At 14:25 hours IST, the Nifty was trading with negative bias amid volatility. Telecom, banking, oil marketing, realty and pharma stocks were seeing selling pressure. ITC, M&M and Tata Steel were also the losers. However, buying in BHEL, SAIL, Jindal Steel, Reliance Industries, Infosys, NTPC, Grasim, Maruti, L&T and Reliance Infrastructure capped the losses to some extent.
The markets shrugged off positive global cues. European markets were up 0.5-1% and the US index futures gained 0.4% each. Asian markets ended higher. Nikkei rose 2.5%. Hang Seng was up 0.9% and Taiwan Weighted up 1.5%. Straits Times and Taiwan gained 0.3-0.6% while Shanghai fell just 0.2%.
The benchmark indices turned cautious post less than expected IIP (index of industrial production) data. The IIP numbers for the month of October stood at 10.2% as against 9.6% on month-on-month basis. The markets expected at around 12.5%. Sonal Verma of Nomura Financial Advisories and Securites sees a full year IIP at 9.5%.
FM said impact of poor monsoon would show in October-December and stimulus has started showing results.
The Nifty declined 15 points to 5,119 and the Sensex was down 42 points to 17,147. The broader indices were marginally in the red; as about 1,396 shares advanced while 1,491 shares declined on the BSE. Nearly 549 shares were unchanged.
Bank of Baroda, Axis Bank, PNB, ICICI Bank, SBI and HDFC Bank were down 0.6-1.6% in the banking space.
Sources told CNBC-TV18, Shree Renuka Sugars initiated talks to buy stake in Balrampur Chini. Shree Renuka fell 2% with 117% fall in volumes while Balrampur Chini gained 3% with 161% rise in volumes. Talks between Shree Renuka-Balrampur Chini are in preliminary stage.
Balrampur Chini market cap stood at Rs 3,600 crore and promoters hold 36.6% stake in the company. Both companies declined to comment.
Today's new listing - Cox and Kings was trading at Rs 402.20, up 21.88% over its issue price of Rs 330 per share.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment