Market trades lower on negative Asian cues

Key indices were trading lower on weak Asian cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 274.29 points or 0.66% at 41,190.32. The Nifty 50 index was down 88.15 points or 0.72% at 12,138.50.

The S&P BSE Mid-Cap index was down 0.99%. The S&P BSE Small-Cap index was down 0.75%. Both these indices underperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 258 shares rose and 761 shares fell. A total of 57 shares were unchanged.

Among stocks, Adani Ports and Special Economic Zone was up 0.29%. Adani Ports and Special Economic Zone (APSEZ) has informed that the company intends to acquire 75% stake of Krishnapatnam Port Company (KPCL) from the existing shareholders. The investment is in line with the company's strategy to increase its footprint in Andhra Pradesh. KPCL handled 54 MMT in FY2019. Acquisition value of KPCL is approximately Rs 13,500 crore. The purchase consideration will be funded through internal accruals.

PVR rose 0.27%. PVR said that the outlook on long term rating has been revised following the completion of a Qualified Institutional Placement (QIP) in October 2019, with the same leading to an inflow of Rs 500 crore. The rating on Non-convertible Debenture Programme and Fund based-Term Loan were reaffirmed at [ICRA]AA- and outlook was revised from stable to positive by ICRA. Meanwhile, the rating on Commercial Paper was reaffirmed at A1+.

Indian Overseas Bank jumped 7.47%. State-run Indian Overseas Bank (IOB) said it has received capital infusion of Rs 4,360 crore from the government. IOB said it has received the amount as contribution of the government in preferential allotment of equity shares during the financial year 2019-20 as government's investment.

Sobha advanced 1.77%. Sobha announced operational performance for Q3 of FY 2019. The company achieved new sales volume of 1,066,022 square feet valued at Rs 726 crore, with a total average realisation of Rs 6,811 per square feet. Sobha's share of sales value is at Rs 608 crore. The total sales volume is up by 17% in Q3 of FY 2019 compared to Q3 of FY 2018, and by 9% during 9 months of FY 2019 compared to 9 months of FY 2018. Total sale value is up 4% during Q3 FY 2019 as compared to Q3 FY 2018 and by 6% as compared to Q2 FY 2019. Total average price realization during Q3 FY 2019 rose 3% as compared to Q2 FY 2019.

Dixon Technologies (India) was up 1.16%. Dixon Technologies (India) said it has entered into agreement with Samsung India Electronics (Samsung) for manufacturing of LED TVs. Dixon shall be manufacturing LED TV for Samsung from its manufacturing facility located at Tirupati, Andhra Pradesh.

Overseas, most Asian markets were trading lower on Monday due to rise in US-Iran tension

In US, stocks on Friday ended solidly lower following escalating tensions in the Middle East and fall in US manufacturing activity.

Friday saw worse-than-expected US manufacturing data underlined risks to economic growth. The Institute for Supply Management's December US manufacturing purchasing managers index fell to 47.2% from a reading of 48.1% in November.

Powered by Capital Market - Live News