You are here: Home » News-CM » Equities » Market Report
Business Standard

Market drops in early trade on negative Asian stocks

Capital Market 

Key benchmark indices dropped in early trade on negative Asian stocks. At 9:22 IST, the barometer index, the S&P Sensex, was down 175.10 points or 0.66% at 26,384.82. The 50 index was currently off 57.50 points or 0.7% at 8,135.40.

Overseas, Asian markets were trading lower on global uncertainties as investors adopted a wait-and-see mood. Later today, 2 December 2016, the US Labor Department will release its closely watched monthly employment report for November.

Investors are awaiting US payrolls report for confirmation the US economy continues to strengthen, with an eye on an expected hike in benchmark US interest rates by the Federal Reserve at its meeting on 13-14 December. Investors are also concerned about Italy's constitutional referendum on Sunday, 4 December 2016 which could determine whether or not the country will remain in the euro zone.

A sharp decline in technology stocks pulled both the Nasdaq and the S&P 500 indexes into the red yesterday, 1 December 2016 while the Dow managed to notch a record closing high with a lift from bank and energy shares.

Closer home, the breadth indicating the overall health of the market was weak. On BSE, 915 shares declined and 321 shares rose. A total of 43 shares were unchanged. The Mid-Cap index was currently off 0.64%. The Small-Cap index was currently off 0.62%. The fall in both these indices was lower than the Sensex's decline in percentage terms.

Coal India rose 0.83%. Coal India and its subsidiaries achieved 93% of targeted production at 50 million tonnes in November 2016. The company achieved 97% of targeted offtake at 48.16 million tonnes in November 2016. The announcement was made after market hours yesterday, 1 December 2016.

Reliance Industries (RIL) rose 0.18%. Reliance Jio Infocomm (Jio) announced that it has crossed 5 crore subscribers in just 83 days from commencement of services on 5 September 2016. The average rate of addition of 6 lakh subscribers per day is the fastest achieved by any technology company in the world including the likes of Facebook, WhatsApp and Skype, RIL said. The announcement was made at the fag end of market hours yesterday, 1 December 2016. Reliance Jio Infocomm, doing business as Jio, is a LTE mobile network operator in India. It is a wholly owned subsidiary of RIL.

On this occasion, Jio also announced the launch of 'Jio Happy New Year Offer (JNO)', which will be effective from 4 December 2016. All the Jio subscribers will be entitled to certain special benefits under the JNO, which shall comprise of Jio's Data, Voice, Video and the full bouquet of Jio applications and content, absolutely free, up to 31 March 2017.

The benefits will be available to all subscribers signing up for Jio services up to 3 March 2017. The existing Jio Welcome Offer (JWO) users will continue to enjoy the unlimited benefits under JWO up to 31 December 2016, following which they would be automatically signed-up for the JNO as well.

Wipro rose 0.07% after the compay was awarded a three-year IT infrastructure services and digital transformation contract by Woodside, an Australian oil and gas company. The announcement was made after market hours yesterday, 1 December 2016.

IndusInd Bank lost 2.16%. The bank announced that it proposes to raise funds by issue and allotment of senior unsecured redeemable non-convertible long term bonds in the nature of debentures (infrastructure bonds) for cash aggregating to Rs 1500 crore on private placement basis. The said borrowing shall be within the overall borrowing limits of the bank as may be approved by the shareholders from time to time. The announcement was made after market hours yesterday, 1 December 2016.

Tata Motors shed 0.23%. Tata Motors announced that its passenger and commercial vehicle total sales (including exports) in November 2016 were at 38,900 units, almost flat compared with 38,918 vehicles sold in November 2015. The announcement was made after market hours yesterday, 1 December 2016.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 02 2016. 09:18 IST