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Nifty hits 7-month low

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by December 26, 2016 General

Key benchmark indices continued to trade with weakness in early afternoon trade. At 12:18 IST, the barometer index, the S&P Sensex, was down 255.46 points or 0.98% to 25,785.24. The 50 index was currently down 84.10 points or 1.05% at 7,901.65. The was currently trading below the psychological 26,000 mark, after sliding below that level at the onset of the day’s trading session. Market sentiment was impacted after Prime Minister Modi on Saturday, 24 December 2016, hinted at increase in taxes on from stock market.

After opening lower, the key benchmark indices lost ground quickly on the first trading day of the week, as market reacted to statements made by Prime Minister Modi on Saturday, 24 December 2016, hinting at increase in taxes on from stock markets. However, Finance Minister Arun Jaitley clarified on Sunday, 25 December 2016 stating that media reports of Modi’s speech are erroneous, adding further that the government has no plans to introduce long-term capital gains tax on share transactions. The key benchmark indices continued to trade with weakness in absence of positive cues. The slumped 286.96 points or 1.1% at the day’s low of 25,753.74 in morning trade, its lowest level since 21 November 2016. The index fell 32.13 points or 0.12% at the day’s high of 26,008.57 at the onset of the session. The lost 91.95 points or 1.15% at the day’s low of 7,893.80 in morning trade, its lowest level since 25 May 2016. The index fell 15.70 points or 0.2% at the day’s high of 7,970.05 at the onset of the session.

In side indices, the Mid-Cap index was currently down 1.96%. The Small-Cap index was currently down 1.65%. The fall in both these indices was higher than the Sensex’s decline in percentage terms.

The broad market depicted weakness and showed more than four losers against every gainer on BSE. 1,857 shares fell and 462 shares rose while a total of 110 shares were unchanged.

Among sector specific activity, pharma shares declined. Cipla (down 4.04%), Glenmark Pharmaceuticals (down 2.73%), Sun Pharmaceutical Industries (down 1.33%), Alkem Laboratories (down 3.17%), GlaxoSmithKline Pharmaceuticals (down 1.41%), Aurobindo Pharma (down 3.41%), Wockhardt (down 2.52%), Cadila Healthcare (down 0.61%) and Lupin (down 0.02%) edged lower. Dr Reddy’s Laboratories (up 0.06%) rose.

Panacea Biotec rose 5.03% after the company announced launch of Tetravalent Vaccine Easyfour-TT for active primary immunization and booster dose against diphtheria, tetanus and pertussis (DTP) and Haemophilus Influenza Type B (Hib).The announcement was made during trading hours today, 26 December 2016.

Easyfour-TT is a sterile and uniform suspension, manufactured using CDAP technology with WHO pre-qualified antigens which ensures good quality, high immurogenicity and less reactogenicity.

Auto stocks fell. Tata Motors (down 2.11%), Maruti Suzuki India (down 0.24%), Mahindra & Mahindra (M&M) (down 1.69%), Eicher Motors (down 2.01%), Bajaj Auto (down 1.27%), Hero MotoCorp (down 1.93%) and TVS Motor Company (down 1.01%) and Ashok Leyland (down 0.9%) declined.

Welspun Enterprises (WEL) rose 3.56% after the company announced that the board of directors of the company has approved sale of its entire investment of 6.04 crore equity shares, representing 15.49% stake, in the paid up equity share capital of Welspun Energy. As against its investment of Rs 91.10 crore, the stake is proposed to be sold to Welshop Trading, for a consideration of approximately Rs 290 crore plus contingent consideration, thereby implying more than three times returns to the company on its investment. The announcement was made on Saturday, 24 December 2016.

In addition to buying out WEL’s stake, Welshop Trading, part of Welspun Group, has agreed to buy out the stake of other shareholders in Welspun Energy at equivalent consideration. Post sale of its renewable business, WEL’s 15.49% minority stake in Welspun Energy does not contribute to the consolidated results of the company. In order to unlock value for the company, the board of WEL authorised the monetization of this stake, subject to shareholders’ approval.

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 with slight gains boosted by healthcare companies. In the latest economic data, new home sales rose 5.2% in November, advancing to their second-highest pace since early 2008. Separately, the final December reading on consumer sentiment rose, the latest sign of postelection optimism.

