Daily Market Commentary : 27th SEP 2016

The Indian stock market ended in the red as indices extended losing streak to third consecutive trading session on Tuesday. The Nifty fell below 8,700 for the first time in 9 sessions. After starting off on a positive note markets remained subdued in the first half, however as the day progressed selling pressure accentuated. Weak global cues and profit booking weighed on the domestic markets. Nifty closed with a loss of 16 points at 8,706, while BSE Sensex ended with a loss of 71 points at 28,224.

On the global front, Asian stocks closed mixed on Tuesday. Nikkei index and China’s Shanghai Composite ended marginally higher, while Hong Kong’s Hang Seng edged higher by 1%.

In Europe, the FTSE 100 was trading marginally down. The CAC 40 and DAX dipped over 0.50% each.

Yes Bank gained 1% after the bank raised Rs.330 crore (approximately $50 million equivalent) through the issue of 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis.

Coal India closed marginally lower at Rs.332. The company said in a notice to BSE that its share buyback offer will open on 3 October to 18 October.

Bank of India slipped 1.1% to Rs.116.50. Bank of India has sold 18% stake in the insurance joint venture Star Union Dai-ichi Life Insurance Company Ltd (SUD) to its Japanese partner.

IRB Infrastructure Developers gained 1% to Rs.257 after receiving a letter of award from the National Highways Authority of India (NHAI) for the Rs.2,100 crore highway project in Rajasthan and Gujarat.

Pfizer slipped 1%. Pfizer has completed the process of transferring four products to Piramal Enterprises after getting necessary regulatory approvals.

BPCL dropped 1.7% to Rs.610. BPCL Kochi Refinery is all set to become a world-class refinery with crude oil processing capacity of 15.5 MMTPA, Union Minister Dharmendra Pradhan said.

8K Miles Software Services Ltd jumped 2.7%. 8K Miles Software has informed BSE that the Board of Directors of the Company has fixed October 13, 2016 as the record date for the purpose of ascertaining the eligibility of the shareholders entitled for stock split & free share issue.

Suven Life Sciences inched up 1% after the company was granted two product patents, one each in India and Japan, for the molecules to be developed for the treatment of neuro-degenerative diseases.

The rupee was trading up 13 paise at 66.46 per US dollar.

Out of 1,461 stocks traded on the NSE, 806 declined and 597 advanced today.

Top 5 Nifty Gainers: GAIL (1.29%), Dr. Reddys Lab (0.95%), SBI (0.90%), Bharti Airtel (0.88%) and HDFC (0.80%)

Top 5 Nifty Losers: Reliance Ind. (-1.59%), Wipro (-0.63%), Infosys Ltd. (-0.52%), Hind. Unilever (-0.45%) and TCS (-0.44%)

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