Indian shares declined for a third consecutive session today. Weak global cues and profit booking weighed on the domestic bourses. The domestic market started off on a positive note but then slipped into the red. It then remained in the negative zone throughout most of today’s session and closed with a marginal loss. Nifty closed with a loss of 12 points at 8,698, while BSE Sensex ended with a loss of 45 points at 28,061.

On the economy front, the Reserve Bank of India (RBI) has proposed widening the definition of a branch to make it easier for banks to meet the norm of opening 25% banking outlets in un banked rural centres.

On the global front, Asian markets closed on a tentative note, following a warning from the IMF that a Fed rate hike will create a major disorder across Asian markets. As a result, the Hang Seng and Nikkei 225 closed lower. Markets in China remained closed for the Golden Week public holidays.

European markets remained subdued over speculation on curtailment of stimulus measures by the European Central Bank (ECB).The CAC 40 and DAX and FTSE are trading in red, while FTSE 100 gained 1%. The pound sterling slumped to a three-decade low, raising eyebrows across financial markets.

South Indian Bank tanked 3.2% to Rs.23.95 on the BSE. The bank has posted a net profit of Rs.110.5 cr for the quarter ended September 30, 2016 as compared to Rs.93.4 cr for the quarter ended September 30, 2015.

Bombay Dyeing & Manufacturing Company climbed 2.6% after a block deal. Around 20.5 lakh shares were traded in a multiple block at Rs.57.40-59.10 on the NSE and BSE.

IDBI Bank rallied 3% to Rs.72 on the BSE. The government is looking to get IDBI Bank’s stalled disinvestment plan moving again, and has instructed the lender’s Management to bring its stake down to 52%.

Telecom stocks closed lower by 1% on the BSE. India’s ‘big bang’ spectrum auction ended with a whimper on Thursday, with the Centre receiving bids worth about Rs.65,789.12 cr, just about 40% of the total worth of spectrum that was placed on the block.

Reliance Industries closed lower on the BSE after its telecom unit Reliance Jio acquired 214.6 MHz spectrum in three bands for Rs.13,672 cr. Idea Cellular ended flat after acquiring 349.2 MHz spectrum in four different bands for Rs.12,798 cr. The company can now provide 4G services in 20 circles. Bharti Airtel slipped 1% to Rs.319 after it acquired 173.8 MHz spectrum in three bands, worth Rs.14,244 cr.

Steel Strips Wheels Ltd climbed 3.2% after the company bagged order for supply of 115,000 caravan steel wheels for European Union trailer market, according to its exchange filing.

UCO Bank slipped 0.53% after the bank said it will sell 7.17 cr shares to LIC on a preferential basis, which may fetch about Rs.270 cr to the bank.

DHFL slipped 1% after the company slashed lending rate by 0.2% to 9.35% to cash in on the festival fervour.

ABG Shipyard ended marginally lower on the BSE. The company has decided to divest its subsidiary Western India Shipyard Ltd and will invite bids from prospective investors.

Tata Steel soared 4.4% to Rs.406. Tata Steel on Thursday said its sales rose by 12% to 2.62 mn tonnes (MT) in the quarter ended September 30, 2016.

Grasim Industries advanced 1.6%. The company said that as part of its proposed merger scheme, 10 shares of Aditya Birla Nuvo Ltd (ABNL) will get 15 shares of the firm.

Orient Cement dropped 6.6% to Rs207. Orient Cement said it will acquire two cement plants of debt-laden JP Group for Rs.1,950 cr in an all-cash deal, a move that will help the CK Birla Group firm enter central and eastern regions of the country.

Jaiprakash Power Ventures zoomed 2.2% to Rs4.66. This was on news of the company considering and accepting the recommendations of the Committee of Directors (for restructuring) as well as of the Audit Committee for acceptance of Offer of Orient Cement Ltd for acquisition of 2 Million Ton Per Annum Nigrie Cement Grinding Unit as a going concern basis at a consideration linked to a total enterprise value of Rs.500 cr subject to mutually agreed adjustments, execution of definitive agreement and all such approvals, as might be required.

The rupee was trading down 3 paise at 66.72 per US dollar.

Out of 1,497 stocks traded on the NSE, 755 declined and 684 advanced today.

Top 5 Nifty Gainers: Tata Steel (2.12%), CIPLA (2.11%), Asian Paints (1.90%), Infosys Ltd (1.68%) and GAIL (1.16%)

Top 5 Nifty Losers: Bharti Airtel (-1.25%), ONGC (-1.10%), HDFC (-1.03%), Adani Ports & Sez (-0.95%) and NTPC (-0.91%)

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