The Indian equity benchmark fell today after consumer prices in India rose to its fastest pace in 15 months in November. Along with this India's factory output in October hit a three-month low due to a slowdown in mining and manufacturing activity
The S&P BSE Sensex fell as much as 0.31 percent to 33,123.44, while the NSE Nifty 50 Index fell 0.29 percent to 10,210.55.
The market breadth was tilted in favour of buyers. Twelve out of 19 sector gauges compiled by the BSE Ltd. rose, led by the S&P BSE Consumer Durables Index's 1.25 percent slump. On the other hand, the sector which fell the most was S&P BSE Metal Index, which lost 0.47 percent.
Bharti Airtel: Rises After Warburg Pincus Deal
Shares of the Indian telecom major rose as much as 1.75 percent to Rs 533 after it announced that the Indian affiliate of Warburg Pincus, the New York-based private equity firm, will acquire up to 20 percent equity stake in Bharti Telemedia Ltd. for $350 million.
Of this, 15 percent stake will be sold by Bharti Airtel Ltd. and the balance by another Bharti entity which holds 5 percent stake. (More on this story here!)
The stock rose today after snapping a three-day decline streak in yesterday's session.
Nifty PSU Banks: Falls After Inflation Rises
Shares of banks that form the Nifty PSU Bank Index fell after inflation in India rose to a 15-month high in November.
This breaches the the Reserve Bank of India's medium term target for inflation. (More on this story here!)
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Interglobe Aviation: Fell After Shares Offered For Sale
Shares of the Gurgaon-based airlines fell as much as 2.99 percent to Rs 1,145.
Interglobe Aviation Ltd. promoters to sell up to 79.52 lakh shares, while IGE (Mauritius) will sell 32.40 lakh shares through an offer for sale. The floor price has been fixed at Rs 1,130 per share.
The stock extended a two-day decline period today and trades at 25.3 times the trailing 12-month earnings per share.
Reliance Industries: Rises After Reports Suggest Jio IPO
Shares of the Indian conglomerate rose as much as 0.78 percent to Rs 922.75 and snapped a three-day decline period.
A report on Bloomberg suggested that Mukesh Ambani is contemplating an intial public offering of his brainchild, Reliance Jio Infocomm Ltd.
The stock trades close to its target price, around 3 percent below the Bloomberg consensus.
Punj Lloyd: Rises After Order Win
Shares of the New Delhi based infrastructure construction company rose as much as 13.59 percent to Rs 23.4.
Punj Lloyd Ltd. bagged an order worth Rs 276 crore from GAIL India for construction of pipeline. It also won a project in Myanmar worth Rs 1,177 crore.
It snapped a two-day losing streak today.
Stocks Reacting To Block Deals
HDFC Bank:
- 27 lakh shares changed hands in a block deal
- Shares of HDFC Bank Ltd. rose as much as 0.25 percent
Bharti Airtel:
- 40 lakh shares changed hands in a block deal
- Shares of Bharti Airtel Ltd. rose as much as 1.84 percent to Rs 533.5
Shriram Transport:
- 15 lakh shares changed hands in a block deal
- Shares of Shriram Transport Finance Company Ltd. rose as much as 2.16 percent
ITC:
- 62 lakh shares changed hands in two block deals
- Shares of ITC Ltd. fell as much as 1.2 percent
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