Indian equities trimmed losses but continued its
trade on a weak note below neutral line in the late afternoon session.
Europe's debt situation and earnings season on domestic front next week
will be a tough rollercoaster ride for the market which will set the
phase of possible outcome. Traders were seen piling up position in Oil
& Gas sector while selling was witnessed in Capital Goods, Power and
TECk sector. BHEL and L&T from Capital Goods space were seen
trading weak in red erecting pressure on the markets. Tata Power,
PowerGrid and NTPC from Power stable were trading weak pulling the
markets down. Industry heavyweight RIL is trading in green with gain of
around more than one percent helping the markets edge higher. Also, ADA
Group companies like Reliance Communications, Reliance Power and
Reliance Infra were trading firm in green with gain of around more than
one and half to four and half percent.
In the scrip specific development, shares of cement companies ACC, Ambuja Cement and JP Associates were trading in red on reports that the companies have cut prices by 25 rupees for a 50 kg bag in the northern state of Himachal Pradesh. Shares of Kingfisher Airlines were trading under heavy pressure after State Bank of India, the company's largest creditor, declared its exposure to the air-carrier a non-performing asset. On the global front, all Asian markets traded on a negative note barring Shanghai Composite and Straits Times while the European markets were trading in green on optimistic note. The market is reluctant to show signs of recovery due to lingering concerns over euro zone. Every market across the globe is nervous ahead of Spain and Italy bonds auction scheduled next week. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 4,700 and 15,700 levels, respectively. The market breadth on BSE was dominantly in favor of declines in the ratio of 1162:1378 while 113 scrips remained unchanged.
The BSE Sensex is currently trading at 15,712.71 down by 144.37 points or 0.91% after trading as high as 15,846.29 and as low as 15,664.91. There were 7 stocks advancing against 23 declines on the index.
The broader indices were trading on a negative note; the BSE Mid cap index shed 0.41% while Small cap eased 0.16%.
On the BSE sectoral space, Oil & Gas up 0.19% was the only gainer while Capital Goods down 1.88%, Power down 1.42%, TECk down 1.29%, Metal down 1.23%, and Consumer Durables down 1.15% were the top losers in the space.
RIL up 1.47%, Maruti Suzuki up 1.22%, Hindalco up 0.69%, HDFC Bank up 0.60% and Sterlite up 0.59% were the top gainers on the Sensex, while Hero MotoCorp down 4.30%, JP Associates down 3.95%, Bharti Airtel down 3.93%, Tata Power down 2.88% and ONGC down 2.57% were the major losers in the index.
Meanwhile, Indian companies have raised more than $1.58 billion from overseas markets in November compared to $2.47 billion in October through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs). Around 75 companies have raised about $1.33 billion for a range of projects through the automatic route in November, which does not require any approval from the Reserve Bank of India (RBI) or the government.
According to the RBI data, another $253 million was raised through the approval route. Public sector ONGC Mangalore Petrochem raised $250 million through ECBs for its new projects. Tata Teleservices raised $200 million for import of capital goods through ECBs. Similarly, Infrastructure Development Finance Company raised $100 million for onward or sub-lending.
Under the approval route in November, Dredging Corporation of India raised over $158 million through ECBs for its port project. Other key fund raisers in November included OCL Iron and Steel, which raised $95 million for its rupee expenditure.
The S&P CNX Nifty is currently trading at 4,706.10, lower by 43.85 points or 0.92% after trading as high as 4,740.50 and as low as 4,686.85. There were 12 stocks advancing against 38 declines on the index.
The top gainers on the Nifty were Reliance Communications up 4.75%, BPCL up 2.52%, Reliance Power up 1.91%, Reliance Infra up 1.50% and Reliance up 1.37%.
Hero MotoCorp down 4.44%, JP Associates down 4.30%, Bharti Airtel down 4.09%, Axis Bank down 3.68% and Tata Power down 3.42% were the major losers on the index.
Asian markets traded on a negative note; Hang Seng plunged 1.17%, Jakarta Composite sank 1.22%, Nikkei 225 plummeted 1.16%, Seoul Composite receded 1.11% and Taiwan Weighted eased 0.15%. On the flipside, Shanghai Composite climbed 0.70% and Straits Times ascended 0.06%.
The European markets were trading in green with, France's CAC 40 advanced 1.00%, Germany's DAX climbed 0.51% and Britain's FTSE 100 advanced 0.24%.
