Market drops in early trade on negative Asian stocks

Key benchmark indices opened on a weak note on negative Asian stocks. The barometer index, the S&P BSE Sensex was down 119.25 points or 0.44% at 27,146.07. The market breadth indicating the overall health of the market was positive. ICICI Bank rose after the bank market hours on Tuesday, 9 September 2014 said that its board of directors at its meeting held on Tuesday, 9 September 2014, has approved 5-for-1 stock split.

Asian stocks edged lower today, 10 September 2014 on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated.

At 9:25 IST, the S&P BSE Sensex was down 119.25 points or 0.44% at 27,146.07. The index lost 131.65 points at the day's low of 27,133.67 in early trade. The index fell 13.88 points at the day's high of 27,251.44 in early trade.

The CNX Nifty was down 36.80 points or 0.45% at 8,116.15. The index hit a high of 8,135.75 in intraday trade. The index hit a low of 8,108.45 in intraday trade.

The market breadth indicating the overall health of the market was positive. On BSE, 799 shares gained and 703 shares fell. A total of 47 shares were unchanged.

The BSE Mid-Cap index fell 12.67 points or 0.13% to 9,830.70. The BSE Small-Cap index shed 0.87 points or 0.01% to 10,885.11. Both these indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 219 crore by 09:25 IST.

Among the 30-share Sensex pack, 20 stocks declined and rest of them gained.

Hero MotoCorp (down 1.25%), Infosys (down 1.27%) and State Bank of India (down 1.09%) edged lower from the Sensex pack.

Bharti Airtel (up 1.03%), Cipla (up 0.87%) and Coal India (up 0.91%) edged higher from the Sensex pack.

ICICI Bank rose 0.85%. ICICI Bank after market hours on Tuesday, 9 September 2014 said that the board of directors of the bank at its meeting held on Tuesday, 9 September 2014, has approved 5-for-1 stock split.

Biocon rose 0.99%. Biocon announced after market hours on Tuesday, 9 September 2014, that Biocon Research (BRL), a wholly owned subsidiary of Biocon has entered into an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation (GE Capital), to purchase the latter's investment in Biocon's research services subsidiary, Syngene International (Syngene) for an agreed consideration of Rs 215.38 crore. GE Capital had a 7.69% stake in Syngene.

Wockhardt rose 1.27%. Wockhardt announced after market hours on Tuesday, 9 September 2014, that a meeting of the Board of Directors of the company will be held on 15 September 2014, inter alia, to consider and approve amalgamation of two wholly owned subsidiaries viz Wockhardt Biopharm and Vinton Healthcare with Wockhardt.

Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 9 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 479.40 crore on that day.

Asian stocks edged lower today, 10 September 2014 on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated. Key benchmark indices in Taiwan, Hong Kong, Japan, Indonesia, China and Singapore fell by 0.2% to 1.84%. South Korean stock market will reopen tomorrow, 11 September 2014 after a three-day break for the Harvest Moon festival.

US stocks fell on Tuesday, 9 September 2014 as Apple shares declined and as bond yields hit their highest in a month on concerns the Federal Reserve could raise interest rates sooner than some investors had expected.

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