Market slides on negative Asian cues

Key benchmark indices were trading lower in early trade tracking negative leads from Asian markets. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 31.81 points or 0.13% at 24,934.59. The Nifty 50 index was down 8.50 points or 0.11% at 7,606.60.

The market breadth indicating the overall health of the market was positive. On BSE, 504 shares rose and 485 shares fell. A total of 50 shares were unchanged. The BSE Mid-Cap index was currently down 0.26%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.03%. The decline in this index was lower than the Sensex's decline in percentage terms.

In the overseas market, most Asian markets were trading lower today, 29 March 2016, on continued concern over whether the US Federal Reserve might hike interest rates at its April meeting. US stocks finished flat yesterday, 28 March 2016, as gains in consumer-discretionary and materials shares were mitigated by weakness in utilities and energy. US Fed Chair Janet Yellen will deliver a speech at the Economic Club of New York later today, 29 March 2016. Markets globally expect Yellen to drop hints about future rate hike path.

Wipro was down 0.24%. The company announced after market hours yesterday, 28 March 2016, a five-year partnership with Jubilant FoodWorks to deliver energy management services and help reduce its energy and operational costs. The EcoEnergy business of Wipro had rolled out its multi-year managed restaurant energy services (MRES) program last year leveraging its unique Service Window framework. Jubilant FoodWorks is a master franchisee for Domino's Pizza and Dunkin' Donuts in India.

UCO Bank was up 1.49%. The bank announced after market hours yesterday, 28 March 2016 that the board of directors of the bank at its meeting held on 28 March 2016, considered the proposal for issue of equity shares to Government of India on preferential basis for an amount of Rs 935 crore subject to necessary approvals from shareholders and other authorities.

NTPC was up 0.31%. The company announced after market hours yesterday, 28 March 2016, that the unit-3 of 660 megawatts (MW) of Mouda Super Thermal Power Station of NTPC has been commissioned on 28 March 2016. With this, the total installed capacity of Mouda Super Thermal Power Station has become 1660 MW. NTPC Group crosses 46 GW capacity. The total installed capacity of NTPC on standalone basis has become 40012 MW and that of NTPC group has become 46653 MW.

Ashok Leyland was up 0.86%. The company announced before market hours today, 29 March 2016, that, on 28 March 2016, the company has sold 32.63 lakh equity shares held in Induslnd Bank in the open market at a price of Rs 915.96 per share.

FMCG shares were mixed. Britannia Industries (down 1.45%), Tata Global Beverages (down 0.46%), Hindustan Unilever (down 0.34%), Procter & Gamble Hygiene & Health Care (down 0.27%), Godrej Consumer Products (down 0.22%) and Marico (down 0.11%), edged lower. GlaxoSmithKline Consumer Healthcare (up 0.01%), Colgate Palmolive (India) (up 0.22%), Nestle India (up 0.30%), Dabur India (up 0.35%), Jyothy Laboratories (up 0.53%) and Bajaj Corp (up 0.64%), edged higher.

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