Nifty opens below 7800, Sensex tanks over 200 pts

Moneycontrol Bureau9:55 am Shopping bag full: Indiabulls Housing Finance said it will acquire a 39.76 percent stake in the UK's OakNorth Bank for USD 100 million (about Rs 661 crore).

The company said the acquisition will help it chart a roadmap to a deposit-taking franchise. "Pursuant to all applicable regulatory approvals from relevant regulators in lndia and the UK...Indiabulls Housing Finance Ltd' is investing USD 100 million for 39.76 percent stake in OakNorth Bank, a licensed UK commercial Bank the company will be the largest shareholder in the bank," Indiabulls Housing Finance said in a regulatory filing.

Indiabulls Housing Finance said the investment has been identified and approved by the Strategic Investment Committee for Liability Franchise Development headed by K C Chakrabarty, an independent director on the Board and ex-Deputy Governor of the Reserve Bank of India, specially constituted by the Board for the purpose of creating a practical roadmap to a deposit-taking franchise.

9:45 am Big bet on India: British telecom group Vodafone committed investments totalling Rs 13,000 crore in India for capacity augmentation and new business initiatives. The investment was committed to by Vittorio Colao, CEO of Vodafone Group Plc, in his meeting with Prime Minister Narendra Modi here. "Since starting operations in India in 2007, Vodafone has already invested over Rs 111,000 crore and over Rs 100,000 cr contributed to the exchequer and is today the largest FDI investor in the country," the company said in a statement.

Colao said, "At Vodafone, we are enthused with the PM's vision for 'Digital India' and 'Make in India'. Vodafone India serves over 188 million citizens, of which almost 100 million are from rural areas.

9:30 am SpiceJet: Staying profitable for the third consecutive quarter, low-cost carrier SpiceJet reported a net profit of Rs 23.77 crore in the three months ended September driven by a steep fall in fuel costs and other expenses. The no-frills carrier, which saw the return of its original promoter Ajay Singh at the helm earlier this year, had a net loss of Rs 310.45 crore in 2014 September quarter. The airline has flown into the black despite its total income from operations declining over 28 percent to Rs 1,040.13 crore in July-September of the current fiscal, according to a release.Don't miss: HDFC to raise $750 mn via Masala bonds

Day after Diwali, the market has opened on a tepid note. The Sensex has opened at 25647.03, down 219.92 points or 0.8 percent and the Nifty is at 7762.40, down 66 points or 0.8 percent.

About 242 shares have advanced, 610 shares declined, and 43 shares are unchanged.

Bharti Airtel, ONGC, ITC, Lupin and Vedanta are top laggards in the Sensex. Sun Pharma, Coal India, Axis Bank, Tata Motors and L&T are top gainers in the Sensex.The Indian rupee opened higher by 13 paise at 66.18 per dollar against Tuesday's close of 66.31.Pramit Brahmbhatt of Veracity said, "Local equity market is likely to trade sideways today and will take cues from global markets for further directions. Strength in dollar will keep rupee under pressure. Today being the last trading day of the week, investors are expected to trade cautiously and square off their position ahead of the weekend."Asian stocks tracked Wall Street lower early Friday, with risk-off sentiment in full swing amid sharp falls in the price of commodities.Crude prices hit two-and-a-half-month lows on Thursday after the US government reported a stockpile build four times above market expectations. West Texas Intermediate crude was last seen 0.3 percent lower at $41.62 a barrel in early Asian trade.Meanwhile, gold tumbled to its lowest level since 2010, depressed by expectations that the Federal Reserve is on track for a rate liftoff in December for the first time in nearly a decade. Copper also fell to its weakest level in more than six years, hurt by a strong dollar and persistent concerns over China's economy.