Sensex, Nifty Snap Three-Day Winning Streak
Indian equity benchmarks snapped three-day winning streak led by losses in heavyweights like Bharti Airtel, TCS and ITC.
Meanwhile, yield on Indian government's generic 10-year bond rose to 17-month high on concerns that inflation might have risen at the fastest pace in November since Sept. 2016.
CPI rose 4.28 percent (YoY) last month, fastest since Sept. 2016 and up from 3.58 percent in Oct., according to Bloomberg survey.
The S&P BSE Sensex fell 0.68 percent or 228 points to 33,228 and the NSE Nifty 50 Index declined 0.80 percent or 82 points to 10,240. Selling pressure in today’s session was broad-based with the S&P BSE MidCap Index falling 1 percent and the S&P BSE SmallCap Index slipping 0.68 percent.
All sector gauges compiled by BSE ended lower led by the S&P BSE Telecom Index’s 2.12 percent drop.
Reliance Industries Plans Jio IPO
Mukesh Ambani’s Reliance Industries Ltd. is considering an initial public offer of its mobile operator Jio, Bloomberg reported quoting people with knowledge of the matter. The company is holding internal talks for an IPO of Reliance Jio in late 2018 or early 2019.
Apex Frozen Foods Locked In 5% Lower Circuit For Fourth Day
Shares of the shrimp processor were locked in 5 percent lower circuit for the fourth day in a row. The stock came under selling pressure after it saw strong buying interest and was locked in an upper circuit of 5 percent for eight trading sessions in a row.
- Indian equity benchmarks extended losses in last hour of trade on the back of a broad-based selling pressure.
- The S&P BSE Sensex 0.72 percent or 240 points to 33,215 and the NSE Nifty 50 Index declined 0.78 percent or 81 points to 10,241.
- All the sector gauges compiled by BSE were trading lower led by the S&P BSE Telecom Index's 2.3 percent drop.
Fab Four Stocks Of The Day
- Century Plyboards: The Kolkata-based plywood maker rose as much as 6.35 percent, the most since Nov. 27, to Rs 342.50 after domestic brokerage Edelweiss initiated coverage on the stock with a ‘buy’ rating for target price of Rs 442.
- Dolphin Offshore: The Mumbai-based marine service provider to offshore oil exploration companies rose as much as 8.51 percent, the most in over a month, to Rs 123 after Brent Crude rose to $65.60, its highest level since June 2015.
- HEG: The Madhya Pradesh-based graphite electrodes maker rose as much as 5 percent to Rs 1,965 after India Ratings upgraded its credit rating to A+ with a positive outlook. India Ratings expect company to demonstrate continued strong profitability in FY19 driven by healthy electrode price realisations coupled with ability to manage input costs.
- PC Jeweller: The Delhi-based jewellery retailer rose for fifth day in a row, rising as much as 4.71 percent intraday to hit record high of Rs 454.20. In the course of last five trading sessions the stock has rallied 17 percent.