Gap down opening expected; China markets hit lower circuit

The early indicator, SGX Nifty has slipped by 78 points at 7,656 levels

Markets are expected to make a gap down opening as China’s CSI 300 index slumps to 8%, triggering a newly-introduced circuit breaker mechanism.

The early indicator, SGX Nifty has slumped by 78 points to 7,656 levels.

US oil prices edged away from 2009 lows in early trading on Thursday but overall market sentiment remained extremely bearish due to huge unused amounts of petroleum sitting idle in storage tanks and as China's economy was showing no signs of recovery.

US stocks closed at their lowest level since early October on Wednesday, weighed down by fresh concerns over China and slower global growth and as energy shares tumbled with oil prices.

The Dow Jones industrial average ended down 252.15 points, or 1.47%, to 16,906.51, the S&P 500 lost 26.45 points, or 1.31%, to 1,990.26 and the Nasdaq Composite dropped 55.67 points, or 1.14%, to 4,835.77.

CORPORATE NEWS

The Mumbai-based property developer of the Ashok Piramal Group, Peninsula Land (PLL), is looking to raise Rs 180 crore through non-convertible debentures (NCDs) to refinance debt and extend its debt maturity.

Tata Group patriarch and lately entrepreneur enthusiast Ratan Tata, who has invested in over 20 start-ups so far, on Wednesday said unless a newbie “excites” him, he does not invest in that company.

ICICI Bank will be spending Rs 200 crore on social sector projects this fiscal and meet the mandatory two per cent CSR spend norms, its chief Chanda Kochhar said on Wednesday.

ICICI Bank picked up 1.95 million shares of United Breweries Limited for a little over Rs 186 crore through an open market transaction.

Tata Motors in association with Petronas Lubricants International today launched Tata Motors Genuine Oil (TMGO) for its passenger vehicles range in the India market.

Lupin has launched its Tri-Lo-Marzia tablets, an oral contraceptive drug, in the US market after getting approval from the American health regulator.

Naresh Goyal-promoted private carrier Jet Airways is likely to soon move the Bombay High Court to seek approval for convening shareholders meet on the merger of its subsidiary JetLite with the parent company.

With Reuters input