Indian shares are edging lower on Friday, extending a two-day fall, on concerns that rising oil prices could undermine the fragile global economic recovery. Other Asian markets are trading mixed, dampening investor sentiment.
The benchmark 30-share Sensex is currently at 18,055, down 24 points or 0.13 percent from its previous close, while the 50-share Nifty index is down 6 points or 0.12 percent at 5,477. However, second-line shares are moving higher and the market breadth remains fairly positive, with the advance-decline ratio tilting towards the gainers at 1222:770 on the BSE.
HDFC is tumbling 3.4 percent after Citigroup decided to sell its entire stake in the mortgage major. State Bank of India is declining 1.2 percent after its board approved a proposal to issue fresh shares to the government on a preferential basis at Rs.2,191.69 a share.
Reliance Industries is down 0.8 percent and Tata Steel is declining half a percent on fund raising reports. Reliance Communication is losing 0.6 percent after its subsidiary Reliance Infratel moved telecom tribunal claiming Rs.1,200 crore towards charges for telecom infrastructure leased.
Tata Communications is down over 4 percent after announcing a multi-year technology service and marketing agreement with Formula One Management. Bank of Baroda is down 0.4 percent ahead of a board meet on Monday to consider a preferential share issue to state-run insurer LIC.
Bharti Airtel is adding a percent after dismissing reports about Econet Wireless filing a suit against the company over the ownership of its subsidiary Airtel Nigeria.
Gujarat Gas is up 0.8 percent on reports the Adani family is keen on buying British Gas' stake in the gas distribution company. Shares of Adani group companies such as Adani Power and Adani Enterprises are moving up over a percent each.
Ashok Leyland is edging up 0.4 percent on reports it plans to set up a new production facility near Chennai. Sunteck Realty is climbing 3.8 percent after the realtor said it acquired a 16-acre plot at Goregaon for Rs 300 crore.
Indian shares ended in the red for a second day in a row on Thursday, as negative Asian cues prompted investors to square off positions on the settlement day of February series derivative contracts. The benchmark 30-share Sensex ended down 67 points or 0.37 percent at 18,079, while the broader Nifty index fell by 22 points or 0.4 percent to 5,483.
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