Market drops on weak global cues
Key benchmark indices dropped on first trading day of the week on weak global stocks. The barometer index, the S&P BSE Sensex dropped 373.94 points or 1.3% to settle at 28,294.28. The Nifty 50 index shed 108.50 points or 1.23% to settle at 8,723.05.
Index heavyweight and cigarette maker ITC dropped. FMCG stocks were mixed. Realty stocks fell. Bank stocks declined. Auto stocks edged lower. Telecom stocks slipped.
The Sensex dropped 373.94 points or 1.3% to settle at 28,294.28, its lowest closing level since 29 August 2016. The Sensex dropped 396.19 points or 1.38% at the day's low of 28,272.03. The barometer index fell 37.30 points or 0.13% at the day's high of 28,630.92.
The Nifty 50 index shed 108.50 points or 1.23% to settle at 8,723.05, its lowest closing level since 12 September 2016. The Nifty dropped 116.45 points or 1.31% at the day's low of 8,715.10. The index shed 22 points or 0.24% at the day's high of 8,809.55.
In overseas stock markets, European stocks dropped as investors trod cautiously ahead of an Organization of the Petroleum Exporting Countries (OPEC) producers meeting in Algeria later this week. Asian stocks dropped after losses on Wall Street on Friday, 23 September 2016, as investors' attention turned from central banks to American politics ahead of the first US presidential debate. Investors are pessimistic over any breakthroughs in oil-production cuts when the OPEC gathers for an informal meeting on Wednesday, 28 September 2016.
Trading in US stock index futures indicated a sharp decline for US stocks at the opening bell today, 26 September 2016. Trading in US index futures indicated that the Dow Jones Industrial Average could slide 85 points at the opening bell. US stocks logged weekly gains but ended with solid losses on Friday, 23 September 2016. Investors awaited US presidential debate between Donald Trump and Hillary Clinton due later in the global day today, 26 September 2016. US presidential elections will be held on 8 November this year.
Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 1,693 shares fell and 999 shares rose. A total of 217 shares were unchanged. The BSE Mid-Cap index fell 0.53%. The BSE Small-Cap index dropped 0.55%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3422.97 crore, lower than turnover of Rs 3871.71 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Capital Goods index (down 1.35%), the S&P BSE FMCG index (down 1.37%), the S&P BSE Bankex (down 1.56%), the S&P BSE Industrials index (down 1.58%), the S&P BSE Auto index (down 1.72%), the S&P BSE Telecom index (down 1.76%) and the S&P BSE Realty index (down 2%), underperformed the Sensex. The S&P BSE Energy index (up 0.35%), the S&P BSE Metal index (up 0.08%), the S&P BSE Oil & Gas index (up 0.08%), the S&P BSE Healthcare index (down 0.49%), the S&P BSE IT index (down 0.58%), the S&P BSE Consumer Durables index (down 0.64%), the S&P BSE Basic Materials index (down 0.66%), the S&P BSE Teck index (down 0.7%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.96%), the S&P BSE Finance index (down 1.15%), the S&P BSE Power index (down 1.27%) and the S&P BSE Utilities index (down 1.28%), outperformed the Sensex.
Index heavyweight and cigarette maker ITC declined 2.23% to Rs 248.20. The stock hit high of Rs 252.75 and low of Rs 247.55 in intraday trade.
FMCG stocks were mixed. Tata Global Beverages (down 1.37%), Marico (down 1.93%), Hindustan Unilever (HUL) (down 1.94%), Dabur India (down 0.5%), Procter & Gamble Hygiene and Health Care (down 0.56%), Colgate Palmolive India (down 0.5%), GlaxoSmithkline Consumer Healthcare (down 1.56%), Bajaj Corp (down 0.4%) declined. Nestle India (up 0.8%), Jyothy Laboratories (up 0.85%) and Godrej Consumer Products (up 1.14%) rose. Britannia Industries was unchanged at Rs 3,416.70.
Realty stocks dropped. Godrej Properties (down 1.05%), Housing Development & Infrastructure (HDIL) (down 2%), Unitech (down 1.64%), Oberoi Realty (down 2.44%), NBCC (down 1.1%), DLF (down 2.02%), and Omaxe (down 0.75%) edged lower. Sobha (up 0.82%) and Indiabulls Real Estate (up 0.51%) gained.
Bank stocks declined. Among public sector banks, Corporation Bank (down 2.4%), Allahabad Bank (down 0.86%), State Bank of India (SBI) (down 1.08%), Union Bank of India (down 2.72%), UCO Bank (down 0.79%), Syndicate Bank (down 1.38%), Bank of India (down 0.42%) and United Bank of India (down 1.16%) edged lower. Punjab National Bank rose 0.5%.
Canara Bank rose 0.6% after the bank's board of directors at meeting held on Friday, 23 September 2016, permitted the bank to raise additional equity share capital of an amount not exceeding Rs 1128 crore, including premium by way of rights issue with the Government of India (GoI) contribution of Rs 748 crore and Rs 380 crore from public shareholders. The board decided to constitute a rights issue committee of the board of directors to decide and permit on terms, timing, pricing, and other modalities of the rights issue. Further, the board decided to issue senior unsecured bonds in foreign currency in the range of $500 million in the international market under the $2 billion medium term note (MTN) programme of the bank for the purpose of providing funds to the overseas branches of the bank (the bank has so far raised $1100 million under this programme) and form a committee to decide the quantum, timing, tenor, pricing, costs etc. The announcement was made after market hours on Friday, 23 September 2016.
Bank of Baroda fell 2.13% to Rs 165.50 on BSE, after a bulk deal of 22.02 lakh shares was executed on the scrip at Rs 167.70 per share at 09:34 IST on BSE.
Among private sector banks, Axis Bank (down 1.76%), HDFC Bank (down 1.24%), ICICI Bank (down 3.16%), Kotak Mahindra Bank (down 0.91%), and IndusInd Bank (down 1.64%) edged lower. Yes Bank rose 0.29%.
Auto stocks declined. Ashok Leyland (down 1.27%), Eicher Motors (down 1.22%), Hero MotoCorp (down 1.97%), Bajaj Auto (down 1.22%), Maruti Suzuki India (down 0.75%) and TVS Motor Company (down 0.98%) declined.
Mahindra & Mahindra (M&M) fell 2.24%. The company said that loans & investment committee at its meeting held today, 26 September 2016, approved issuance and offer of 4,750 rated, listed, unsecured, redeemable, 7.57% non-convertible debentures of face value Rs 10 lakh each at par, aggregating to Rs 475 crores on private placement basis. The NCDs have tenure of 10 years. The announcement was made during market hours today, 26 September 2016.
Telecom stocks declined. Bharti Airtel (down 2.23%), Reliance Communications (down 0.94%) and Idea Cellular (down 2.37%) declined. MTNL (up 1.97%) and Tata Teleservices (Maharashtra) (down 0.35%) fell.
Shares of Bharti Infratel fell 1.38%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Shares of GNA Axles settled at Rs 245.15 on BSE, a premium of 18.43% over the initial public offer price of Rs 207. The stock debuted at Rs 248.50, a premium of 20.05% to the initial public offer (IPO) price. The stock hit a high of Rs 260 and low of Rs 242.20. On BSE, 5.93 lakh shares were traded on the counter. GNA Axles is into manufacturing of rear axle shafts used in on-highway and off-highway vehicular segments in India.
Marksans Pharma surged 10.76% after the company said that US Food and Drug Administration (USFDA) has granted approval to the company for an abbreviated new drug application (ANDA) for Loratadine liquid filled capsules 10 mg. Loratadine liquid filled capsules 10 mg is therapeutically equivalent to the reference listed drug Claritin Liqui-Gels Capsules 10 mg of Bayer Healthcare LLC. Loratadine is an antihistamine that reduces the effects of natural chemical histamine in the body. Loratadine is used to treat sneezing, runny nose, watery eyes, hives, skin rash, itching and other allergy symptoms. The announcement was made during market hours today, 26 September 2016.
Rain Industries rose 4.66% after the company said that on 22 September 2016, Rain Cements, company's wholly owned subsidiary has commenced operations of waste heat recovery based power plant to generate up to 7 megawatts (MW) of gross electrical energy from the waste heat and the flue gases evolved during the cement manufacturing process at Boincheruvupalli Village, Peapully Mandal, Kurnool District, Andhra Pradesh. The project was completed at a cost of Rs 70 crore and the same was funded from internal accruals, Rain Industries said. The process of waste heat generation is environmental friendly that will bring down the flue gas temperatures. The heat recovery from the flue gases not only saves large quantities of fossil fuels but also substantially reduces the cost of power generation, the company said. The announcement was made after market hours on Friday, 23 September 2016.
KNR Constructions rose 5.34% after the company said that its board of directors will meet on 30 September 2016, after the conclusion of the 21st annual general meeting of the company, to consider sub-division of the face value of the equity shares of Rs 10 per share to Rs 2 per share. The announcement was made after market hours on Friday, 23 September 2016.
Vardhman Textiles rose 3.15% after the company said its board approved the proposed buyback of equity shares. The announcement was made on Saturday, 24 September 2016. The board of Vardhman Textiles approved the proposal to buyback the fully paid-up equity shares of face value of Rs 10 each of the company. The buyback shall be upto an aggregate amount not exceeding Rs 720 crore at a maximum price of Rs 1,175. At maximum buyback price, the buyback translates into approximately 61.27 lakh equity shares of the company.
The board noted the intention of the promoter and promoter group of the company to participate in the proposed buyback with the intent that subsequent to the buyback, the combined shareholding of the promoters remains atleast 60% of the post buyback total paid up capital of the company.
Index heavyweight and cigarette maker ITC dropped. FMCG stocks were mixed. Realty stocks fell. Bank stocks declined. Auto stocks edged lower. Telecom stocks slipped.
The Sensex dropped 373.94 points or 1.3% to settle at 28,294.28, its lowest closing level since 29 August 2016. The Sensex dropped 396.19 points or 1.38% at the day's low of 28,272.03. The barometer index fell 37.30 points or 0.13% at the day's high of 28,630.92.
The Nifty 50 index shed 108.50 points or 1.23% to settle at 8,723.05, its lowest closing level since 12 September 2016. The Nifty dropped 116.45 points or 1.31% at the day's low of 8,715.10. The index shed 22 points or 0.24% at the day's high of 8,809.55.
In overseas stock markets, European stocks dropped as investors trod cautiously ahead of an Organization of the Petroleum Exporting Countries (OPEC) producers meeting in Algeria later this week. Asian stocks dropped after losses on Wall Street on Friday, 23 September 2016, as investors' attention turned from central banks to American politics ahead of the first US presidential debate. Investors are pessimistic over any breakthroughs in oil-production cuts when the OPEC gathers for an informal meeting on Wednesday, 28 September 2016.
Trading in US stock index futures indicated a sharp decline for US stocks at the opening bell today, 26 September 2016. Trading in US index futures indicated that the Dow Jones Industrial Average could slide 85 points at the opening bell. US stocks logged weekly gains but ended with solid losses on Friday, 23 September 2016. Investors awaited US presidential debate between Donald Trump and Hillary Clinton due later in the global day today, 26 September 2016. US presidential elections will be held on 8 November this year.
Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 1,693 shares fell and 999 shares rose. A total of 217 shares were unchanged. The BSE Mid-Cap index fell 0.53%. The BSE Small-Cap index dropped 0.55%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3422.97 crore, lower than turnover of Rs 3871.71 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Capital Goods index (down 1.35%), the S&P BSE FMCG index (down 1.37%), the S&P BSE Bankex (down 1.56%), the S&P BSE Industrials index (down 1.58%), the S&P BSE Auto index (down 1.72%), the S&P BSE Telecom index (down 1.76%) and the S&P BSE Realty index (down 2%), underperformed the Sensex. The S&P BSE Energy index (up 0.35%), the S&P BSE Metal index (up 0.08%), the S&P BSE Oil & Gas index (up 0.08%), the S&P BSE Healthcare index (down 0.49%), the S&P BSE IT index (down 0.58%), the S&P BSE Consumer Durables index (down 0.64%), the S&P BSE Basic Materials index (down 0.66%), the S&P BSE Teck index (down 0.7%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.96%), the S&P BSE Finance index (down 1.15%), the S&P BSE Power index (down 1.27%) and the S&P BSE Utilities index (down 1.28%), outperformed the Sensex.
Index heavyweight and cigarette maker ITC declined 2.23% to Rs 248.20. The stock hit high of Rs 252.75 and low of Rs 247.55 in intraday trade.
FMCG stocks were mixed. Tata Global Beverages (down 1.37%), Marico (down 1.93%), Hindustan Unilever (HUL) (down 1.94%), Dabur India (down 0.5%), Procter & Gamble Hygiene and Health Care (down 0.56%), Colgate Palmolive India (down 0.5%), GlaxoSmithkline Consumer Healthcare (down 1.56%), Bajaj Corp (down 0.4%) declined. Nestle India (up 0.8%), Jyothy Laboratories (up 0.85%) and Godrej Consumer Products (up 1.14%) rose. Britannia Industries was unchanged at Rs 3,416.70.
Realty stocks dropped. Godrej Properties (down 1.05%), Housing Development & Infrastructure (HDIL) (down 2%), Unitech (down 1.64%), Oberoi Realty (down 2.44%), NBCC (down 1.1%), DLF (down 2.02%), and Omaxe (down 0.75%) edged lower. Sobha (up 0.82%) and Indiabulls Real Estate (up 0.51%) gained.
Bank stocks declined. Among public sector banks, Corporation Bank (down 2.4%), Allahabad Bank (down 0.86%), State Bank of India (SBI) (down 1.08%), Union Bank of India (down 2.72%), UCO Bank (down 0.79%), Syndicate Bank (down 1.38%), Bank of India (down 0.42%) and United Bank of India (down 1.16%) edged lower. Punjab National Bank rose 0.5%.
Canara Bank rose 0.6% after the bank's board of directors at meeting held on Friday, 23 September 2016, permitted the bank to raise additional equity share capital of an amount not exceeding Rs 1128 crore, including premium by way of rights issue with the Government of India (GoI) contribution of Rs 748 crore and Rs 380 crore from public shareholders. The board decided to constitute a rights issue committee of the board of directors to decide and permit on terms, timing, pricing, and other modalities of the rights issue. Further, the board decided to issue senior unsecured bonds in foreign currency in the range of $500 million in the international market under the $2 billion medium term note (MTN) programme of the bank for the purpose of providing funds to the overseas branches of the bank (the bank has so far raised $1100 million under this programme) and form a committee to decide the quantum, timing, tenor, pricing, costs etc. The announcement was made after market hours on Friday, 23 September 2016.
Bank of Baroda fell 2.13% to Rs 165.50 on BSE, after a bulk deal of 22.02 lakh shares was executed on the scrip at Rs 167.70 per share at 09:34 IST on BSE.
Among private sector banks, Axis Bank (down 1.76%), HDFC Bank (down 1.24%), ICICI Bank (down 3.16%), Kotak Mahindra Bank (down 0.91%), and IndusInd Bank (down 1.64%) edged lower. Yes Bank rose 0.29%.
Auto stocks declined. Ashok Leyland (down 1.27%), Eicher Motors (down 1.22%), Hero MotoCorp (down 1.97%), Bajaj Auto (down 1.22%), Maruti Suzuki India (down 0.75%) and TVS Motor Company (down 0.98%) declined.
Mahindra & Mahindra (M&M) fell 2.24%. The company said that loans & investment committee at its meeting held today, 26 September 2016, approved issuance and offer of 4,750 rated, listed, unsecured, redeemable, 7.57% non-convertible debentures of face value Rs 10 lakh each at par, aggregating to Rs 475 crores on private placement basis. The NCDs have tenure of 10 years. The announcement was made during market hours today, 26 September 2016.
Telecom stocks declined. Bharti Airtel (down 2.23%), Reliance Communications (down 0.94%) and Idea Cellular (down 2.37%) declined. MTNL (up 1.97%) and Tata Teleservices (Maharashtra) (down 0.35%) fell.
Shares of Bharti Infratel fell 1.38%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Shares of GNA Axles settled at Rs 245.15 on BSE, a premium of 18.43% over the initial public offer price of Rs 207. The stock debuted at Rs 248.50, a premium of 20.05% to the initial public offer (IPO) price. The stock hit a high of Rs 260 and low of Rs 242.20. On BSE, 5.93 lakh shares were traded on the counter. GNA Axles is into manufacturing of rear axle shafts used in on-highway and off-highway vehicular segments in India.
Marksans Pharma surged 10.76% after the company said that US Food and Drug Administration (USFDA) has granted approval to the company for an abbreviated new drug application (ANDA) for Loratadine liquid filled capsules 10 mg. Loratadine liquid filled capsules 10 mg is therapeutically equivalent to the reference listed drug Claritin Liqui-Gels Capsules 10 mg of Bayer Healthcare LLC. Loratadine is an antihistamine that reduces the effects of natural chemical histamine in the body. Loratadine is used to treat sneezing, runny nose, watery eyes, hives, skin rash, itching and other allergy symptoms. The announcement was made during market hours today, 26 September 2016.
Rain Industries rose 4.66% after the company said that on 22 September 2016, Rain Cements, company's wholly owned subsidiary has commenced operations of waste heat recovery based power plant to generate up to 7 megawatts (MW) of gross electrical energy from the waste heat and the flue gases evolved during the cement manufacturing process at Boincheruvupalli Village, Peapully Mandal, Kurnool District, Andhra Pradesh. The project was completed at a cost of Rs 70 crore and the same was funded from internal accruals, Rain Industries said. The process of waste heat generation is environmental friendly that will bring down the flue gas temperatures. The heat recovery from the flue gases not only saves large quantities of fossil fuels but also substantially reduces the cost of power generation, the company said. The announcement was made after market hours on Friday, 23 September 2016.
KNR Constructions rose 5.34% after the company said that its board of directors will meet on 30 September 2016, after the conclusion of the 21st annual general meeting of the company, to consider sub-division of the face value of the equity shares of Rs 10 per share to Rs 2 per share. The announcement was made after market hours on Friday, 23 September 2016.
Vardhman Textiles rose 3.15% after the company said its board approved the proposed buyback of equity shares. The announcement was made on Saturday, 24 September 2016. The board of Vardhman Textiles approved the proposal to buyback the fully paid-up equity shares of face value of Rs 10 each of the company. The buyback shall be upto an aggregate amount not exceeding Rs 720 crore at a maximum price of Rs 1,175. At maximum buyback price, the buyback translates into approximately 61.27 lakh equity shares of the company.
The board noted the intention of the promoter and promoter group of the company to participate in the proposed buyback with the intent that subsequent to the buyback, the combined shareholding of the promoters remains atleast 60% of the post buyback total paid up capital of the company.
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