Market at close: Benchmark indices remained under pressure throughout the session with Nifty ended just above 10,600 level, while Sensex lost 570 points.
The Sensex was down 572.28 points at 35,312.13, while Nifty was down 181.70 points at 10,601.20. About 745 shares have advanced, 1778 shares declined, and 150 shares are unchanged.
Maruti Suzuki, Tata Motors, Yes Bank, Reliance Industries and Adani Ports are the major losers on the Sensex.
Crude Update: Oil prices are trading lower after Saudi Energy Minister statement with Brent crude oil is trading around USD 61 per barrel.
Allahabad Bank to raise funds: The company approved raising equity capital by an amount aggregating upto Rs 3054 through preferential issue of equity shares to the Government of India.
Muthoot Finance Under Pressure
Muthoot Finance shares fell more than 10 percent after the asset quality deteriorated in the quarter ended September 2018.
Allahabad Bank said board of directors approved raising equity capital by an amount aggregating upto around Rs 3,054 crore through preferential issue of equity shares to the Government of India (President of India) against their capital infusion of around Rs 3,054 crore in the bank.
All Sectoral Indices In The Red
All sectoral indices traded in the red in afternoon with Nifty Bank, Auto, FMCG, Financial Service, FMCG, Metal and Realty falling 1-2 percent.
In the Sensex, 29 out of 30 stocks and in the Nifty, 46 out of 50 stocks traded in the red.
Benchmark indices extended losses ahead of crucial OPEC meeting later today and state elections exit poll due on Friday evening.
The 30-share BSE Sensex was down 507.48 points or 1.41 percent at 35,376.93 and the 50-share NSE Nifty fell 166.90 points or 1.55 percent to 10,616 due to broadbased selling.
The broader markets also fell in line with frontliners as the Nifty Midcap and Smallcap indices slipped 1.5 percent each.
About three shares declined for every share rising on the BSE.
Reliance Capital constitute search & selection committee for CEO: Reliance Capital constituted a Search & Selection Committee for appointment of Chief Executive Officer of the Company. The Committee comprises of Rajendra Chitale (Independent Director), V. N. Kaul (Independent Director), Amitabh Jhunjhunwala (Vice Chairman) and Anmol Ambani (Executive Director).
European markets trade weak: European markets are trading with 1.5 percent cut.
Alembic Pharmaceuticals board meet outcome: The Board of Directors of Alembic Pharmaceuticals at its meeting held today has approved the issue of Unsecured Listed Redeemable Non-Convertible Debentures (NCDs) of upto Rs 500 crore on Private Placement basis.
Rupee Update: Indian rupee has recovered from the day's low point. It is trading lower by 48 paise at 70.94 per dollar versus previous close 70.46.
Ansal Housing and Construction has completed the transfer of 100% equity Shares held in Rishu Buildtech pursuant to the Share Transfer Agreement with Jambudwip Exports and Imports, Shah Publication and Shahazam Rana.
With this Rishu Buildtech ceased to be wholly owned subsidiary of Ansal Housing.
Market Update: Benchmark indices recovered from the day's low points with Nifty hovering around 10,700 level.
Sun Pharma, Bajaj Auto, NTPC, Power Grid and TCS are the top gainers on the Sensex.
At 13:23 hrs IST, the Sensex is down 255.43 points or 0.71% at 35628.98, while Nifty is down 89.30 points or 0.83% at 10693.60. About 652 shares have advanced, 1609 shares declined, and 110 shares are unchanged.
#OPEC’s meeting in #Vienna, which kicks off today, will decide the cartel’s future course of action. We look some major developments in the #oil world, which could be taken up at the meeting (via @ruchiagrawal)— moneycontrol (@moneycontrolcom) December 6, 2018
Read more: https://t.co/eT93v8hbaT#OPECmeet #oilandgas pic.twitter.com/qkbtqxfNSo
JUST IN | Manappuram Finance will be considering a fund raising issue through NCDs on December 11, 2018.
Manappuram Finance board meeting on Dec 11: A meeting of the financial resources and management committee of the board of directors of Manappuram Finance will be held on December 11, 2018 to consider and approve the issuance of the private placement of unrated, unlisted, secured, redeemable non-convertible debentures.
JUST IN | Info Edge India has entered into an agreement to invest, through its wholly-owned subsidiary, about Rs 13.40 crore in Shop Kirana E Trading.
Aurobindo Pharma extends losses: Aurobindo Pharma shares fell 5.6 percent intraday Thursday on top of 3 percent loss seen in previous session after a media report indicated that the company named in a lawsuit for selling adulterated irbesartan products.
Fitch cuts India's FY19 GDP growth forecast to 7.2% from 7.8%, sees Re at 75/$ by 2019-end
Fitch Ratings cut India's FY19 GDP growth forecast to 7.2 percent from 7.8 percent on December 6. The rating agency has also cut growth forecasts for FY20 and FY21 to 7 percent from 7.3 percent and 7.1 percent from 7.3 percent, respectively.
Rupee Update: Indian rupee is trading lower by 52 paise at 70.98 per dollar against previous close 70.46.
Buzzing: Share price of Spice Mobility was down 1.7 percent intraday Thursday after CFO resignation. Madhusudan Venkatachary tendered his resignation as chief financial officer (CFO) of the company due to personal reasons. The company proposes to hold a board meeting on December 7, 2018, to consider the appointment of new CFO of the company.
Buzzing: General Insurance Corporation of India shares fell over a percent in morning on Thursday after global investment firm HSBC slashed price target to Rs 400 from Rs 421 earlier.
"The stock trades at 1.9x Mar-19 estimated price-to-book value (1.8x Mar-20 estimated) for a normalised return on equity of 14.2 percent," the research house said while reiterating buy call on the insurance company.