Sensex, Nifty extend losses

Key benchmark indices further extended losses in afternoon trade. Frontline stocks witnessed profit selling after recent rally, which propelled key barometers to record high levels. Trading was volatile as December F&O contracts expire today.

At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 122.70 points or 0.30% at 41,338.56. The Nifty 50 index was down 39.20 points or 0.32% at 12,175.35.

Shares in the broader market were in demand. The S&P BSE Mid-Cap index was up 0.09% while the S&P BSE Small-Cap index rose 0.45%.

The market breadth remained positive. On the BSE, 1288 shares rose and 993 shares fell. A total of 157 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 29 stocks declined.

Stocks in Spotlight:

Bharti Infratel rose 0.35% to Rs 256.20. The company on Tuesday (24 December) said it has not received government approvals for its merger with Indus Towers, by the 24 December 2019 deadline, and hence it has extended the deadline for closing the deal to 24 February 2020.

Yes Bank declined 2.73% to Rs 49.80 after a foreign brokerage reportedly cut its target price on the stock to Rs 46 from Rs 50 earlier. The brokerage also slashed the FY20 and FY21 profit estimate for the lender by 4-5%.

On Tuesday, Brickwork Ratings downgraded its ratings on Yes Bank's lower tier II bonds, from BWR AA- to BWR A, and of upper tier II bonds, hybrid tier I bonds and innovative perpetual debt instruments from BWR A+ to BWR A-. The outlook to continue as negative.

Bharti Airtel slipped 1.28% to Rs 451.50. The company said Airtel Africa intends to raise about $37.5 million through a public issue of its local business, Airtel Malawi. The price for the IPO has been set at Malawian Kwacha (MK) 12.69 ($0.021) per ordinary share.

Foreign Markets:

Most Asian shares traded higher on Thursday a day after Christmas. Major markets across the region including Hong Kong, South Korea and Australia were closed on Wednesday for Christmas.

European stocks markets were closed on account of 'Boxing Day', a secular holiday traditionally celebrated on 26 December, the day after Christmas Day.

In US, stocks ended nearly flat on Tuesday in a shortened trading session before closing for Christmas Day. US markets will reopen on Thursday.

Investors have been encouraged by plans for an interim US-Chinese trade deal despite having seen few details.

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