Sensex Edges Lower, Extends Its Weak Streak On Subdued Global Cues

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10:07 a.m.: The overall market breadth was bearish as 1,027 shares were declining while 716 were advancing.

9:52 a.m.: Banking shares trade on a subdued note. Bank Nifty slips 0.28 per cent or 51 points at 17,840; Axis Bank was the top gainer from this space, down 1 per cent at Rs. 443. Federal Bank, IndusInd Bank, Kotak Mahindra Bank, Canara Bank, State Bank of India, Bank of India and HDFC Bank were also among the laggards.

9:31 a.m.: Indian stock markets extended their seven-day losing run in opening deals on Friday wherein the Sensex fell over 50 points while the broader Nifty struggled below its crucial psychological level of 8,000 on the back of selling in metal, FMCG, auto and capital goods shares amid subdued global cus.
As of Sensex 9:21 a.m., the Sensex traded 53 points lower at 25,926 and Nifty was down 21 points at 7,957.

Other Asian markets were also trading on a subdued note after US stocks took a breather from its relentless rise since the US election, while the dollar hovered below its 14-year high set earlier this week.

Back home analysts say that worries about the impact of demonetisation continue to weigh on market sentiment.

Analysts added that investors were booking profits due to lack of clear domestic triggers and persisting worries about the impact from the ban on higher value banknotes on the economy and corporate profits.

Foreign institutional investors continued to sell Indian shares. On Thursday FIIs sold shares worth Rs. 614 crore.

Foreign institutional investors have sold over $250 million in Indian shares this month as of December 20.

Meanwhile, from the Nifty basket of shares, 29 were declining while 22 were advancing.

Bharti Infratel was the top Nifty loser, down 1.32 per cent at Rs. 332.75. Cipla, Zee Entertainment, ITC, Mahindra & Mahindra, Kotak Mahindra Bank, HCL Technologies, Tata Motors, HDFC and Larsen & Toubro were also among the laggards.

The broader markets were trading on a subdued note with mid-cap and small-cap indices trading on a flat note.

8:30 a.m.: Sensex and Nifty are set to open lower in trades today tracking weak Nifty futures traded on Singapore Exchange amid subdued global cues.

Nifty futures traded on Singapore Exchange also known as the SGX Nifty was down 0.23 per cent or 18 points at 7,972.

Meanwhile, other Asian markets were trading on a subdued note with Japan’s Nikkei down 0.09 per cent, Hong Kong’s Hang Seng declining 0.61 per cent and Shanghai Composite falling 0.43 per cent.

Asian stocks stepped back in subdued trade on Friday as Wall Street took a breather from its relentless rise since the U.S. election, while the dollar hovered below its 14-year high set earlier this week.

Overnight, US stocks fell on Thursday, weighed down by weakness in retailers, as investors stepped back from a recent rally fuelled by optimism that President-elect Donald Trump will invigorate economic growth.

The decline pulled the Dow Jones industrial average further away from the 20,000 mark after it nearly breached that level this week for the first time.

The Dow finished 0.12 percent lower at 19,918.88 and the S&P 500 lost 0.19 percent to end at 2,260.96. The Nasdaq Composite dropped 0.44 percent to 5,447.42.

Back home, foreign institutional investors continued to sell Indian shares. The FIIs sold shares worth Rs. 614.4 crore on Thursday while domestic institutional investors bought shares worth Rs. 320 crore.

Among the individual shares, Tata Metaliks will be on traders’ radar after the company said that it has amalgamated Tata Metaliks DI Pipes with itself is effective from Thursday.

“The effective date of amalgamation of Tata Metaliks DI Pipes Ltd with the company is December 22, 2016,” Tata Metaliks Ltd said in a filing to the BSE.

The company had said last month that the Calcutta High Court had approved the scheme of amalgamation of Tata Metaliks DI Pipes Ltd with Tata Metaliks Ltd on November 7.

Both firms are part of Tata Steel.

Phoenix Mills will also be in focus after Phoenix Mills said that it has entered into a non-binding pact with Canada Pension Plan Investment Board to sell up to 49 per cent stake in its wholly-owned subsidiary Island Star Mall Developers Pvt Ltd (ISML).

ISML owns and operates a retail mall Phoenix Marketcity in Bengaluru. ISML recorded revenues of Rs. 164.30 crore and net profit of Rs. 37.10 crore during the last fiscal.