After an initial decline triggered by weakness in Asian stocks, key benchmark languished in red in morning trade. But, the broad market depicted strength. The barometer index, the S&P BSE Sensex was down 113 points or 0.41% at 27,152.32. The market breadth indicating the overall health of the market was strong. Index heavyweight and cigarette major ITC edged lower on reports that the government is considering a proposal to ban the sale of loose cigarettes. Shares of IT major Infosys dropped. Shares of companies included for trading in NSE's futures & options segment from today, 10 September 2014 saw mixed trend.
In overseas markets, Asian stocks edged lower on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated. In the foreign exchange market, the rupee edged lower against the dollar as key equity benchmark indices fell. Brent crude oil futures edged higher after reaching a 17-month low below $100 per barrel during the previous trading session.
At 10:15 IST, the S&P BSE Sensex was down 113 points or 0.41% at 27,152.32. The index lost 157.90 points at the day's low of 27,107.42 in morning trade, its lowest level since 5 September 2014. The index fell 13.88 points at the day's high of 27,251.44 in early trade.
The CNX Nifty was down 32.55 points or 0.4% at 8,120.40. The index hit a low of 8,105.75 in intraday trade, its lowest level since 5 September 2014. The index hit a high of 8,135.75 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,283 shares gained and 818 shares fell. A total of 88 shares were unchanged.
The BSE Mid-Cap index was up 29.23 points or 0.3% at 9,872.60. The BSE Small-Cap index was up 58.35 points or 0.54% at 10,944.33. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 759 crore by 10:15 IST compared to Rs 219 crore by 09:25 IST.
Among the 30-share Sensex pack, 22 stocks declined and rest of them gained.
Mahindra & Mahindra (down 1.16%), Hero MotoCorp (down 1.16%) and State Bank of India (down 0.99%) edged lower from the Sensex pack.
Index heavyweight and cigarette major ITC edged lower on reports that the government is considering a proposal to ban the sale of loose cigarettes. The stock was off 0.94% at Rs 354.30. The stock hit high of Rs 357.85 and low of Rs 353.35 so far during the day. A ban on sale of loose cigarettes will hit cigarette makers hard as 70% of retail sales of cigarettes take place in this form, according to reports. A ban on sale of loose cigarettes is among measures proposed by an expert panel set up by the health ministry, according to reports. Other suggestions include raising the age limit for consumption and increasing the fine for smoking in public spaces to Rs 20,000 from Rs 200, apart from making this a cognizable offence.
IT stocks were mostly lower. Infosys (down 1.58%), Wipro (down 0.59%), TCS (down 0.09%) declined. HCL Technologies (up 0.52%) and Tech Mahindra (up 0.5%) rose.
Shares of companies included for trading in NSE's futures & options segment from today, 10 September 2014 saw mixed trend. TVS Motor Company (up 1.38%), Motherson Sumi Systems (up 3.49%) and Eicher Motors (up 2.73%) gained. SKS Microfinance (down 1.28%) and MindTree (down 0.23%) declined.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 9 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 479.40 crore on that day.
Brent crude oil futures edged higher after reaching a 17-month low below $100 per barrel during the previous trading session. Brent for October settlement was up 18 cents at $99.34 a barrel. The contract fell $1.04 a barrel to settle at $99.16 a barrel yesterday, 9 September 2014, as ample supplies weighed. The price had slumped to $99.03 in intraday trade, the lowest intraday price since 1 May 2013.
In the foreign exchange market, the rupee edged lower against the dollar as key equity benchmark indices fell. The partially convertible rupee was hovering at 60.81, compared with its close of 60.60 on Tuesday, 9 September 2014.
Asian stocks edged lower today, 10 September 2014, on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated. Key benchmark indices in Taiwan, Hong Kong, Japan, Indonesia, China and Singapore were off 0.21% to 1.8%. South Korean stock market will reopen tomorrow, 11 September 2014, after a three-day break for the Harvest Moon festival.
Trading in US index futures indicated that the Dow could fall 26 points at the opening bell today, 10 September 2014. US stocks fell on Tuesday, 9 September 2014, as Apple shares declined and as bond yields hit their highest in a month on concerns the Federal Reserve could raise interest rates sooner than some investors had expected.
The Federal Reserve is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008.
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