3:00 pm Market Update
3:00 pm Market Update: Equity benchmarks trimmed losses. The BSE Sensex fell 25.80 points to 25842.69 and the NSE Nifty declined 1.40 points to 7855.15.
About 1440 shares have advanced, 1128 shares declined, and 184 shares are unchanged on the BSE.
2:55 pm Buzzing: Shares of Brigade Enterprises gained 6.4 percent intraday on launch of real estate project Plumeria at Brigade Meadows in Bangalore.
Plumeria at Brigade Meadows, a part of 60 acre integrated enclave, offers 2 & 3 bedroom luxury homes with sizes ranging from 1110 to 1630 square feet, the company said in its filing.
The company expects revenue of Rs 450-500 crore from this project.
2:40 pm Europe Update: European equities traded lower as traders watch a continued slide in oil prices and other commodities.
The pan-European STOXX 600 was off by 0.5 percent with all major indices in negative territory.
In Asia overnight, markets traded in the green following a rally on Wall Street last week as investors continue to look out for comments from central bankers on the trajectory of US monetary policy.
2:20 pm Interview: Global generic crop protection, chemicals and seeds company, UPL (formerly known as United Phosphorous) said board members on Monday have approved amalgamation of Advanta with itself. Post merger, seed company Advanta’s every shareholder will get one equity share and three preference shares of UPL for every share held in the company.
Jai Shroff, CEO, UPL, said Advanta is projected to see healthy growth in the coming years. Both UPL and Advanta have been outperforming industry growth rate.
According to him, UPL will benefit from Advanta’s major international presence and Advanta will benefit from the company’s rich customer accessibility. He said UPL is likely to see 10-15 percent growth going ahead.
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2:00 pm Market Check
The market extended losses in afternoon trade with the Sensex falling 90.57 points to 25777.92 and the Nifty down 23.05 points to 7833.50. The broader markets continued to outperform benchmarks as the BSE Midcap and Smallcap indices gained 0.3-0.5 percent.
Asian Paints and Adani Ports rallied 2 percent each as the Bombay Stock Exchange will add both stocks to Sensex with effect from December 21. Vedanta and Hindalco Industries, which will be removed from the index, fell 3 percent and 4 percent, respectively.
The market breadth remained positive as about 1366 shares advanced against 1144 declining shares on the BSE.