Key benchmark indices edged lower in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 139.33 points or 0.52% at 26,607.85. The Nifty 50 index was currently down 47.40 points or 0.57% at 8,214.35.
Overseas, Asian stocks witnessed a mixed trend. US major stock indices continued their recent winning streak, closing at all-time highs on Friday, 9 December 2016. All major indexes have been hitting record highs since the election amid hopes that the Trump administration will usher in tax cuts, deregulation and fiscal stimulus.
Back home, the market breadth, indicating the overall health of the market, was negative. On the BSE, 597 shares declined and 445 shares rose. A total of 58 shares were unchanged. The BSE Mid-Cap index was currently down 0.4%. The BSE Small-Cap index was currently off 0.12%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Coming to the stocks, Tata Motors was down 1.48%. The company announced that the Tata Motors Group global wholesales including Jaguar Land Rover rose 1% to 91,832 units in November 2016 over November 2015. Global wholesales of all passenger vehicles rose 5% to 64,862 units in November 2016 over November 2015. The announcement was made after market hours on Friday, 9 December 2016.
Idea Cellular declined 1.69%. The company said it proposes to issue non-convertible debentures amounting to Rs 1500 crore on private placement basis. The tenure of debentures is 5 years with a coupon/interest of 7.57% per annum. The announcement was made after market hours on Friday, 9 December 2016.
State Bank of India (SBI) rose 1.03% at Rs 268.75 after the bank announced that the executive committee of the central board (ECCB) of the bank at a meeting held on Friday, 9 December 2016, approved divestment of 3.9 crore equity shares constituting 3.9% stake in SBI Life Insurance Company at a price of Rs 460 per share, subject to all regulatory approvals. The announcement was made after market hours on Friday, 9 December 2016.
Axis Bank fell 1.39%. The bank announced the acquisition of shares representing 13.67% of the total paid up capital in Assets Care and Reconstruction Enterprise from IFCI at Rs 31 per share for cash aggregating Rs 22.72 crore. The announcement was made after market hours on Friday, 9 December 2016.
IndusInd Bank was down 0.71%. The bank announced that the finance committee of the board on Friday, 9 December 2016, allotted 15,000 unsecured redeemable non-convertible bonds in the nature of debentures for an amount of Rs 1500 crore, to the identified investors on private placement basis. The announcement was made after market hours on Friday, 9 December 2016.
NMDC rose 1.46% at Rs 128.40. The company's net profit fell 5.61% to Rs 770.76 crore on 1.29% fall in total income to Rs 2012.64 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 9 December 2016.
On the macro front, data released by the government after market hours on Friday, 9 December 2016 showed that India's industrial production declined 1.9% in October 2016 over October 2015. Twelve out of 22 industry groups in the manufacturing sector showed negative growth in October 2016.
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