Market declines in early trade on mixed Asian cues

Key benchmark indices edged lower in early trade on mixed cues from Asian market. At 9:18 IST, the barometer index, the S&P BSE Sensex, was down 37.10 points or 0.14% at 25,827.37. The Nifty 50 index was down 14.75 points or 0.19% at 7,822.80.

The market breadth indicating the overall health of the market was positive. On BSE, 558 shares rose and 332 shares fell. A total of 46 shares were unchanged. The BSE Mid-Cap index was up 0.06%. The BSE Small-Cap index was up 0.09%. Both these indices outperformed the Sensex.

In overseas markets, Asian shares were mixed today, 18 November 2015, as investors remain cautious over the latest global geopolitical developments in the wake of Paris terror attacks. US stocks gave up earlier gains to end almost flat yesterday, 17 November 2015, as falling oil prices overshadowed strong earnings from giant retailers Wal-Mart Stores and Home Depot Inc. The evacuation of a soccer stadium in Germany also rekindled terror fears, unnerving investors.

Indian Overseas Bank (IOB) was down 0.33%. The bank after market hours yesterday, 17 November 2015 said that credit rating agency Crisil has revised downwards its ratings for lower tier II bonds, upper tier II bonds and Basel II compliant tier I perpetual bond issues of IOB. The revision in the ratings assigned to the bonds is due to continued deterioration in asset quality of IOB in the six months ended 30 September 2015. The ratings continue to factor in the majority Government of India (GOI) shareholding in the bank and that GOI continue to provide support to all the public sector banks, Crisil said.

Mahindra Lifespace Developers was down 1.20%. The company after market hours yesterday, 17 November 2015 said it has acquired a land parcel in Palghar district of Maharashtra admeasuring 85,000 square meters for residential development.

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