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Monday, July 16, 2018

Sensex down 85 points,Nifty 30 pts

The 30-share barometer had gained over 56 points in the previous session.

Written by Agencies | Mumbai | Published: September 5, 2012 9:39:17 am

The BSE benchmark Sensex today declined by nearly 85 points in early trade as participants booked profits amid a weak trend overseas.

The 30-share barometer,which had gained over 56 points in the previous session,fell by 84.84 points,or 0.48 per cent,to 17,356.03. All the sectoral indices were trading in the negative zone,with losses up to 0.90 per cent.

Similarly,the wide-based National Stock Exchange index Nifty shed 30.15,or 0.57 per cent,to 5,243.85.

Brokers said apart from profit-booking by funds and retail investors,a weak trend in the Asian region following overnight losses in Europe and on the Wall Street after a

third straight monthly contraction in US manufacturing activity,mainly dampened the trading sentiment here.

In the Asian region,Hong Kong’s Hang Seng fell 1.06 per cent,while Japan’s Nikkei shed 0.72 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.42 per cent lower in yesterday’s trade.

Stocks to watch for today


* The Nifty futures on Singapore Exchange fell 0.5 percent while the MSCI-Asia Pacific index excluding Japan fell 0.9 percent.

* The S&P 500 closed slightly lower on Tuesday as investors continued to await clarity on European Central Bank plans to shore up heavily indebted countries,but the market ended off its lows on a rally in Apple Inc.

* Asian shares and the euro eased on Wednesday,with investors waiting for a European Central Bank meeting on Thursday and U.S. payrolls on Friday for signs of more action to counter European debt woes and support growth.


* Second day of three-day Indian banking summit in Mumbai. RBI Deputy Governor HR Khan to attend.

* Services PMI for August.

* RBI to release money supply data.



* Federal law enforcement officials have named an MP from India’s ruling Congress party in an investigation into irregularities in the award of coalfield concessions,piling more pressure on the government firefighting the latest in a

series of scandals.

* India’s top auditor has criticised Gail India for extending undue benefits of 2.46 billion rupees to private power producers by supplying them cheap gas against a government directive,and castigated ONGC for hiring a rig from Reliance Industries in an “opaque and irregular manner.

* The Insurance Regulatory and Development Authority (Irda) has approved Punjab National Bank’s plan to acquire a 30 per cent stake in MetLife India Insurance.

* Axis Bank,the country’s third largest private sector lender,plans to take the share of retail credit in its overall loan book from the current 24 per cent to 30 per cent in the next 2-3 years.

* An increasing number of open offers are flooding the market as promoters,corporates and individual investors rush to take advantage of lower valuations to consolidate their holdings or to make acquisitions.


* India’s ACC Ltd said August cement shipments was 1.75 million tonnes vs 1.88 million tonnes year ago and August cement production was 1.75 million tonnes vs 1.88 million tonnes year ago.

* High coal prices and soaring demand for the fuel will add another 350 billion rupees to Coal India’s reserves,but it will remain idle in bank accounts as 179 of its projects remain stuck in forest clearances starving power plants of the fuel.

* Indian Oil Corp,the country’s largest refiner,plans to invest 500 billion rupees in expanding its existing refineries and setting up a new one on the west coast.

* Vedanta group may close its 1 MTPA alumina refinery in Odisha’s Lanjigarh by December first week as the company is facing severe shortage of bauxite,company sources said.


* GMR Infrastructure said it is looking to raise close to 30-40 billion rupees by divesting stakes and churning of assets in some of its projects in the road and power sectors in a bid to reduce debt and invest in new ventures,according to company CFO A. Subbarao.


* Infosys Ltd,which has long said it’s comfort size for acquisitions is up to 10 percent of its own revenue,is open to bigger deals given the right opportunity,a top executive said.

* Firms owned by the family of Ramalinga Raju and IL&FS are challenging the proposed merger of the erstwhile Satyam Computer Services with Tech Mahindra,claiming they are owed 12.30 billion rupees by the company now known as Mahindra Satyam.


* The auditors of Kingfisher Airlines said the airline’s actual losses for the year ended March 2012 were more than the reported 23.28 billion rupees.

* The Boeing Co,one of the world’s biggest commercial airplane manufacturers,has an order book of 100 airplanes from three Indian carriers-Air India Ltd,SpiceJet Ltd and Jet Airways (India) Ltd.


* In yet another legal blow to debt-ridden Deccan Chronicle Holdings Ltd,Tata Capital has dragged the Hyderabad-based media house and it’s chairman T Venkattram Reddy to the Bombay High Court seeking to recover 1.01 billion rupees in dues.

* STAR India is open to selling its 25.9 per cent stake in one of the country’s largest production houses,Balaji Telefilms ,to its promoters.


* Volkswagen may consider launching a utility vehicle in India as the German car giant looks to expand its portfolio,President and MD Gerry Dorizas said.


* Indian debt/FX factors to watch

* Euro slips slightly but seen supported ahead of ECB.

* Foreign institutional investor flows

* For closing rates of Indian ADRs

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