Markets decline further; Nifty below 7,700

Profit booking along with losses in Asian peers dented sentiments

Markets continue to trade lower on the first trading session of the new fiscal year 2016-17 despite firm macroeconomic data as investors sought to profit booking at higher levels. Going along, weakness in the Asian peers has dented sentiments.

At 12:43 pm, the S&P BSE Sensex was at 25,183, down by 159 points while the Nifty50 was at 7,690, down by 48 points.

Eight core sector industries surged to a 15-month high of 5.7 per cent in February 2016, almost double the 2.9 per cent of January 2016. These industries had expanded by 2.3 per cent in February 2015. Official data issued on Thursday showed only one segment, steel, had a fall in February output against three — crude oil, natural gas and steel — in January.

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STOCKS IN ACTION

Tata Motors said it has divested its entire stake in wholly-owned subsidiary Sheba Properties to another group firm Tata Motors Finance for Rs 405.37 crore.  The stock is trading lower by 1.5%.

Mahindra and Mahindra's farm equipment division has raised 35% stake in Finland's Sampo Rosenlew, a combined harvester specialist, for 18 million. M&M has lost over 1%. 

On the flip side, Ashok Leyland has extended gains to hit fresh record high of Rs 111 on the National Stock Exchange (NSE) after the commercial vehicles maker today reported a 31% increase in total sales at 16,702 units in March. The company had sold 12,754 units in the same month last year.

The capital goods major Bharat Heavy Electricals Ltd (Bhel) has surged 4% after rating firm Deutsche Bank has raised the company outlook to ‘Buy’ from ‘Sell’.

ICICI Bank has slipped 0.4% after it put the plan to sell its subsidiary ICICI Home Finance Co. Ltd on the backburner.

IDBI Bank has dropped over 2% after it sold a 2% stake in the National Stock Exchange (NSE) to Life Insurance Corp. of India (LIC), as part of the debt-laden bank's turnaround plan

Mandhana Industries has rallied 7% after the company said that the High Court of judicature at Bombay approved the scheme of arrangement for demerger of the retail undertaking of the company into Mandhana Retail Ventures.

Alkem Laboratorie has dropped 3.6% after observations made by the UK health regulator, UK-Medicines and Healthcare Products Regulatory Agency following an inspection at the company's bioequivalence facility located at Taloja, Maharashtra in March 2016.

Bharat Wire Ropes made a sluggish debut on the stock exchanges today and were locked in lower circuit at Rs 44.90 on the National Stock Exchange.

Geometric has dipped 4% ahead of board meeting today to discuss various strategic and restructuring options. The stock hit a record high of Rs 209 on the BSE in early morning trade.

According to Business Standard reports, India's fourth largest IT services company, HCL Technologies, has agreed to acquire Mumbai-headquartered engineering solutions company Geometric in a share swap deal that values it at $150-200 million. HCL Tech is up 1%.

IVRCL has slumped 6.6%. At least 21 people were killed and several injured after part of an under-construction flyover in North Kolkata collapsed in the afternoon hours. The 2.2-km Vivekananda Road flyover, being funded under the Jawaharlal Nehru National Urban Renewal Mission, was being constructed by IVRCL Infrastructure but had got stuck midway after several hurdles.

KEC International has gained over 2% after the company said in a notice to BSE that it won orders worth Rs.836 crore.