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Market opens lower on negative global cues

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Key benchmark indices were trading lower in early trade, tracking negative leads from Asian markets and overnight fall on the At 9:21 IST, the barometer index, the S&P Sensex, was down 66.49 points or 0.20% at 32,735.95. The 50 index was down 28.65 points or 0.28% at 10,089.60.

Among secondary barometers,the Mid-Cap index was down 0.28%, underperforming the The Small-Cap index was down 0.07%, outperforming the

The market breadth, indicating the overall health of the market, was negative. On BSE, 587 shares fell and 442 shares rose. A total of 35 shares were unchanged.

Overseas, Asian shares were trading lower, mirroring losses on the US stock ended lower Tuesday, driven by losses in utilities, telecoms and industrials sectors. The S&P 500 index fell 0.37%. The Nasdaq Composite ended 0.19% lower. The Dow Jones Industrial Average ended 0.45% lower.

Car major Maruti Suzuki India was down 0.19%. The company's production rose 8.04% to 1.55 lakh units in November 2017 over November 2016. The announcement was made after market hours yesterday, 5 December 2017.

Torrent Pharmaceuticals was down 0.50%. The company said that the company has issued non-convertible debentures on private placement basis for Rs 500 crore. The coupon rate on debentures is 7% per annum. The tenor of the debentures is 360 days, with date of maturity being 29 November 2018. The announcement was made after market hours yesterday, 5 December 2017.

Reliance Communications was down 1.23%. The company said that Fitch Ratings (Fitch) has withdrawn C rating of company's Long-Term Foreign and Local Currency Issuer Default Ratings and bonds listed in Singapore stock exchange due to commercial reasons.

The company has already informed all the stakeholders that the lenders of the company have invoked Strategic Debt Restructuring (SDR) Scheme as per RBI Guidelines and pursuant to the said guidelines; the company is under standstill period till December 2018. The company has also announced various asset sales and a comprehensive debt resolution plan vide letter dated 30th October, 2017. Accordingly, for the time being, no payment of interest and/or principal is being made to any lenders and / or bondholders of the company. The announcement was made after market hours yesterday, 5 December 2017.

On the macro front, the government yesterday, 5 December 2017, announced incentives worth a total Rs 8450 crore to boost exports and employment in labour-intensive sectors in the mid-term review of the five-year foreign trade policy (FTP) that was rolled out in 2015.

Export incentives under Merchandise Exports from India (MEIS) have been increased by 2% across the board for labour intensive MSME sectors leading to additional annual incentive of Rs 4567 crore. This is in addition to the already announced increase in MEIS incentives from 2% to 4% for ready-made garments and made ups in the labour intensive textiles sector with an additional annual incentive of Rs 2743 crore.

Further, incentives under Services Exports from India Scheme (SEIS) have also been increases by 2% leading to additional annual incentive of Rs 1140 crore. The FTP will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports, an official statement said.

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

First Published: Wed, December 06 2017. 09:20 IST