Key benchmark indices extended initial losses and hit fresh intraday low in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was down 165.62 points or 0.63% at 25,984.62. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently down 59.55 points or 0.74% at 8,014.55. The Sensex fell below the psychological 26,000 mark. The Sensex and the Nifty, both, hit their lowest level in almost two weeks.
The Sensex lost 191.25 points or 0.73% at the day's low of 25,958.99 in morning trade, its lowest level since 9 November 2016. The barometer index rose 120.04 points or 0.45% at the day's high of 26,270.28 at the onset of the trading session. The Nifty lost 65.50 points or 0.81% at the day's low of 8,008.60 in morning trade, its lowest level since 9 November 2016. The index rose 28.35 points or 0.35% at the day's high of 8,102.45 at the onset of the trading session.
In overseas stock markets, Asian stocks were trading mixed. US stock market finished lower on Friday, 18 November 2016, but higher for the week as Wall Street heads into a holiday-shortened week when the focus will be on a slew of economic data and fresh scrutiny of a suddenly surging US dollar and rising interest rates. A recent rally sparked by bullishness about President-elect Donald Trump's potential pro-growth fiscal policies helped pushed stocks back toward record levels. Friday's trading was subdued as investors pulled back and focused on remarks made on the previous day by Federal Reserve Chairwoman Janet Yellen that pointed to a hike in interest rates next month.
Closer home, the broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,432 shares fell and 572 shares rose. A total of 106 shares were unchanged. The BSE Mid-Cap index was currently down 1.11%. The BSE Small-Cap index was currently down 1.23%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
Realty stocks extended recent losses on worries of slowing demand post government's move to demonetize higher denomination notes in crackdown on black money as this sector is known to have a high volume of cash transactions, being the preferred route for stowing black money. Indiabulls Real Estate (down 0.46%), Unitech (down 0.44%), Oberoi Realty (down 2.96%), Housing Development & Infrastructure (down 0.26%), DLF (down 3.99%), and Godrej Properties (down 1.72%) edged lower. Sobha rose 1.77%. Omaxe gained 0.06%.
NBCC (India) shed 1.62%. The company's consolidated net profit rose 1.42% to Rs 69.11 crore on 15.75% increase in net sales to Rs 1224.41 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.
Auto stocks also dropped. Mahindra & Mahindra (M&M) (down 0.06%), Maruti Suzuki India (down 0.77%), Eicher Motors (down 1.98%), Hero MotoCorp (down 0.16%), Bajaj Auto (down 0.16%), Tata Motors (down 0.96%) and TVS Motor Company (down 1.09%) declined. Ashok Leyland gained 0.25%.
3M India lost 2.65%. The company's net profit rose 1.26% to Rs 48.21 crore on 9.25% increase in total income to Rs 576.74 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.
Rashtriya Chemicals and Fertilizers lost 1.42% after net profit dropped 4.8% to Rs 43.42 crore on 26.47% decline in total income to Rs 1789.03 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 18 November 2016.
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