 "Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters")
Benchmark share indices continued to trade weak in late noon trades on Monday weighed down by profit taking in select index heavyweights such as Reliance Industries and HDFC.
At 2pm, the benchmark S&P BSE Sensex was down 86 points at 27,587 while the Nifty50 was down by 47 points, at 8,536.
Index heavyweights Reliance Industries and HDFC were down over 1% each on profit taking at higher levels. IT major Infosys pared early gains and was trading 0.6% lower.
Other losers include, HDFC Bank, M&M, Asian Paints and Larsen & Toubro.
ICICI Bank continues to be the top gainer up nearly 7% on the BSE in intra-day trade after the Ruias of the Essar group on Saturday signed a binding agreement with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat. According to Business Standard report, the proceeds of the sale will be used to repay loans of both foreign and local lenders, which was around Rs 88,000 crore, Ruia said. Axis Bank was up 0.7%.
Among other shares, tyre manufacturers were under pressure, falling by up 6% on the BSE, on profit booking. Ceat, Goodyear India, Apollo Tyres, MRF and TVS Srichakra were down between 3%-6%.
DCB Bank has moved higher to its 52-week high of Rs 131, up 8% on the BSE, after the bank reported 31% year on year (YoY) increase in net profit at Rs 48.9 crore for the quarter ended on September 30, 2016 (Q2FY17). The private lender had recorded a net profit of Rs 36.9 crore in the corresponding quarter of last fiscal.
________________________At 2pm, the benchmark S&P BSE Sensex was down 86 points at 27,587 while the Nifty50 was down by 47 points, at 8,536.
Index heavyweights Reliance Industries and HDFC were down over 1% each on profit taking at higher levels. IT major Infosys pared early gains and was trading 0.6% lower.
Other losers include, HDFC Bank, M&M, Asian Paints and Larsen & Toubro.
ICICI Bank continues to be the top gainer up nearly 7% on the BSE in intra-day trade after the Ruias of the Essar group on Saturday signed a binding agreement with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat. According to Business Standard report, the proceeds of the sale will be used to repay loans of both foreign and local lenders, which was around Rs 88,000 crore, Ruia said. Axis Bank was up 0.7%.
Among other shares, tyre manufacturers were under pressure, falling by up 6% on the BSE, on profit booking. Ceat, Goodyear India, Apollo Tyres, MRF and TVS Srichakra were down between 3%-6%.
DCB Bank has moved higher to its 52-week high of Rs 131, up 8% on the BSE, after the bank reported 31% year on year (YoY) increase in net profit at Rs 48.9 crore for the quarter ended on September 30, 2016 (Q2FY17). The private lender had recorded a net profit of Rs 36.9 crore in the corresponding quarter of last fiscal.
(Updated at 12pm)
Markets pared early gains and were trading marginally lower in noon trades with select financials and index heavyweight Reliance Industries leading the decline.
At 12pm, the benchmark S&P BSE Sensex was trading at 27,616 levels, down 58 points, while the Nifty50 was down by 36 points, at 8,547 levels. The broader index also pared early gains. The S&P BSE Midcap and Smallcap edged down by 0.14% and 0.57% respectively.
Banking sector has been the major gainer on Sensex with ICICI bank, Axis Bank and State Bank of India posted gains between 1%-6%. Bharti Airtel, Asian Paints and Mahindra and Mahindra are the top losers, slipping between 1%-3%.
ICICI Bank has surged over 6% on the BSE in intra-day trade after the Ruias of the Essar group on Saturday signed a binding agreement with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat.
According to Business Standard report, the proceeds of the sale will be used to repay loans of both foreign and local lenders, which was around Rs 88,000 crore, Ruia said.
Among other shares, DCM was locked in 20% upper circuit at Rs 117, also its 52-week high on BSE, after the board approved the restructuring of its business including demerger of real estate business.
Global Markets
Asian shares fell on Monday while the dollar held firm near seven-month high against a basket of major currencies after comments from Federal Reserve Chair Janet Yellen boosted long-dated US bond yields.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped 0.7%, with Hong Kong's Hang Seng .HSI hitting one-and-a-half-month lows.
Japan's Nikkei .N225 pared early gains to stand flat, up by mere 0.4%, while Hang Sheng was down by 0.4%.
