Almost four losers for every gainer on BSE

Updated: 26 December 2016 at 14:41 PM

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Key benchmark indices languished in the red in afternoon trade. At 13:20 IST, the barometer index, the S&P Sensex, was down 207.66 points or 0.8% to 25,833.04. The 50 index was currently down 68.45 points or 0.86% at 7,917.30. 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 amid many Asian stock markets remaining closed on account of holiday.

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. Later, indices hovered in a narrow range near their intraday lows and languished In the red so far during the session.

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 side counters continued their recent drubbing. The Mid-Cap index was currently down 1.82%. The Small-Cap index was currently down 1.58%. The fall in both these indices was higher than the Sensex’s decline in percentage terms.

The broad market depicted weakness with almost four losers against every gainer on BSE. 1,909 shares fell and 491 shares rose while a total of 131 shares were unchanged.

Lupin fell 0.72%. The company said that it has received tentative approval for its Olmesartan Medoximil Tablets, 5 mg, 20 mg and 40 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Daiichi Sankyo Daiichi Sankyo Inc’s Benicar Tablets, 5 mg, 20 mg and 40 mg. The announcement was made during trading hours today, 26 December 2016.

Olmesatan Medoximil Tablets are indicated for the treatment of hypertension, along or with other antihypertensive agents to lower blood presser. Benicar Tablets had annual US sales of $1.06 billion as per the IMS MAT September 2016.

Capital goods stocks dropped in a weak market. BEML (down 1.92%), Bharat Heavy Electricals (Bhel) (down 1.51%), Havells India (down 2.38%), Thermax (down 2.61%), Crompton Greaves (down 1.04%) and Siemens (down 0.77%) declined.

L&T declined 0.22%. The company said that its construction division won orders worth Rs 3039 crore across various business segments. The announcement was made during market hours today, 26 December 2016.

Shares of power generation and power distribution companies also edged lower. Torrent Power (down 1.07%), GVK Power & Infrastructure (down 1.81%), NHPC (down 0.38%), Tata Power Company (down 0.2%), Adani Power (down 2.06%), Power Grid Corporation of India (down 1.26%), Reliance Infrastructure (down 4.06%) and Reliance Power (down 3.27%) declined.

NTPC fell 0.12%. The company announced that the unit-1 of 800 megawatts (MW) of Kudgi Super Thermal Power Project of the company has been commissioned on 25 December 2016. This is the first 800 MW unit commissioned by NTPC. With this the total installed capacity of NTPC on standalone basis has become 41062 MW and that of NTPC group has become 48028 MW.

Shares of state run coal mining major Coal India fell 1.77% to Rs 283. The stock had hit high of Rs 289 and low of Rs 282.80 in intraday trade.

Overseas, Asian stocks were trading on a mixed note in light trading amid most Asian markets remaining closed on account of Christmas. 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 higher on Friday, 23 December 2016 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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