The market breadth ended weak on the BSE with 1,505 shares declining and 1,339 shares advancing.
Meanwhile, foreign institutional investors were net sellers to the tune of Rs 1,571 crore on Tuesday, as per provisional stock exchange data.
The Indian rupee is trading higher at Rs 63.6 to the US dollar compared to the previous close of Rs 63.57 which fell as foreign investors, jittery over Greece’s possible exit from the Euro zone, opted for dollars, considered a safe haven.
The price of Brent Crude oil has fallen below $ 50 a barrel for the first time since May 2009. Oil extended losses amid speculation that U.S. inventories will expand, deepening a global supply glut that’s driven prices to a five-year low.
Sectors & Stocks:
On the sectoral front, BSE Oil & Gas index was the top gainer up over 1%. However, Metal, Bankex and IT indices continued to lose sheen and were down between 0.2-1.5%.
Hindustan Unilever was up nearly 3.5%, extending its previous day’s gain on reports that a foreign investment bank upgraded the stock to buy from hold and also raised its target price for the stock.
Oil shares rebounded after sharp losses in the previous sessions tracking decline in global crude oil prices. Reliance Industries and ONGC gained between 1.5-2.5%.
An appreciating rupee casted its shadow on the defensive stocks. The technology pack ended lower. TCS and Wipro lost 1% and 0.6% each. However, its peer Infosys ended higher by 0.3% ahead of the quarterly results due tomorrow.
Among the healthcare space, Cipla, Dr Reddy’s Lab ended down by 0.2% and 0.6% each.
Bharat Electronics and Walchandnagar Industries surged 12% and 20% respectively, while BEML gained 2% on the BSE on report that suggests that the government is “seriously considering” setting up of a promotional body to help domestic companies manufacturing defence products to find investors and markets.
Jubilant Life Sciences surged 11% on the BSE after the company said it has received final approval from US health regulator to sell generic copies of Valsartan tablets used for treatment of hypertension.
Shares of Britannia Industries rallied nearly 7% to Rs 2,008, also its record high on thebse, in otherwise subdued market. The stock has outperformed the market by gaining 16% from its recent low of Rs 1,675 touched on December 17, 2014, after the Union Cabinet cleared the Goods & Services Tax (GST) Amendment Bill. The benchmark CNX Nifty gained 1.4% during the same period.
Japanese stocks ended flat after a choppy session on Wednesday, with investors waiting with bated breath for key domestic and U.S. economic data on Friday as financial markets continued to fret over sliding oil prices and worries over global growth. The Nikkei benchmark added 0.01 percent to 16,885.33 and Hong Kong shares finished higher on Wednesday with Hang Seng up 0.8% to 23,681.26 points.
European stocks opened higher, after Asia just about managed to hold up in positive territory, but nervousness ran deep through all financial markets ahead of euro zone inflation data due later Wednesday.
The euro hit a nine-year trough on Wednesday as collapsing oil prices and worries about the world economy drove skittish investors into the arms of safe-haven sovereign debt.