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Bank stocks edge lower

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Benchmark indices hovered in a small range in negative zone in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 14.69 points or 0.06% at 26,504.38. The Nifty 50 index was currently down 12.55 points or 0.15% at 8,141.05. Trading was lacklustre in the absence of clear direction from Asian peers.

The Sensex lost 63.86 points or 0.24% at the day's low of 26,455.21 in mid-morning trade. The index rose 75.48 points or 0.28% at the day's high of 26,594.55 in early trade. The Nifty lost 26.15 points or 0.32% at the day's low of 8,127.45 in mid-morning trade. The index rose 25.10 points or 0.3% at the day's high of 8,178.70 in early trade.

The BSE Mid-Cap index was currently down 0.37%. The BSE Small-Cap index was currently off 0.08%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

Overseas, Asian stocks witnessed a mixed trend. A surge in banks and other financial stocks that stand to benefit from higher interest rates led US indexes to the edge of record territory yesterday, 15 December 2016.

The number of Americans applying for unemployment benefits fell last week, further evidence that the labor market remains steady as the Federal Reserve moves to raise interest rates. Initial jobless claims, a measure of layoffs across the US, fell 4,000 to a seasonally adjusted 254,000 in the week ended 10 December 2016, the Labor Department said yesterday, 15 December 2016.

Closer home, the market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. On the BSE, 1,205 shares declined and 1,079 shares rose. A total of 155 shares were unchanged.

Auto stocks were mixed. Tata Motors (up 1.68%), Maruti Suzuki India (up 0.68%), Eicher Motors (up 0.37%), TVS Motor Company (up 0.22%) and Ashok Leyland (up 0.06%) edged higher. Hero MotoCorp (down 0.92%), Bajaj Auto (down 0.51%) and Mahindra & Mahindra (down 0.43%) edged lower.

Bank stocks declined. Among public sector banks, Corporation Bank (down 1.12%), Indian Bank (down 0.93%), Union Bank (down 0.76%), IDBI Bank (down 0.5%), Punjab National Bank (down 0.28%), Bank of India (down 0.35%) and State Bank of India (down 0.02%) edged lower. Bank of Baroda (up 0.44%) edged higher.

Among private sector banks, ICICI Bank (down 1.21%), Kotak Mahindra Bank (down 0.39%), Axis Bank (down 0.38%) and HDFC Bank (down 0.13%) edged lower. IndusInd Bank (up 0.05%) edged higher.

Yes Bank was down 0.38% at Rs 1,182. The bank announced that it has necessary approvals from the board of directors and shareholders to borrow/ raise funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, MTN (Medium Term Notes), bonds upto Rs 10000 crore by the bank, in one or more tranches on private placement basis from time to time. The announcement was made after market hours yesterday, 15 December 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, December 16 2016. 12:16 IST