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Market drifts lower in early trade

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Capital Market
Last Updated : Mar 22 2016 | 1:01 PM IST

Key benchmark drifted lower in early trade. At 9:26 IST, the barometer index, the S&P BSE Sensex was down 47.85 points or 0.19% at 25,237.52. The losses for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently down 28.25 points or 0.37% at 7,676.

The market breadth indicating the overall health of the market was positive. On BSE, 692 shares rose and 491 shares fell. A total of 76 shares were unchanged. The BSE Mid-Cap index was currently up 0.13%. The BSE Small-Cap index was currently up 0.08%. Both these indices outperformed the Sensex.

In overseas markets, Asian stocks were trading mixed. US stocks closed slightly higher yesterday, 21 March 2016, steadying after five straight weeks of gains, led by telecommunications and health care stocks.

Bharat Heavy Electricals (Bhel) (up 3.17%), Lupin (up 1.72%) and Tata Steel (up 1.05%) edged higher from the Sensex pack.

NTPC rose 0.06% after the company announced that the unit-I of 250 megawatts (MW) of Nabinagar Thermal Power Station of Bhartiya Rail Bijlee Company, a subsidiary of the company has been commissioned on 20 March 2016. With this, the total installed capacity of Nabinagar Thermal Power Station has become 250 MW and the total installed capacity of NTPC group has become 45798 MW. The announcement was made after market hours yesterday, 21 March 2016.

Bharti Airtel slipped 0.16%. Bharti Airtel announced that it has entered into a definitive agreement with American Tower Corporation through its subsidiary company, Airtel Tanzania, for the sale of approximately 1,350 of its communications towers in Tanzania. Under the agreement, American Tower may acquire up to approximately 100 additional sites currently in development for an additional consideration. Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term. The tower sale agreements allow Airtel to focus on its core business and customers, besides helping deleverage through debt reduction, and significantly reducing the on-going capital expenditure on passive infrastructure. The transaction is expected to close during the first half of 2016, subject to customary closing conditions and regulatory approval. The announcement was made after market hours yesterday, 21 March 2016.

Adani Ports & Special Economic Zone fell 2.01% to Rs 238.85 after turning ex-dividend today, 22 March 2016 for interim dividend of Rs 1.10 per share for the year ending 31 March 2016 (FY 2016).

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Meanwhile, data released by RBI after market hours yesterday, 21 March 2016 showed that India's current account deficit (CAD) narrowed to $7.1 billion (1.3% of GDP) in Q3 December 2015 from $7.7 billion (1.5% of GDP) in Q3 December 2014.

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First Published: Mar 22 2016 | 9:29 AM IST

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