The Indian stock market plunged for the seventh straight day, with the benchmark breaking key support levels, as uncertainty over economic growth and corporate profits persisted. Investors will keep an eye on the two-day Goods & Services Tax Council meet which begins later in the day. The GST COUNCIL will discuss drafts of the model GST, integrated GST and states' compensation bills.
The BSE SENSEX ended with a loss of 263 points at 25,980. The benchmark indices opened at 26,224, touched an intra-day high of 26,248 and low of 25,940.
The NSE NIFTY was down 82 points and closed at 7,979. It opened at 8,044 points, hitting a high of 8,046 and low of 7,965. The week also saw the added pressure of geopolitical uncertainties, amid wafer-thin volumes, as traders hit the snooze button going into the December holiday season and year-end.
The Sensex drifted below 26,000 level, while the broader Nifty50 slid below the crucial 8,000 level for the first time since November 25.
Sentiments remained down-beat after Prime Minister Narendra Modi’s top economic adviser Bibek Debroy has said that the negative shock from demonetisation will last until the end of March, though he also said that improved growth next year should fully compensate for the loss.
The India VIX (Volatility) index was up 5.76% at 15.55. The BSE Midcap closed at 11,809 and Smallcap indices closed at 11,802. Out of 1,887 stocks traded on the NSE, 886 declined and 316 advanced today.
All the sectors closed in red and heavy selling pressure was seen in metal, banking, financial services, IT, telecom, realty and utilities sectors.
A total of six stocks registered a fresh 52-week high in trade today, whereas 31 stocks touched a new 52-week low on the NSE.
At the close of day, Asian Paints, ITC, Tata Motors, Infratel, Eicher Motors and ACC were the top gainers while Hindalco, Adani Ports, ONGC, Tata Steel, Bharti Airtel, IndusInd Bank and SBI were among the losers on NSE.
The Indian Rupee was trading lower by three paise at 67.93 per dollar. Gold was trading at Rs 26,918 per 10 gms and silver was trading at Rs 38,983 per kg.
On the global front, Asian markets closed lower on Thursday. Hang Seng slipped 1%, while Shanghai Composite closed marginally up.
European markets were lower as trading desks began to thin out on the last full day of work for London's financial sector before the long Christmas break. FTSE 100, DAX and CAC40 were trading marginally lower.
Metal stocks fell 1-4% today as global base metal prices slipped. Nifty Bank ended at lowest level since June 30, below 17,900 level dragged by Axis Bank, SBI, IndusInd Bank and Canara Bank, dropped between 2-2.5%.
Mandhana Retail Ventures Ltd hits 5% lower circuit at Rs 184.30 on the BSE. The shares hit a lower circuit of 4.98% to Rs 182.15 and this was the fifth lower circuit in five days for the company.
JBF Industries Ltd tanked 4.3% to Rs 221 on the BSE after Copthall Mauritius Investment sold entire 3.94% stake in the company.
Phoenix Mills Limited rose 2% after the company has informed the exchanges that its wholly owned subsidiary Island Star Mall Developers Private Limited has entered into a non-binding term sheet with Canada Pension Plan Investment Board on the basis of which the proposed investor may, subject to execution of definitive agreements by the parties and fulfillment of conditions as may be applicable from time to time, over a 3 year period acquire up to 49% of the post issue paid up-up equity share capital of ISML (on a fully dilute basis).
Empee Distilleries soared 2.3% to Rs 54.60 on the BSE. The company's board meeting is scheduled to be held on December 26, to consider and approve sale of 1,95,12,997 equity shares of Rs 10 each held by the company in Empee Hotels (unlisted entity).
SPARC gained 1.5% after the pharma company has received a Complete Response Letter (CRL) from the USFDA for the New Drug Application (NDA) for Xelpros, Latanoprost BAK-free eyedrops.
The BSE SENSEX ended with a loss of 263 points at 25,980. The benchmark indices opened at 26,224, touched an intra-day high of 26,248 and low of 25,940.
The NSE NIFTY was down 82 points and closed at 7,979. It opened at 8,044 points, hitting a high of 8,046 and low of 7,965. The week also saw the added pressure of geopolitical uncertainties, amid wafer-thin volumes, as traders hit the snooze button going into the December holiday season and year-end.
The Sensex drifted below 26,000 level, while the broader Nifty50 slid below the crucial 8,000 level for the first time since November 25.
Sentiments remained down-beat after Prime Minister Narendra Modi’s top economic adviser Bibek Debroy has said that the negative shock from demonetisation will last until the end of March, though he also said that improved growth next year should fully compensate for the loss.
The India VIX (Volatility) index was up 5.76% at 15.55. The BSE Midcap closed at 11,809 and Smallcap indices closed at 11,802. Out of 1,887 stocks traded on the NSE, 886 declined and 316 advanced today.
All the sectors closed in red and heavy selling pressure was seen in metal, banking, financial services, IT, telecom, realty and utilities sectors.
A total of six stocks registered a fresh 52-week high in trade today, whereas 31 stocks touched a new 52-week low on the NSE.
At the close of day, Asian Paints, ITC, Tata Motors, Infratel, Eicher Motors and ACC were the top gainers while Hindalco, Adani Ports, ONGC, Tata Steel, Bharti Airtel, IndusInd Bank and SBI were among the losers on NSE.
The Indian Rupee was trading lower by three paise at 67.93 per dollar. Gold was trading at Rs 26,918 per 10 gms and silver was trading at Rs 38,983 per kg.
On the global front, Asian markets closed lower on Thursday. Hang Seng slipped 1%, while Shanghai Composite closed marginally up.
European markets were lower as trading desks began to thin out on the last full day of work for London's financial sector before the long Christmas break. FTSE 100, DAX and CAC40 were trading marginally lower.
Metal stocks fell 1-4% today as global base metal prices slipped. Nifty Bank ended at lowest level since June 30, below 17,900 level dragged by Axis Bank, SBI, IndusInd Bank and Canara Bank, dropped between 2-2.5%.
Mandhana Retail Ventures Ltd hits 5% lower circuit at Rs 184.30 on the BSE. The shares hit a lower circuit of 4.98% to Rs 182.15 and this was the fifth lower circuit in five days for the company.
JBF Industries Ltd tanked 4.3% to Rs 221 on the BSE after Copthall Mauritius Investment sold entire 3.94% stake in the company.
Phoenix Mills Limited rose 2% after the company has informed the exchanges that its wholly owned subsidiary Island Star Mall Developers Private Limited has entered into a non-binding term sheet with Canada Pension Plan Investment Board on the basis of which the proposed investor may, subject to execution of definitive agreements by the parties and fulfillment of conditions as may be applicable from time to time, over a 3 year period acquire up to 49% of the post issue paid up-up equity share capital of ISML (on a fully dilute basis).
Empee Distilleries soared 2.3% to Rs 54.60 on the BSE. The company's board meeting is scheduled to be held on December 26, to consider and approve sale of 1,95,12,997 equity shares of Rs 10 each held by the company in Empee Hotels (unlisted entity).
SPARC gained 1.5% after the pharma company has received a Complete Response Letter (CRL) from the USFDA for the New Drug Application (NDA) for Xelpros, Latanoprost BAK-free eyedrops.
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