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Market drifts lower in early trade

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Key indices are trading lower in early trade in line with Asian Markets. At 9:22 IST, the barometer index, the S&P BSE Sensex, was down 106.70 points or 0.26% at 40,568.75. The Nifty 50 index was down 37.40 points or 0.31% at 11,956.80.

The S&P BSE Mid-Cap index was down 0.38%. The S&P BSE Small-Cap index was down 0.07%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 349 shares rose and 490 shares fell. A total of 38 shares were unchanged.

Among stocks, HDFC Asset Management Company fell 1.88%. HDFC Asset Management Company said one of its promoters, Standard Life Investments, proposes to sell up to 4,750,000 Equity Shares representing 2.23% of the total issued and paid-up Equity Share capital of the Company. The floor price for the Sale shall be Rs 3,170 per Equity Share. No discount is being offered to Retail Investors.

IFCI fell 0.84%. IFCI said ICRA revised ratings of fund based Bank limits, long term bonds (including Subordinated Debt) and bonds / NCD (Public Issue) from ICRA BBB to ICRA BBB-. The rating on Short Term Instruments - Commercial Paper has been revised from '[ICRA] A3+ to [ICRA] A3. Rating Rationale for downgrade has essentially factored the requirement of capital infusion, divestment from non-core assets (including investment in subsidiaries), stepping up the recovery from NPA to support capital and liquidity profile.

Natco Pharma was up 0.29%. Natco Pharma said the Company completed the investment of Rs 5 crore in OMRV Hospitals Private Limited in the form of 5 ,00,000, 0.05% Compulsory Convertible Cumulative Preference Shares (CCCPS) under Private Placement. The Company will be holding 12.8 1% of the shares on a fully diluted basis of Share Capital of OMRV Hospitals Private Limited.

Punjab and Sindh Bank was unchanged. Punjab and Sindh Bank said that a meeting of Board of Directors of Punjab & Sind Bank is scheduled to be held on 6 December 2019 to revalidate the approval for a further period of twelve months to issue of Equity Shares by way of QIP upto an amount of Rs 500 crore.

Overseas, Asian stocks were trading lower on Wednesday after an overnight fall in US stocks.

In US, stocks fell on Tuesday, after President Donald Trump reportedly said it may take until after the 2020 US elections to complete a trade deal with China.

Trade tensions escalated on other fronts, including Brazil, Argentina and France after the US President reportedly said he was bringing back tariffs on Brazilian and Argentinian steel, while the administration also proposed tariffs of up to 100% on $2.4 billion in French imports.

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

First Published: Wed, December 04 2019. 09:32 IST