The Indian equity market ended in the red as indices extended their losing streak to a second consecutive trading session on Monday. The domestic market extended its fall and hit a fresh intra day low in afternoon trade as European stocks declined in early trade there. Nifty closed with a loss of 109 points at 8,723, while BSE Sensex ended with a loss of 374 points at 28,294.
On the global front, Asian Markets closed in a negative territory. Japan’s Nikkei dropped 1.3%. Hong Kong’s Hang Seng ended in red.
European markets opened sharply down on Monday following steep losses in Asia and also sell-offs in oil and gas shares and German lender Deutsche Bank AG pushed the market’s benchmark toward its worst performance in almost three months.
The FTSE 100 was trading down by 1.25% while, DAX and the CAC 40 were trading lower around 1.9% each.
Marksans Pharma jumped 11% to Rs.53 after the company announced that USFDA has granted approval for an Abbreviated New Drug Application (ANDA) for Loratadine Liquid Filled Capsules 10 mg.
Vardhman Textiles Ltd climbed 3% to Rs.1,071 after the company said in a notice to BSE that it will buyback 6.13 million shares at Rs.1,175 per share or 13% premium to Friday’s closing price.
Muthoot Finance Ltd dropped 1.1% to Rs.368 after a huge block deal in which around 3.06 million shares of the company changed hands.
IFCI Ltd slipped 5.6% to Rs.29 after news reports said that the Supreme Court has ordered the Union government to ensure proper inquiry into the financial irregularities of the Industrial Financial Corporation of India, as per media reports.
Coal India inched up 1.1% to Rs.332.65. Coal India has asked for alternative coal blocks from the Mozambique government since it did not find any commercially viable reserves in the block it was allotted a few years ago.
ABG Shipyard advanced 0.48%. Lenders led by State Bank of India and ABG Shipyard have hired investment bank Rothschild to find a buyer for a majority stake in the company as they struggle to save Rs 16,000 crore worth of loans given to it, as per media reports.
ONGC tanked 3.8% to Rs.250.50. The Board of state-owned ONGC has approved the signing of a preliminary agreement for buying a stake in the Gujarat government’s firm GSPC’s KG basin gas block.
Canara Bank gained 0.60% on the BSE. The bank said it will raise additional equity share capital not exceeding Rs.1,128 crore, including premium, by way of a rights issue, said a report.
NHPC closed down 2.1% after the government has put off the proposed share sale of NHPC to its employees citing ‘technical reasons’. Earlier, the Centre had said it plans to sell 6.288 crore shares of Rs.10 each to eligible employees at a discounted price of Rs.20.66 a share.
Rain Industries soared 4.7% after Rain Cements commenced operations of a waste heat recovery-based power plant to generate up to 7 MW of gross electrical energy from waste heat at the Kurnool plant in Andhra Pradesh.
Dilip Buildcon Ltd gained 1% to Rs.237 after the company informed BSE about the receipt of Letter of Award from National Highway Authority of India (NHAI) dated 22nd September, 2016 to the Company for the project Chichra to Kharagpur in the State of West Bengal under EPC mode.
The rupee was trading lower by three paise at 66.68 per US dollar.
Out of 1,460 stocks traded on the NSE, 611 declined and 791 advanced today.
Top 5 Nifty Gainers: TCS (1.39%), Infosys Ltd (1.09%), Reliance Ind. (0.91%), Coal India (0.83%) and Sun Pharma (0.78%)
Top 5 Nifty Losers: Bharti Airtel (-1.36%), ICICI Bank (-1.22%), ONGC (-0.96%), L&T (-1.42%) and BHEL (-0.88%)
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