Key indices were trading lower on weak global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 345.20 points or 0.84% at 40,524.27. The Nifty 50 index was down 96.85 points or 0.80% at 11,956.10.
The S&P BSE Mid-Cap index was down 0.99%. The S&P BSE Small-Cap index was down 0.77%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 151 shares rose and 679 shares fell. A total of 31 shares were unchanged.
Among stocks, Cyient fell 0.94%. Cyient inaugurated the state of the art 60,000 sq. ft. development center in Warangal. With this launch, Warangal gets the largest development center, paving the way for development of commercial and business infrastructure and attracting IT and other investments. The facility can accommodate 600 Cyient engineers on a total built-up area of around 60,000 sq. ft. The company is also constructing a second tower to accommodate an additional 200 engineers.
Mahindra & Mahindra was lower by 0.70%. Mahindra & Mahindra said that CARE Ratings has reaffirmed the company's long term rating on bank loan facilities at AAA with stable outlook. The short-term rating was reaffirmed at A1+. The ratings factors the company's its dominant market position in the Indian tractor industry and Light commercial vehicles (LCV) segment.
Gujarat Gas shed 1.62%. Gujarat Gas said Credit rating agency CRISIL has reaffirmed long-term rating for the company's bank loan facilities worth Rs 2,350 crore at AA+ with a stable outlook. The rating reflects CRISIL's expectations of an improvement in Gujarat Gas 's credit profile over the medium term.
NBCC (India) was down 0.58%. NBCC (India) informed that the company secured the business of Rs 1090.53 crore during the month of December 2019.
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NHPC fell 1.04%. NHPC has informed that the company has raised Rs 500 crore on 3 January 2020 in second tranche through private placement of secured, redeemable, taxable, non-cumulative, non-convertible 7.38% NHPC-Y1 Series Bonds.
Navin Fluorine International rose 3.17%. Navin Fluorine International informed that post successful mechanical completion and plant trials the company's cGMP capacity addition at Dewas Plant, Madhya Pradesh, has commenced commercial production with effect from 6 January 2020.
Overseas, Asian markets were trading lower on Wednesday after the Middle East tensions flared following Iran's attack on military facilities in Iraq hosting American troops.
In US, stock benchmarks ended slightly lower Tuesday, as concerns about the possibility of war in the Middle East overshadowed favourable US economic data.
In economic data, the US ISM service sector index rose to a four-month high of 55 in December, according to the Institute for Supply Management. The US Commerce Department also reportedly said the trade deficit narrowed in November to a 3-year low, but factory orders fell 0.7% in November.
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