Key benchmark indices were trading lower in early trade, tracking mixed cues from Asian markets and overnight slide in the US market. At 9:18 IST, the barometer index, the S&P BSE Sensex, was down 80.46 points or 0.31% at 25,598.47. The Nifty 50 index was down 25.55 points or 0.33% at 7,829.50.
The market breadth indicating the overall health of the market was positive. On BSE, 487 shares rose and 443 shares fell. A total of 46 shares were unchanged. The BSE Mid-Cap index was currently down 0.02%. The BSE Small-Cap index was currently down 0.11%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
In overseas markets, Asian stocks were mixed today, 26 April 2016, after oil prices eased and as investors braced for central bank policy meetings in the United States and Japan later this week. The Bank of Japan (BOJ) holds a two-day monetary policy meeting on Wednesday, 27 April 2016 and Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stock prices fell yesterday, 25 April 2016, as weaker oil prices weighed on energy shares. The US Federal Reserve holds a two-day policy meeting on Tuesday, 26 April 2016 and Wednesday, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future path for interest rates.
Hindalco Industries was up 2.54%. The company announced that it has communicated to Aditya Birla Minerals (ABML) its intention to accept the offer by Metal X to acquire shares of ABML subject to receiving the approval of the Reserve Bank of India and no bona fide superior proposal being announced by a third party within 5 business days of Metals X announcing its intention to make the aforesaid offer. Metal X, a listed company in Australia has made an announcement regarding its intention to improve its ongoing takeover offer for acquiring shares of ABML under the relevant laws of Australia. ABML is a subsidiary of Hindalco Industries and listed on Australian Stock Exchange. Metal X has offered 1 fully paid ordinary share in Metals X for every 4.5 ABML shares and A$0.08 in cash for every ABML share held. The offer is conditional upon Hindalco's acceptance and confirmation that it has obtained the requisite approval of Reserve Bank of India in this regard. The announcement was made before market hours today, 26 April 2016.
Drug major Sun Pharmaceutical Industries was down 0.80%. The company said it entered into a partnership with the Indian Council of Medical Research (ICMR) and Madhya Pradesh government for a malaria eradication programme and other innovation in preventive health measures. Under the public-private-partnership stakeholders will jointly undertake malaria control and elimination programme by setting-up management and technical committees to provide oversight for disease surveillance and elimination. The announcement was made after trading hours yesterday, 25 April 2016.
Tata Chemicals was up 1.26%. The company said that operations at the company's fertiliser plant at Babrala, Uttar Pradesh have resumed after temporary shutdown for scheduled maintenance. It may be recalled that the company had on 22 March 2016 informed about temporary shutdown of Babrala plant. The announcement was made after market hours yesterday, 25 April 2016.
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