Key benchmark indices edged lower in early trade tracking weakness in Asian stocks. At 9:18 IST, the barometer index, the S&P BSE Sensex was down 119.07 points or 0.42% at 28,549.15. The Nifty 50 index was currently down 37.60 points or 0.43% at 8,793.95. Bank and auto stocks led losses in early trade.
In overseas stock markets, Asian stocks dropped after losses on Wall Street on Friday, 23 September 2016, as investors' attention turned from central banks to American politics ahead of the first US presidential debate. US stocks logged weekly gains but ended with solid losses on Friday, 23 September 2016. Investors awaited US presidential debate between Donald Trump and Hillary Clinton due later in the global day today, 26 September 2016.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 650 shares fell and 611 shares rose. A total of 76 shares were unchanged. The BSE Mid-Cap index was currently down 0.19%. The BSE Small-Cap index was currently down 0.01%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Canara Bank declined 0.99%. The bank's board of directors at meeting held on Friday, 23 September 2016, permitted the bank to raise additional equity share capital of an amount not exceeding Rs 1128 crore, including premium by way of rights issue with the Government of India (GoI) contribution of Rs 748 crore and Rs 380 crore from public shareholders. The board decided to constitute a rights issue committee of the board of directors to decide and permit on terms, timing, pricing, and other modalities of the rights issue. Further, the board decided to issue senior unsecured bonds in foreign currency in the range of $500 million in the international market under the $2 billion medium term note (MTN) programme of the bank for the purpose of providing funds to the overseas branches of the bank (the bank has so far raised $1100 million under this programme) and form a committee to decide the quantum, timing, tenor, pricing, costs etc. The announcement was made after market hours on Friday, 23 September 2016.
ICICI Bank (down 1.45%), Adani Ports & Special Economic Zone (down 1.22%) and Tata Motors (down 1.16%) were the major losers from the Sensex pack.
Telecom stocks declined. Reliance Communications (down 0.01%), Bharti Airtel (down 0.02%), MTNL (down 0.25%) and Idea Cellular (down 0.42%) declined. Tata Teleservices (Maharashtra) rose 1.55%.
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