Banking and telecom stocks led losses as key benchmark indices edged lower on the last trading session of the week. The barometer index, the S&P BSE Sensex, lost 195.66 points or 0.77% at 25,056.66, as per the provisional closing data. The decline for the 50-unit Nifty 50 index was higher in percentage terms compared with the fall in the Sensex. The Nifty lost 72.85 points or 0.95% at 7,610.45, as per the provisional closing data. The Sensex provisionally settled above the psychological 25,000 mark. The barometer index alternately moved above and below that mark after falling below that level in afternoon trade.
The Sensex hit its lowest level in more than 13 weeks when it lost 321.89 points or 1.27% at the day's low of 24,930.43 in mid-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 also hit its lowest level in more than 13 weeks when it lost 108 points or 1.4% at the day's low of 7,575.30 in mid-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.
Overseas cues were negative. European stocks edged lower as falling crude oil prices heightened fears about receding global growth. 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.
The market breadth indicating the overall health of the market was weak. On BSE, 1,655 shares fell and 992 shares rose. A total of 212 shares were unchanged. The BSE Mid-Cap index was provisionally off 1.18%. The BSE Small-Cap index was provisionally off 0.81%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3844 crore, higher than turnover of Rs 2466.65 crore registered during the previous trading session.
Index heavyweight L&T lost 2.09% at Rs 1,283.15. The stock hit a high of Rs 1,314 and a low of Rs 1,277.65 in intraday trade.
Auto stocks declined on media reports that the National Green Tribunal had called for no new diesel vehicles to be registered in Delhi to curb air pollution. Ashok Leyland (down 2.75%), Eicher Motors (down 3.19%), Mahindra & Mahindra (down 2.18%) edged lower.
Tata Motors dropped 2.8%. The stock was volatile. The stock hit a high of Rs 392.80 and a low of Rs 375.30 in intraday trade. Tata Motors said during market hours today, 11 December 2015, 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.
Maruti Suzuki India fell 0.17% at Rs 4,489. The stock was volatile. The stock hit a high of Rs 4,530 and a low of Rs 4,415 in intraday trade. According to reports, the company plans to raise prices of its cars by up to Rs 20,000 from 1 January 2016 to offset cost increases and unfavourable foreign exchange rates.
Among two-wheeler makers, Bajaj Auto (down 1.27%), TVS Motor Company (down 1.9%) and Hero MotoCorp (down 1.01%) edged lower.
Tata Power Company (Tata Power) dropped 1.36% at Rs 61.75. The stock was volatile. The stock hit a high of Rs 63.20 and a low of Rs 61 in intraday trade. Tata Power 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 megawatts (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.
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