Market edges lower on weak global cues
Key benchmark indices slipped in afternoon trade after European market opened lower. Ongoing weakness in Asian stocks also hit investor sentiment adversely. The barometer index, BSE Sensex, was down 80.27 points or 0.43%, off about 56 points from the day's high and up about 25 points from the day's low. Index heavyweight (RIL) was trading higher in volatile trade. Another index heavyweight and cigarette maker ITC was also positive.
Shares of organised retailers rose on renewed buying after the government recently notified the rules for allowing 51% foreign direct investment in multi-brand retail. Shares of aviation firms rose as crude oil dropped.
Asian stocks fell on Wednesday, 26 September 2012, with sharp losses in Japan's Nikkei Average as many Japanese firms started to trade without rights to the latest dividend payouts, while global growth fears hit resource shares across the region. The ongoing territorial dispute between China and Japan also hurt investors sentiment adversely following reports Beijing has rejected Tokyo's invitation for talks at this week's United Nations General Assembly.
The market edged lower in early trade on weak Asian stocks. Key benchmark indices languished in red in morning trade. The market trimmed intraday losses to hit fresh intraday high in mid-morning trade. The Sensex traded off the day's low in early afternoon trade.
The market may remain volatile in the immediate future as traders roll over positions in the futures & options (F&O) segment from the near month September 2012 series to October 2012 series. The September 2012 F&O contracts expire tomorrow, 27 September 2012.
At 13:23 IST, the BSE Sensex was down 80.27 points or 0.43% to 18,614.14. The index declined 105.17 points at the day's low of 18,589.24 in morning trade, its lowest level since 21 September 2012. The index fell 23.93 points at the day's high of 18,670.48 in mid-morning trade.
The S&P CNX Nifty was down 23.95 points or 0.42% to 5,649.95. The index hit a low of 5,643.75 in intraday trade, its lowest level since 21 September 2012. The index hit a high of 5,672.80 in intraday trade
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,362 shares rose and 1,359 shares fell. A total of 112 shares were unchanged.
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