Key benchmark indices were trading with steep losses in early trade. At 9:17 IST, the barometer index, the S&P BSE Sensex, was down 305.28 points or 0.87% at 34,654.44. The Nifty 50 index was down 86.45 points or 0.82% at 10,402. The trading sentiment was dented after the Reserve Bank of India Governor, Urjit R. Patel, resigned from his post last evening citing personal reasons.
Investors are looking forward to the state election results that will be out today, 11 December 2018. The outcomes of the assembly elections will likely set the tone for the general elections next year. Voting in Rajasthan and Telangana took place on 7 December 2018. Assembly elections in Madhya Pradesh and Mizoram were held on 28 November 2018. The election in Chhattisgarh Assembly was held in two phases on 12 and 20 November 2018.
The counting of votes began at 8:00 IST today, 11 December 2018. Early trends suggest that Congress is taking a big lead in Rajasthan, ahead in Chhattisgarh, behind in Madhya Pradesh, Telangana and Mizoram.
Among secondary barometers,the BSE Mid-Cap index was down 0.84%. The BSE Small-Cap index was down 0.83%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 140 shares rose and 705 shares fell. A total of 28 shares were unchanged.
Overseas, Asian shares were mostly lower on the back of a volatile session on Wall Street which saw the Dow recover from a 507-point drop.
US stocks closed higher Monday as major indices bounced back from earlier losses as renewed confidence in the strength of the US economy offset lingering worries over the US-China trade dispute.
Investors are increasingly focusing on the December 18-19 Federal Reserve meeting, where the central bank is widely expected to raise interest rates. Comments from Fed Chairman Jerome Powell will be in the spotlight.
Meanwhile, British Prime Minister Theresa May confirmed a decision to postpone a vote on her plan for the UK to exit from the European Union.
Back home, Titagarh Wagons was up 5.94%. The company was awarded a contract for manufacture and supply of 5058 wagons to Indian Railways, the bidding for which was conducted under the reverse auction method. These wagons are BOXN HL type, designed to carry coal, steel, stones etc. and the value of order is Rs 1560.87 crore. As per the contract, one third quantity (1686 Wagons) is to be supplied within six months and to complete the supply of full quantity of wagons before 28 February 2020. The announcement was made after market hours yesterday, 10 December 2018.
Lupin was down 1.24%. The company announced that it has received tentative approval for its Apixaban Tablets, 2.5 mg and 5 mg from the United States Food and Drug Administration (FDA) to market a generic version of Bristol-Myers Squibb Company's Eliquis Tablets, 2.5 mg and 5 mg. The announcement was made after market hours yesterday, 10 December 2018.
State Bank of India was down 0.27%. A meeting of the executive committee of central board of State Bank of India is scheduled to be held on 12 December 2018 to consider the status and decide on long term fund raising in single/multiple tranches upto US$ 1.25 billion (US$ One Billion Two Hundred and Fifty Million) through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during January to March, 2019. The announcement was made after market hours yesterday, 10 December 2018.
Zensar Technologies was up 1.10%. The company announced that it has been selected by EBRD (European Bank for Reconstruction and Development) as their partner for Infrastructure and Network services. With an initial three-year contract and an option to extend the relationship is the first major technology partnership for EBRD and shall improve all aspects of the Bank's infrastructure and networks. The announcement was made after market hours yesterday, 10 December 2018.
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