Home / Business / Money / Sensex, Nifty fall; European markets decline on German data

Sensex, Nifty fall; European markets decline on German data

14:00

The News International Team

03:00pm Moody’s downgrades Japan

Moody’s Investors Service today downgraded Japan’s sovereign debt rating by one notch to A1 from Aa3, citing heightening uncertainty over the country’s ability to hit its debt-reduction goal.

The announcement briefly sent the yen to a seven-year low against the dollar and pushed 10-year Japanese government bond (JGB) futures down by 10 ticks.

The US rating agency said the outlook was stable, reports Reuters.

02:45pm Sun Pharma, Ranbaxy off day’s high

Competition Commission of India has directed Sun Pharma-Ranbaxy to divest brands, reports CNBC-TV18 quoting unnamed sources.

Sources say CCI sent back merger deal to companies to make changes and asked both companies to divest some brands to avoid monopoly. According to CCI, 37 drug categories are under /scanner for potential dominance.

It is learnt that companies may have to dilute market share in some drug categories.

Sun-Ranbaxy merger is yet to get CCI and FTC approvals. FIPB, on November 28, approved the proposal of the company for issuing equity shares of the company to the non-resident investors of Ranbaxy Laboratories pursuant to the merger of Ranbaxy Laboratories into Sun Pharmaceutical Industries Limited through the scheme of arrangement between both companies.

Shares of Sun Pharma declined 0.7 percent and Ranbaxy gained 0.1 percent.

02:30pm Maruti recalls Ciaz cars

Maruti Suzuki India said it will proactively undertake a service campaign to inspect a suspected fault and replace the relevant part of clutch operation system of a batch of 3796 Ciaz cars. These cars are among those manufactured till November 7, 2014.

02:00pm Market Check

The market remained quiet as the Nifty is consolidating around the 8600 level while the BSE Midcap gained 0.2 percent. The market breadth is in favour of declines; about 1214 shares advanced while 1560 shares declined on the Bombay Stock Exchange.

The 30-share BSE Sensex fell 66.16 points to 28627.83 and the 50-share NSE Nifty slipped 15.40 points to 8572.85.

Mark Mathews of Julius Baer expects the Indian markets to appreciate by another 50 percent over the next 12-18 months and says India continues to remain the cleanest shirt in the laundry basket.

The month of November provided cheer to the auto sector. Companies like Maruti Suzuki, TVS Motor and Ashok Leyland showcased a recovery in November sales while tractor makers like Escorts sulked due to weak tractor sales post slow monsoons.

In other positive macro news, the HSBC PMI hit a 21-month high in November at 53.3 versus 51.6 in October. Manufacturing operating conditions in India improved for the thirteenth month in a row in November, supported by stronger growth of output and new work intakes.

In global action, the Hong Kong market is the weakest link with a 620 points fall while the Nikkei index hit a 7-year high. China manufacturing gauge hit six-month low as China PMI fell to 50 in November from 50.4 in October.

European markets like France’s CAC, Germany’s DAX and Britain’s FTSE declined 0.7-1 percent after German data. Germany November manufacturing PMI is lowest in 17 months at 49.5 versus 51.4 in October.

The commodity collapse continued as oil saw its longest losing streak since 2008 crisis. Brent crude slumped further to USD 68 a barrel, down almost 3 percent today. Both Nymex and Brent have fallen for five straight months.

Leave a Reply

x

Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...