharon Bio Medicine jumped 12.79% after the company said that it received the Establishment Inspection Report (EIR) from US Food and Administration (USFDA) conducted in August 2015 at its formulation manufacturing plant located at Central Hope Town in Dehradun. The announcement was made after market hours yesterday, 10 December 2015. The company added that its another plant located at Taloja in Maharashtra has also been inspected by the USFDA officials and outcome of the inspection is awaited.
Powered by Capital Market - Live News
