An electronic ticker board indicates the closing figures of the S&P BSE Sensex at the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex, Nifty Fail To Hold On To Gains After Hitting New Highs

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Closing Bell

Indian equity benchmarks snapped a two-day winning streak after touching new record high during the session. The S&P BSE Sensex Index fell 0.3 percent to end below 34,000, after 24 out of its 31 stocks declined. The NSE Nifty 50 ended 0.4 percent lower at 10,490.75.

The market breadth was tilted in favour of the sellers. Eighteen out of 19 sector gauges compiled by BSE Ltd. declined led by the S&P BSE Oil & Gas Index's 0.8 percent decline. On the flipside, the S&P BSE Healthcare Index was the only sectoral gainer, up 1.8 percent.

Sensex, Nifty Fail To Hold On To Gains After Hitting New Highs

Vedanta's Unit To Acquire Controlling Stake In Avanstrate

Vedanta’s subsidiary Cairn India plans to will acquire controlling stake in Japanese LCD glass maker AvanStrate Inc. for $158 million, according to a media statement on the exchanges.

The company will also buy about $151 million in AvanStrate’s existing debt with a face value of $299 million from banks, the statement added. The company aims to complete the deal by Dec. 31 subject to approval from the lenders.

Shares of the base metal company as high as 1.9 percent intraday to Rs 328.30. Vedanta trades at 17.2 times trailing 12-month earnings per share and 12 times its estimates for the coming year, according to Bloomberg data. The stock has returned 61 percent so far this year.

Block Deal Alert

  • Mahindra CIE Automotive: About 30 lakh shares changed hands in two block deals

Buyers and sellers were not immediately known

Source: Bloomberg

HCL Infosystems Extends Premkumar Seshadri's Term As MD By A Year

HCL Infosystems' board extended Premkumar Seshadri's term as managing director by one year, according to a stock exchange notification.

Shares of the New Delhi-based information technology firm erased gains and fell by more than a percent as of 2:20 p.m. The stock has risen 1.9 percent so far this year, compared to a 29.8 percent advance in the country's benchmark Sensex.