Key benchmark indices declined as weakness in European stocks weighed on sentiment. The barometer index, the S&P BSE Sensex fell 119.45 points or 0.46% at 25,960.03, as per the provisional closing data. The 50-unit Nifty 50 index dropped 33.05 points or 0.42% at 7,895.90, as per the provisional closing data. The Sensex provisionally closed below the psychological 26,000 mark. Key indices snapped a two-day winning streak today, 30 December 2015.
After hovering near the flat line for the most part of the session, key indices hit fresh intraday low in late trade after sliding into the red in mid-afternoon trade.
The Sensex lost 140.23 points or 0.53% at the day's low of 25,939.25 in late trade, its lowest level since 28 December 2015. The index rose 50.72 points or 0.19% at the day's high of 26,130.20 at the onset of the trading session. The Nifty lost 39.10 points or 0.49% at the day's low of 7,889.85 in late trade, its lowest level since 28 December 2015. The Nifty hit its highest level in four weeks when it rose 15.80 points or 0.19% at the day's high of 7,944.75 at the onset of the trading session, its highest level since 2 December 2015.
In overseas markets, European stocks edged lower on the back of another selloff in commodities. Asian stocks were mixed. US stocks climbed sharply higher yesterday, 29 December 2015, as a rebound in oil prices helped reinvigorate bullish sentiment.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,387 shares rose and 1,275 shares fell. A total of 291 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.21%. The BSE Small-Cap index was provisionally up 0.07%. Both these indices outperformed the Sensex.
IT stocks declined. Oracle Financial Services Software (down 0.54%), Infosys (down 1.52%), TCS (down 1.38%), Wipro (down 1.04%) and HCL Technologies (down 1.48%) declined. Tech Mahindra rose 0.89%.
Parenteral Drugs India rose 2.34% after the company said that its board of directors approved the disinvestment of equity shares held by the company in its non-operational subsidiary companies -- Parentech Healthcare and Parenteral Surgicals -- as the same are loss making companies. The announcement was made during trading hours today, 30 December 2015.
Further, the board also accorded its in-principle approval to declare the non-working subsidiaries of the company -- Abhay Drugs, Anjaney Pharmaceuticals, Parenteral Biotech and Parenteral Impex -- as defunct company as there is no business in these subsidiary companies and other items as per agenda of the meeting.
Shares of the companies engaged in solar power generation and manufacture of solar power equipment rose after the Cabinet Committee on Economic Affairs (CCEA) has approved the scaling up of budget from Rs 600 crore to Rs 5000 crore for implementation of grid connected rooftops systems over a period of five years upto 2019-20 under National Solar Mission (NSM). Ujaas Energy (up 8.04%), Indosolar (up 11.11%), Websol Energy System (up 4.22%) and Swelect Energy Systems (up 0.98%) edged higher.
This will support installation of 4,200 megawatts (MW) solar rooftop systems in the country in next five years. The capital subsidy of 30% will be provided for general category states/UTs and 70% for special category states i.e., North-Eastern states including Sikkim, Uttarakhand, Himachal Pradesh, Jammu & Kashmir and Lakshadweep, Andaman & Nicobar Islands. There will be no subsidy for commercial and industrial establishments in the private sector since they are eligible for other benefits such as accelerated depreciation, custom duty concessions, excise duty exemptions and tax holiday etc, a government statement released during market hours today, 30 December 2015 said.
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