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

Nifty hits 7-month low

Key benchmark indices continued to trade with weakness in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 255.46 points or 0.98% to 25,785.24. The Nifty 50 index was currently down 84.10 points or 1.05% at 7,901.65. The Sensex was currently trading below the psychological 26,000 mark, after sliding below that level at the onset of the day’s trading session. Market sentiment was impacted after Prime Minister Narendra Modi on Saturday, 24 December 2016, hinted at increase in taxes on income from stock market.

Key benchmark indices continued to trade with weakness in early afternoon trade. At 12:18 IST, the barometer index, the S&P Sensex, was down 255.46 points or 0.98% to 25,785.24. The 50 index was currently down 84.10 points or 1.05% at 7,901.65. The was currently trading below the psychological 26,000 mark, after sliding below that level at the onset of the day’s trading session. Market sentiment was impacted after Prime Minister Modi on Saturday, 24 December 2016, hinted at increase in taxes on from stock market.

After opening lower, the key benchmark indices lost ground quickly on the first trading day of the week, as market reacted to statements made by Prime Minister Modi on Saturday, 24 December 2016, hinting at increase in taxes on from stock markets. However, Finance Minister Arun Jaitley clarified on Sunday, 25 December 2016 stating that media reports of Modi’s speech are erroneous, adding further that the government has no plans to introduce long-term capital gains tax on share transactions. The key benchmark indices continued to trade with weakness in absence of positive cues. The slumped 286.96 points or 1.1% at the day’s low of 25,753.74 in morning trade, its lowest level since 21 November 2016. The index fell 32.13 points or 0.12% at the day’s high of 26,008.57 at the onset of the session. The lost 91.95 points or 1.15% at the day’s low of 7,893.80 in morning trade, its lowest level since 25 May 2016. The index fell 15.70 points or 0.2% at the day’s high of 7,970.05 at the onset of the session.

In side indices, the Mid-Cap index was currently down 1.96%. The Small-Cap index was currently down 1.65%. The fall in both these indices was higher than the Sensex’s decline in percentage terms.

The broad market depicted weakness and showed more than four losers against every gainer on BSE. 1,857 shares fell and 462 shares rose while a total of 110 shares were unchanged.

Among sector specific activity, pharma shares declined. Cipla (down 4.04%), Glenmark Pharmaceuticals (down 2.73%), Sun Pharmaceutical Industries (down 1.33%), Alkem Laboratories (down 3.17%), GlaxoSmithKline Pharmaceuticals (down 1.41%), Aurobindo Pharma (down 3.41%), Wockhardt (down 2.52%), Cadila Healthcare (down 0.61%) and Lupin (down 0.02%) edged lower. Dr Reddy’s Laboratories (up 0.06%) rose.

Panacea Biotec rose 5.03% after the company announced launch of Tetravalent Vaccine Easyfour-TT for active primary immunization and booster dose against diphtheria, tetanus and pertussis (DTP) and Haemophilus Influenza Type B (Hib).The announcement was made during trading hours today, 26 December 2016.

Easyfour-TT is a sterile and uniform suspension, manufactured using CDAP technology with WHO pre-qualified antigens which ensures good quality, high immurogenicity and less reactogenicity.

Auto stocks fell. Tata Motors (down 2.11%), Maruti Suzuki India (down 0.24%), Mahindra & Mahindra (M&M) (down 1.69%), Eicher Motors (down 2.01%), Bajaj Auto (down 1.27%), Hero MotoCorp (down 1.93%) and TVS Motor Company (down 1.01%) and Ashok Leyland (down 0.9%) declined.

Welspun Enterprises (WEL) rose 3.56% after the company announced that the board of directors of the company has approved sale of its entire investment of 6.04 crore equity shares, representing 15.49% stake, in the paid up equity share capital of Welspun Energy. As against its investment of Rs 91.10 crore, the stake is proposed to be sold to Welshop Trading, for a consideration of approximately Rs 290 crore plus contingent consideration, thereby implying more than three times returns to the company on its investment. The announcement was made on Saturday, 24 December 2016.

In addition to buying out WEL’s stake, Welshop Trading, part of Welspun Group, has agreed to buy out the stake of other shareholders in Welspun Energy at equivalent consideration. Post sale of its renewable business, WEL’s 15.49% minority stake in Welspun Energy does not contribute to the consolidated results of the company. In order to unlock value for the company, the board of WEL authorised the monetization of this stake, subject to shareholders’ approval.

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 with slight gains boosted by healthcare companies. In the latest economic data, new home sales rose 5.2% in November, advancing to their second-highest pace since early 2008. Separately, the final December reading on consumer sentiment rose, the latest sign of postelection optimism.

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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