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Indices hover with small losses

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Stocks hovered with small losses in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was down 60.96 points or 0.15% at 39,468.76. The Nifty 50 index was down 11.35 points or 0.1% at 11,832.40. Sentiment was impacted by provisional data showing that domestic and foreign funds, both, were net sellers of Indian equities yesterday, 6 June 2019. Most auto stocks fell.

The trading activity showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1448.99 crore yesterday, 6 June 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 650.84 crore yesterday, 6 June 2019, as per provisional data.

Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Volatility struck bourses in morning trade as the key indices regained positive zone. Volatility continued on the bourses in mid-morning trade as the key indices once again slipped in negative zone.

The S&P BSE Mid-Cap index was off 0.05%. The S&P BSE Small-Cap index was up 0.02%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 984 shares rose and 1206 shares fell. A total of 131 shares were unchanged. The breadth alternately swung between positive and negative zone so far during the day.

Most auto stocks fell. Bajaj Auto (down 0.44%), Hero MotoCorp (down 0.38%), TVS Motor Company (down 0.19%), Maruti Suzuki India (down 0.35%), Eicher Motors (down 0.33%) and Ashok Leyland (down 0.66%) fell.

Escorts (up 1.48%), Tata Motors (up 0.71%), Mahindra & Mahindra (M&M) (up 0.72%) rose.

JSW Steel rose 0.11%. JSW Steel said it has agreed to acquire 10,000 shares, comprising the entire issued and paid-up share capital, of Piombino Steel from JSW Techno Projects Management. Further Piombino Steel, shall, by itself and/or through nominees, acquire 8,000 shares, comprising the entire issued and paid-up share capital of Makler from JSW Techno Projects Management. Pursuant to the above, Piombino Steel shall become a wholly owned subsidiary of the Company and Makler shall become a wholly owned subsidiary of Piombino Steel.

Ramco Systems rose 0.4% to Rs 797. Reliance Mutual Fund has purchased 91,000 shares or 0.29% of Ramco Systems. Post acquisition, Reliance Mutual Fund's stake in Ramco Systems has increased to 5.22% from 4.93% earlier. The announcement was made after market hours today, 6 June 2019.

Lakshmi Vilas Bank gained 4.55% at Rs 73.50 after media reports suggested that the proposed merger of Lakshmi Vilas Bank with Indiabulls Housing Finance is likely in 9-12 months. Ajit Mittal, the Group Executive Director of Indiabulls, was quoted by the media as saying that Indiabulls Real Estate promoters have sold around 12% stake in the company to Embassy group on Friday, 7 June 2019, as the Indiabulls Group wants to focus on core financial services business.

Indiabulls Group has started the process of volunteering amalgamation with Lakshmi Vilas Bank and the merger will be completed in next 9-12 months. On 5 April 2019, Lakshmi Vilas Bank said that its board approved a merger with Indiabulls Housing Finance.

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

First Published: Fri, June 07 2019. 12:32 IST