In the scrip specific development, shares of cement companies ACC, Ambuja Cement and JP Associates were trading in red on reports that the companies have cut prices by 25 rupees for a 50 kg bag in the northern state of Himachal Pradesh. Shares of Kingfisher Airlines were trading under heavy pressure after State Bank of India, the company's largest creditor, declared its exposure to the air-carrier a non-performing asset. On the global front, all Asian markets traded on a negative note barring Shanghai Composite and Straits Times while the European markets were trading in green on optimistic note. The market is reluctant to show signs of recovery due to lingering concerns over euro zone. Every market across the globe is nervous ahead of Spain and Italy bonds auction scheduled next week. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 4,700 and 15,700 levels, respectively. The market breadth on BSE was dominantly in favor of declines in the ratio of 1162:1378 while 113 scrips remained unchanged.
The BSE Sensex is currently trading at 15,712.71 down by 144.37 points or 0.91% after trading as high as 15,846.29 and as low as 15,664.91. There were 7 stocks advancing against 23 declines on the index.
The broader indices were trading on a negative note; the BSE Mid cap index shed 0.41% while Small cap eased 0.16%.
On the BSE sectoral space, Oil & Gas up 0.19% was the only gainer while Capital Goods down 1.88%, Power down 1.42%, TECk down 1.29%, Metal down 1.23%, and Consumer Durables down 1.15% were the top losers in the space.
RIL up 1.47%, Maruti Suzuki up 1.22%, Hindalco up 0.69%, HDFC Bank up 0.60% and Sterlite up 0.59% were the top gainers on the Sensex, while Hero MotoCorp down 4.30%, JP Associates down 3.95%, Bharti Airtel down 3.93%, Tata Power down 2.88% and ONGC down 2.57% were the major losers in the index.
Meanwhile, Indian companies have raised more than $1.58 billion from overseas markets in November compared to $2.47 billion in October through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs). Around 75 companies have raised about $1.33 billion for a range of projects through the automatic route in November, which does not require any approval from the Reserve Bank of India (RBI) or the government.
According to the RBI data, another $253 million was raised through the approval route. Public sector ONGC Mangalore Petrochem raised $250 million through ECBs for its new projects. Tata Teleservices raised $200 million for import of capital goods through ECBs. Similarly, Infrastructure Development Finance Company raised $100 million for onward or sub-lending.
Under the approval route in November, Dredging Corporation of India raised over $158 million through ECBs for its port project. Other key fund raisers in November included OCL Iron and Steel, which raised $95 million for its rupee expenditure.
Earlier,
companies, registered under the Companies Act, 1956, were allowed to
access ECBs up to $500 million in a fiscal year under the automatic
route. However, in September, the government raised the limit of
external borrowings with tenure of 5 years or more under the automatic
route to $750 million. Further, for the services sector, the ECB limit
under the automatic route was increased to $200 million and for NGOs
from $5 million to $10 million.
Moreover, the ECB, which is not covered by the
automatic route, is considered under the approval route on a
case-by-case basis by the RBI. FCCBs are also governed by norms related
to ECBs. External borrowings are being permitted by the Government for
providing an additional source of funds to Indian corporates and PSUs
for financing expansion of existing capacity and as well as for fresh
investment, to augment the resources available domestically. ECBs can be
used for any purpose (rupee-related expenditure as well as imports)
except for investment in stock market and speculation in real estate. The S&P CNX Nifty is currently trading at 4,706.10, lower by 43.85 points or 0.92% after trading as high as 4,740.50 and as low as 4,686.85. There were 12 stocks advancing against 38 declines on the index.
The top gainers on the Nifty were Reliance Communications up 4.75%, BPCL up 2.52%, Reliance Power up 1.91%, Reliance Infra up 1.50% and Reliance up 1.37%.
Hero MotoCorp down 4.44%, JP Associates down 4.30%, Bharti Airtel down 4.09%, Axis Bank down 3.68% and Tata Power down 3.42% were the major losers on the index.
Asian markets traded on a negative note; Hang Seng plunged 1.17%, Jakarta Composite sank 1.22%, Nikkei 225 plummeted 1.16%, Seoul Composite receded 1.11% and Taiwan Weighted eased 0.15%. On the flipside, Shanghai Composite climbed 0.70% and Straits Times ascended 0.06%.
The European markets were trading in green with, France's CAC 40 advanced 1.00%, Germany's DAX climbed 0.51% and Britain's FTSE 100 advanced 0.24%.
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