Market subdued in opening trade on negative Asian stocks
DATE: 11/09/2012
The key benchmark indices edged lower in early trade on mostly lower Asian stocks. The BSE Sensex was down 31.81 points or 0.18% to 17,734.97. Index heavyweight Reliance Industries (RIL) declined in early trade. Index heavyweight and cigarette maker ITC rose. The market breadth, indicating the overall health of the market, was positive.
Asian shares were mostly lower on Tuesday ahead of a key German ruling on the euro zone's bailout funds and the US Federal Reserve's policy decision.
At 09:27 IST, the BSE Sensex was down 31.81 points or 0.18% to 17,734.97. The index shed 29.37 points at the day's high of 17,737.41 at the onset of the trading session. The index fell 89.40 points at the day's low of 17,677.38 in early trade.
The S&P CNX Nifty was down 17.15 points or 0.32% to 5,346.30. The index hit a high of 5348.20 and a low of 5332.10 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 683 shares rose and 574 shares fell. A total of 57 shares were unchanged.
The total turnover on BSE amounted to Rs 143 crore by 09:25 IST
Among the 30-share Sensex pack, 21 declined while the rest gained. Sterlite Industries India (down 3.66%), Hero MotoCorp (down 1.71%) and Infosys (down 0.71%) edged lower from the Sensex pack.
ONGC (up 1.15%), Sun Pharmaceutical Industries (up 1.08%) and Bhel (up 0.93%) edged lower from the Sensex pack.
Index heavyweight Reliance Industries (RIL) shed 0.66% to Rs 785.90. RIL has bought back 3.9 crore shares for about of Rs 2793.51 crore till 4 September 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013. RIL chairman Mukesh Ambani said at the company's Annual General Meeting in June 2012 that the company's buyback program represents a highly accretive use of cash by the company and it will supplement earnings growth from operations, for higher EPS (earnings per share), in the near future.
HDFC rose 0.05%. The mortgage lender issued and allotted 5.47 crore equity shares of Rs 2 each and realised an amount of Rs 3284.59 representing 99.95% of the Warrants issued pursuant to the exchange of the Warrants. As of date, the paid-up equity share capital of HDFC is Rs 307.61 crore and the balance in securities premium account stands at Rs 9297.14 crore.
+POWERED BY: CAPITAL MARKET NEWS
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