Dec 01, 2016, 04.15 PM | Source: Moneycontrol.com
Equity benchmarks extended losses in last hour of trade with the Nifty breaking 8200 level, dragged by ICICI Bank, Asian Paints, Tata Motors, M&M and Bharti Airtel.
Telecom stocks ended in red reacting to Jio's free offer. GAIL, Sun Pharma, Hero MotoCorp, Dr Reddy's Labs and Bajaj Auto were gainers while Asian Paints, Tata Motors, ICICI Bank, M&M and Bharti are losers in the Sensex
2:55 pm Market Update: Equity benchmarks extended losses in last hour of trade with the Nifty breaking 8200 level, dragged by ICICI Bank, Asian Paints, Tata Motors, M&M and Bharti Airtel.
The 30-share BSE Sensex was down 63.77 points at 26589.04 and the 50-share NSE Nifty fell 27.55 points to 8196.95.
The BSE Midcap was down 1 percent as about 1509 shares declined against 1084 advancing shares on the exchange.
2:46 pm Auto sales: Hinduja Group flagship company Ashok Leyland today reported a 7 percent increase in total sales at 9,574 units in November 2016.
The company had sold 8,971 units in the corresponding month last year.
Sales of heavy and medium commercial vehicles rose by 10 percent to 6,928 units last month as against 6,297 units in the year-ago period, the company said in a statement.
However, light commercial vehicle sales declined by 1 percent to 2,646 units as compared to 2,674 units in November last year, it added.
2:36 pm Buzzing: Canada-based asset management company Brookfield is in exclusive talks to take over Bharti Infratel, reports CNBC-TV18 quoting agencies.
The firm is likely to bid at around Rs 400 per share for the majority stake in the telecom tower infrastructure provider.
Other interested investors like KKR, Canada Pension Plan Investment Board and BlackStone are likely to bid for minority stake in Bharti Infratel, the subsidiary of Bharti Airtel.
Bharti Infratel shares gained 4 percent.
2:26 pm Auto sales: Utility vehicles and tractors manufacturer Mahindra & Mahindra said it sold 32,499 units in November, lower by 22 percent compared with 41,590 units sold in year-ago period. Weak domestic performance post currency demonetisation impacted overall sales growth.
Domestic sales declined 24 percent year-on-year to 29,814 units while exports increased 22 percent to 2,687 units in the month gone by.
Sales were lower than analysts' expectations. Nomura had expected M&M's sales to fall 9.5 percent while Motilal Oswal estimated a 14 percent degrowth.
2:14 pm Europe update: European markets were slightly lower as investors focused on political developments in Italy and key data releases after the oil-producing cartel OPEC agreed to cut production. The Stoxx 600 was 0.24 percent lower.
Also read - Maruti Nov sales jump 12% at 1.35 lakh units, exports down 10%
2:00 pm Market Check
Equity benchmarks and broader markets remained volatile in afternoon trade. Oil & gas, healthcare and FMCG stocks continued to support the market but the selling in banks and telecom stocks capped upside.
The 30-share BSE Sensex was up 38.36 points at 26691.17 and the 50-share NSE Nifty gained 1.15 points at 8225.65. The BSE Midcap was down half a percent amid consolidation as market breadth was negative.
About 1366 shares declined against 1153 advancing shares on the BSE.
Telecom stocks like Bharti Airtel (down 1.5 percent), Idea Cellular (down 3.5 percent) and Reliance Communications (down 4 percent) were under pressure after Reliance Jio Chairman Mukesh Ambani said all subscribers will get voice, data, video and full bouquet free till March 31, 2017. Reliance Industries gained 1 percent.
Disclosure: Reliance Industries, the parent company of Reliance Jio, owns Network 18 that publishes Moneycontrol.com.