Weakness in Asian stocks pulled key benchmark indices lower in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex was down 56.13 points or 0.21% at 26,707.33. The Nifty 50 index was currently down 13.55 points or 0.17% at 8,190.05. IT and auto stocks edged lower.
In overseas markets, Asian stocks edged lower as investors sought refuge in safe-haven assets amid festering concerns over the 23 June 2016 referendum that could see Britain exit the European Union. US stocks dropped yesterday, 9 June 2016 after three days of gains as crude oil futures pulled back from 10-month highs.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 842 shares rose and 448 shares declined. A total of 76 shares were unchanged. The BSE Mid-Cap index was currently up 0.17%. The BSE Small-Cap index was currently up 0.27%. Both these indices outperformed the Sensex.
Infosys (down 0.98%), Dr Reddy's Laboratories (down 0.7%) and Tata Motors (down 0.57%) were the major losers from the Sensex pack.
ICICI Bank declined 0.31%. The bank announced after market hours yesterday, 9 June 2016 that Oriental Trimex had availed financial assistance of Rs 6.88 crore from ICICI Bank. Due to default in repayment of outstanding dues to ICICI Bank by the company, the account of company with ICICI Bank has been classified as a Non Performing Asset (NPA) on 31 December 2012. For recovery of outstanding dues, ICICI Bank has filed recovery suit before DRT, Delhi on 16 August 2013 against Oriental Trimex and the guarantors (i.e. Mr. Rajesh Punia & Ms. Savita Punia). The company has also filed winding up petition before High Court, Delhi at 11 March 2014.
Yes Bank rose 0.7% after the bank announced that it has executed a share subscription and shareholders' agreement agreeing to subscribe for 20 lakh equity shares of Receivables Exchange of India (RXIL) which is equivalent to 8% of the post-issue paid-up capital of RXIL, as per the terms of the agreement. RXIL is a joint venture company setup by NSE Strategic Investment Corporation and Small Industries Development Bank of India. The announcement was made after market hours yesterday, 9 June 2016.
FMCG major, Hindustan Unilever (HUL) declined 0.16%. The company announced that considering the recent change in the organization structure of the company, it has decided to report its segmental information under the four segments, and a residual segment for 'others'. The new segments comprises viz; home care to include fabric wash, household care and water; personal care to include personal wash, skin care, hair care, oral care, deodorants and colors; foods to include packaged foods (excluding ice cream and frozen dessert) and popular foods and refreshments to include tea, coffee, ice cream and frozen dessert. This change complies with the IND AS segment reporting principles, and the reporting therefore will be made effective from 1 April 2016, which will be reflected in Q1 June 2016, HUL said. The announcement was made after market hours yesterday, 9 June 2016.
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