Market registers small losses

Telecom, IT sector stocks and index heavyweight HDFC Bank led small losses for key benchmark indices in a volatile trading session. The barometer index, the S&P BSE Sensex fell 51.05 points or 0.19% at 26,247.64, as per the provisional closing data. The Nifty 50 index lost 20.85 points or 0.26% at 8,090.75, as per the provisional closing data.

The Sensex lost 143.29 points or 0.54% at the day's low of 26,155.40 in late trade, its lowest level since 9 November 2016. The barometer index rose 151.18 points or 0.57% at the day's high of 26,449.87 in early trade. The Nifty lost 51.30 points or 0.63% at the day's low of 8,060.30 in late trade, its lowest level since 9 November 2016. The index rose 39.65 points or 0.48% at the day's high of 8,151.25 in early trade.

The market breadth indicating the overall health of the market was weak. On BSE, 1,663 shares declined and 946 shares rose. A total of 160 shares were unchanged. The BSE Mid-Cap index provisionally fell 0.21%. The BSE Small-Cap index provisionally lost 0.34%. The losses for both these indices were higher than the Sensex's decline in percentage terms.

The total turnover on BSE amounted to Rs 2627.02 crore, lower than turnover of Rs 4302.99 crore registered during the previous trading session.

Telecom stocks edged lower. Idea Cellular (down 0.71%) declined.

Bharti Infratel was up 0.01%. Bharti Infratel is a telecom tower arm of Bharti Airtel.

Bharti Airtel was down 3.52%. The company announced the completion of the merger of its subsidiary Airtel Bangladesh with Robi Axiata, a unit ofAxiata Group Berhad. The merger was completed following the fulfilment of the condition precedents to the agreement and filing of the merger order with the registrar of joint stock companies and firms of Bangladesh Court. Post the merger, Axiata will hold 68.7% stake in the combined entity, while Airtel will hold 25%. The remaining 6.3% stake will be held by NTT DoCoMo. The announcement was made after market hours yersterday, 16 November 2016.

The combined entity will be the second largest mobile operator in Bangladesh with approximately 32.2 million customers and will operate under the Robi Axiata brand. It is well positioned to deliver an unparalleled portfolio of innovative mobile and broadband offerings at affordable rates with deep network coverage.

The joint strengths of Robi and Airtel sets the stage for the company to deliver the widest mobile network coverage across Bangladesh, enhancing its stronghold in the mobile Internet segment as well as consolidating its position as the second largest operator in the country.

Reliance Communications (RCom) was unchanged at Rs 38.50. RCom, through its wholly-owned subsidiary Reliance Globalcom Services Inc, acquired a newly incorporated company named Onyx NewCo LLC (ONL), a Delaware Registered Company, on 15 November 2016. Delaware is a state located in the United States. ONL will be a telecommunications company, which is yet to commence its business operations. The announcement was made after market hours yesterday, 16 November 2016.

Index heavyweight HDFC Bank declined 1.15% at Rs 1,229.65. The stock hit a high of Rs 1,249 and a low of Rs 1,225.20 in intraday trade.

Shares of auto major Tata Motors surged 3.73% at Rs 475. The stock hit a high of Rs 476.20 and a low of Rs 459.80 in intraday trade.

In overseas stock markets, European and Asian stocks witnessed a mixed trend. Foreign direct investment (FDI) into the Chinese mainland rose 4.2% year on year to reach 666.3 billion yuan in the first ten months of the year, official data showed today, 17 November 2016. In mainland China, the Shanghai Composite ended higher by 0.11%. In Hong Kong, the Hang Seng ended 0.08% lower. US stocks closed mostly lower yesterday, 16 November 2016, as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. Philadelphia Federal Reserve President Patrick Harker reportedly said yesterday, 16 November 2016 that he favored raising interest rates and that the US central bank might have to hike more aggressively if the incoming Trump administration enacts a fiscal stimulus. The Fed has said it expects to raise rates gradually.

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