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Market sees gap-down opening

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by December 26, 2016 General

Key benchmark indices drifted lower in early trade led by slide in stocks. At 9:25 IST, the barometer index, the S&P Sensex, was down 182.35 points or 0.7% to 25,858.35. The 50 index was currently down 54.40 points or 0.68% at 7,931.35.

In side indices, the Mid-Cap index was currently down 1.12%. The Small-Cap index was currently down 0.86%. The fall in both these indices was higher than the Sensex’s decline in percentage terms.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,132 shares fell and 308 shares rose. A total of 54 shares were unchanged.

Overseas, Asian stocks were trading on a mixed note in light trading after Christmas with most other Asian markets closed. Markets in Hong Kong, Australia, Singapore, Indonesia, Malaysia and the US are closed today, 26 December 2016 in observance of Christmas holiday.

US stocks ended a thinly traded session on Friday, 23 December 2016 boosted by healthcare companies.

Back home, Cipla (down 2.66%), Axis Bank (down 1.89%) and Adani Ports & Special Economic Zone (down 1.79%) were the major losers from the pack.

Among stock specific action, ONGC fell 1.04%. The company announced that its board on Friday, 23 December 2016, considered the proposal and approved acquisition of the entire 80% participating interest (PI) of Gujarat State Petroleum Corporation (GSPC) along with operatorship rights,at a purchase consideration of $995.26 million for Deen Dayai West Field in Krishna Godavari (KG) Basin offshore. The announcement was made after market hours on Friday, 23 December 2016.

ONGC and GSPC were engaged in discussions on a potential transaction for purchase by ONGC of GSPC’s stake and operatorship in NELPIII block in KG Basin offshore.

ONGC shall also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayai West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plans by DGH/Management Committee of the block.

Yes Bank fell 1.38%. Yes Bank announced that it has placed Rs 3000 crore of Basel III compliant Additional Tier-1 (AT1) bonds through private placement against the base issue size of Rs 2100 crore. The bonds will be listed on the and its proceeds will qualify for Basel III Tier-I capital. The bonds carry a coupon rate of 9.5% per annum. The bonds have been rated as CARE AA (Stable Outlook) by CARE Ratings and IND AA (Stable Outlook) by India Ratings & Research (A Fitch Group Company). The announcement was made on Saturday, 24 December 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Market sees gap-down opening

Key benchmark indices drifted lower in early trade led by slide in banking stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 182.35 points or 0.7% to 25,858.35. The Nifty 50 index was currently down 54.40 points or 0.68% at 7,931.35.

Key benchmark indices drifted lower in early trade led by slide in stocks. At 9:25 IST, the barometer index, the S&P Sensex, was down 182.35 points or 0.7% to 25,858.35. The 50 index was currently down 54.40 points or 0.68% at 7,931.35.

In side indices, the Mid-Cap index was currently down 1.12%. The Small-Cap index was currently down 0.86%. The fall in both these indices was higher than the Sensex’s decline in percentage terms.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,132 shares fell and 308 shares rose. A total of 54 shares were unchanged.

Overseas, Asian stocks were trading on a mixed note in light trading after Christmas with most other Asian markets closed. Markets in Hong Kong, Australia, Singapore, Indonesia, Malaysia and the US are closed today, 26 December 2016 in observance of Christmas holiday.

US stocks ended a thinly traded session on Friday, 23 December 2016 boosted by healthcare companies.

Back home, Cipla (down 2.66%), Axis Bank (down 1.89%) and Adani Ports & Special Economic Zone (down 1.79%) were the major losers from the pack.

Among stock specific action, ONGC fell 1.04%. The company announced that its board on Friday, 23 December 2016, considered the proposal and approved acquisition of the entire 80% participating interest (PI) of Gujarat State Petroleum Corporation (GSPC) along with operatorship rights,at a purchase consideration of $995.26 million for Deen Dayai West Field in Krishna Godavari (KG) Basin offshore. The announcement was made after market hours on Friday, 23 December 2016.

ONGC and GSPC were engaged in discussions on a potential transaction for purchase by ONGC of GSPC’s stake and operatorship in NELPIII block in KG Basin offshore.

ONGC shall also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayai West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plans by DGH/Management Committee of the block.

Yes Bank fell 1.38%. Yes Bank announced that it has placed Rs 3000 crore of Basel III compliant Additional Tier-1 (AT1) bonds through private placement against the base issue size of Rs 2100 crore. The bonds will be listed on the and its proceeds will qualify for Basel III Tier-I capital. The bonds carry a coupon rate of 9.5% per annum. The bonds have been rated as CARE AA (Stable Outlook) by CARE Ratings and IND AA (Stable Outlook) by India Ratings & Research (A Fitch Group Company). The announcement was made on Saturday, 24 December 2016.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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