The Smarter way to get your business news - Subscribe to BloombergQuint on WhatsApp
Indian equity benchmarks opened flat as Asian equities were mixed amid light volume.
The S&P BSE Sensex declined 0.2 percent to 35,684.35. The NSE Nifty 50 Index also fell 0.25 percent to 10,729.70, as of 10:10 a.m.
The market breadth was tilted in favour of sellers. Eight of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 1.74 percent drop in the Nifty Realty Index. The Nifty PSU Bank Index was the biggest gainer, up 0.3 percent.
Here Are The Stocks Moving The Market This Morning
PVR Gains After Tax On Tickets Lowered; Board Approves Fund Raising
Shares of the New Delhi-headquartered multiplex chain rose close to 3 percent to Rs 1,610 per share after the GST Council reduced tax rates on cinema tickets.
PVR board approved raising Rs 750 crore via qualified institutional placement via debt or equity.
The stock gained 8.6 percent in the past 12 months compared to 5.3 percent gain in the S&P BSE Sensex Index.
Cement Stocks Falls After GST Council Keeps Rate Unchanged At 28%
Shares of cement manufacturers declined after the GST council decided to keep the commodity in the highest tax bracket of 28 percent. The sector contributes around Rs 13,000 crore in terms of tax revenue to the government.
- Prism Johnson fell as much as 5.1 percent to Rs 86.40 per share.
- ACC fell 1.88 percent intraday to Rs 1,462 apiece.
- India Cements fell 4.5 percent to Rs 91.80 per share.
(figures as of 10:00 a.m.)
IndiGo Swings After Signing Pact With Turkish Airlines
The shares of country’s largest airline by market share fluctuated between gains and losses to trade at Rs 1,162.40 apiece, as of 9:25 a.m.
IndiGo’s parent InterGlobe Aviation signed a codeshare and mutual cooperation agreement with Turkish Airlines as part of its international expansion strategy. In an exchange notification, the airline said that Turkish Airlines will be offering new destinations in India as a marketing carrier on lndiGo operated flights, while the lndian carrier’s customers will be able to reach many European destinations through Turkish Airlines' network.
The relative strength index on the stock was reading above 70, indicating the stock was overbought, Bloomberg data showed.
Bandhan Bank Falls After Clarifying Reports On Gruh Finance
Shares of the private lender erased opening gains and declined nearly 3 percent to Rs 511.70 apiece.
Bandhan Bank clarified that the bank was unaware of the news that it is in talks with HDFC for control of Gruh Finance. The bank also stated that it is evaluating various opportunities and will not comment on market speculation.
The stock gained 40 percent in the past 12 months compared to 5.3 percent gain in the BSE Sensex index.
Sugar Stocks Gain After Report Of Government Mulling Soft Loan
Shares of sugar companies rose after news agency PTI reported that the government is considering an additional soft loan of Rs 7,400 crore for creating ethanol capacity.
- Balrampur Chini Mills rose 2.2 percent intraday to Rs 102.90 per share.
- Sree Renuka Sugars rose close to a percent to Rs 10.95 apiece.
- Dhampur Sugar Mills rose 2.2 percent to Rs 162.90 per share.
(figures as of 9:40 a.m.)
Infosys Gains On Report Of Share Buyback Plan
Shares of the country's second-largest software services company rose as much as 2 percent to Rs 658.80.
Infosys is likely to buy back shares worth $1.6 billion, The Times of India reported citing sources. Buyback plan could be part of board meeting scheduled on Jan. 11 regarding quarterly financial results and buyback may be at 20-25 percent premium to the market value, the report said.
The stock traded 21 percent below the Bloomberg consensus one-year target price.
. Read more on Markets by BloombergQuint.