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Indian shares declined the most in the last eight trading sessions as banks tumbled after brokerage house Morgan Stanley cut its weightage for the country’s lenders in its model portfolio. Banks were by far the worst performers today, led by Axis Bank down nearly 6 percent.
The S&P BSE Sensex lost 0.3 percent to 28,666; while the NSE Nifty dropped 0.4 percent to 8,831. The market breadth was skewed in favour of the bears at 985 declines, 614 advances and 271 stocks remaining unchanged.
Indian shares declined the most in the last eight trading sessions as banks tumbled after brokerage house Morgan Stanley cut its weightage for the country’s lenders in its model portfolio. Banks were by far the worst performers today, led by Axis Bank down nearly 6 percent.
The S&P BSE Sensex lost 0.3 percent to 28,666; while the NSE Nifty dropped 0.4 percent to 8,831. The market breadth was skewed in favour of the bears at 985 declines, 614 advances and 271 stocks remaining unchanged.
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Shares of the country’s third largest private sector bank dropped as much as 5 percent to Rs 56, most since October 28 of last year. The stock, which is down for a second straight session, is the worst performer on Sensex, Nifty and the Nifty Bank indices.
Shares of the country’s third largest private sector bank dropped as much as 5 percent to Rs 56, most since October 28 of last year. The stock, which is down for a second straight session, is the worst performer on Sensex, Nifty and the Nifty Bank indices.
The unit of construction conglomerate L&T listed on the bourses at Rs 931 per share, a premium of 8.3 percent from its issue price of Rs 860 per share.
The Rs 900 crore initial public offering was subscribed 2.5 times. The issue, priced at Rs 850-860 got bids for 1.8 crore shares against the 72.8 lakh shares that were on offer.
The company had raised Rs 268 crore from anchor investors at the upper end of the price band.
Shares of cable TV distribution company surged as much as 7 percent to Rs 84.80 per share after Goldman Sachs said it will increase their stake in the company post the approval of the preferential allotment of 1.58 crore equity shares by the board.
Shares of the drug maker surged as much as 9.48 percent to Rs 27.15 on plans to sell its over-the counter business to the Piramal group. The company also intends to monetize some of its mainstream brands.
The stock is up over 11 percent this week.
Indian shares declined after registering its biggest single-day gain in three weeks yesterday, as investors book profits in lenders and select auto companies.
The S&P BSE Sensex fluctuated between gains and losses, currently trading little changed at 28,739; while the NSE Nifty slid 0.1 percent to 8,847. The market breadth was skewed in favour of the bulls at 831 advances, 582 declines and 427 stocks remaining unchanged.
Indian shares declined after registering its biggest single-day gain in three weeks yesterday, as investors book profits in lenders and select auto companies.
The S&P BSE Sensex fluctuated between gains and losses, currently trading little changed at 28,739; while the NSE Nifty slid 0.1 percent to 8,847. The market breadth was skewed in favour of the bulls at 831 advances, 582 declines and 427 stocks remaining unchanged.
Morgan Stanley Research has cut weightage for India stocks in their model portfolio after the recent run up.
Indian banks have risen ~30 percent in the last six months. But with system growth (loans, deposits) lagging at close to 30-year lows, this run may hit a wall. Against this backdrop, carrying one-third of our portfolio in Indian banks is high. We reduce India’s weight to 20 percent; add to Australia, China.Morgan Stanley report.
Read Full Report: CLSA Cuts India Weightage, Morgan Stanley Reduces Exposure To Indian Banks
For a complete list of stocks to watch, click HERE
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— BloombergQuint (@BloombergQuint) September 23, 2016
The GST Council meeting continues today...stay tuned for all the updateshttps://t.co/9utxhM9WfH
— BloombergQuint (@BloombergQuint) September 22, 2016
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— BloombergQuint (@BloombergQuint) September 23, 2016
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— BloombergQuint (@BloombergQuint) September 22, 2016
Good Morning!
The Nifty futures on the Singapore Exchange, an early indicator of the Nifty performance in India, is little changed at 8,887.
On Thursday, U.S. stocks rose for a third day, extending a rally after the Federal Reserve’s decision a day before to leave interest rates unchanged calmed concerns that central banks might taper efforts to stimulate global growth.
A gauge of the dollar fell for the third time in four days. Filings for U.S. unemployment benefits dropped last week to match the lowest level since April, a sign the labour market remains healthy even as hiring moderates.
Asian stocks pare weekly gain as bonds extend rally; Oil falls https://t.co/48hg8xqsn5 pic.twitter.com/hpTuYEJrbX
— BloombergQuint (@BloombergQuint) September 23, 2016
Separate data showed sales of previously owned homes unexpectedly declined to a six-month low in August, signaling buyers are getting discouraged by a lack of properties to choose from.
This morning, Asian stocks fell, with the regional benchmark index retreating from the highest close in more than a year, as Japanese exporters declined with the yen trading near a one-month high.
Federal Reserve, BoJ, ECB, PBOC, BoE...all marching to the same beat.https://t.co/WbvnKhg4i6
— BloombergQuint (@BloombergQuint) September 23, 2016
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