The stock market traded with small losses in the morning trade after a subdued start. At 10:15 IST, the barometer index, the S&P BSE Sensex was down 47.10 points or 0.14% at 33,180.89. The Nifty 50 index fell 18.40 points or 0.18% at 10,221.75.
Mixed Asian cues, data showing surge in India's consumer price inflation and a moderate growth in industrial production weighed on sentiment.
The S&P BSE Mid-Cap index fell 0.12%. The S&P BSE Small-Cap index rose 0.1%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,143 shares rose and 982 shares declined. A total of 107 shares were unchanged.
Shares of telecom and telecom infrastructure services providers gained. Bharti Infratel (up 1.08%) and Idea Cellular (up 0.64%) edged higher. Reliance Communications (down 0.6%) declined.
Bharti Airtel advanced 0.94% after the company and Warburg Pincus, a global private equity firm focused on growth investing, announced that an affiliate of Warburg Pincus will acquire up to a 20% equity stake in Bharti Telemedia, the DTH arm of Airtel, for approximately $350 million. Of this, 15% stake will be sold by Bharti Airtel and the balance by another Bharti entity which holds 5% stake. Upon closing of the transaction, Airtel will own an 80% equity stake in Bharti Telemedia. The announcement was made after trading hours yesterday, 12 December 2017.
Bharti Telemedia is one of the largest Direct-To-Home (DTH) paid TV service providers in India and offers services under the Airtel TV brand. It had approximately 14 million subscribers and approximately $550 million in revenues during the 12-month period ended 30 September 2017.
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Realty stocks were mixed. Prestige Estates Projects (up 1.28%), Unitech (up 1.04%), D B Realty (up 0.7%), Brigade Enterprises (up 0.47%), Indiabulls Real Estate (up 0.47%) and DLF (up 0.01%) gained. Sobha (down 0.98%), Oberoi Realty (down 0.98%), Godrej Properties (down 0.95%) and HDIL (down 0.09%) declined.
Nitesh Estates lost 3.61% at Rs 11.47 after the company reported a consolidated net loss of Rs 37.20 crore in Q2 September 2017, higher than net loss of Rs 15.79 crore in Q2 September 2016. Net sales fell 66.54% to Rs 29.34 crore in Q2 September 2017 over Q2 September 2016. The result was announced after trading hours yesterday, 12 December 2017.
Gujarat Apollo Industries lost 4.42% at Rs 225 after net profit dropped 85.88% to Rs 1.96 crore on 28.77% slide in total income to Rs 27.29 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after trading hours yesterday, 12 December 2017.
On the macro front, the all-India general inflation based on the consumer price index (CPI) surged to 4.88% in November 2017, compared with 3.58% in October 2017. The core CPI inflation increased to 4.69% in November 2017 compared with 4.4% in October 2017. The inflation data was released by the government after market hours yesterday, 12 December 2017.
India's industrial production rose at moderated pace of 2.2% in October 2017 over October 2016, while showing a deceleration in growth from 4.1% increase in September 2017, data released by the government after market hours yesterday, 12 December 2017 showed.
Overseas, Asian stocks were mixed as investors awaited the conclusion of the Federal Reserve's two-day policy meeting. US stocks rose yesterday, 12 December 2017 amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.
The US Federal Reserve's Federal Open Market Committee (FOMC) two-day meeting which began yesterday, 12 December 2017, on interest rate decision, concludes later in the global day today, 13 December 2017. The Federal Reserve left the target range for its federal funds rate unchanged at 1% to 1.25% during its November 2017 meeting as widely expected.
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