Stock Market

Sensex sinks 250 pts; profit booking drags Brent below $50/bbl


12:00



Chillicious Bureau

12:45 pm Europe opening:

European stocks opened lower as markets remained disappointed after the European Central Bank (ECB) chose not to extend its stimulus program.


The pan-European STOXX 600 was down 0.31 percent.


European stocks closed lower on Thursday after the ECB kept its benchmark refinancing rate at 0 percent and did not change its trillion-euro bond-buying plan, saying the program will run until the end of March 2017 or beyond if necessary.

12:35 pm Buzzing: Kaya shares surged more than 9 percent intraday Friday as to strengthen network in UAE region, Middle East subsidiary acquired 75 percent stake in Sharjah-based company.


“Kaya Middle East, DMCC, a foreign subsidiary of Kaya, has entered into an agreement for acquiring 75 percent beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah,” the skin care clinics operator said in its filing on September 9.


The agreement will become effective on fulfilling of certain conditions precedent and obtaining the requisite statutory approval/s, which will take approximately 4 months.


Minal Medical Centre and Minal Specialized Clinic Dermatology carry out business of skincare, body & hair services and reported revenue of AED 11.17 million in CY15.


12:20 pm Likely reduction in hydrocarbon imports: India aims to reduce its hydrocarbon imports by 10 percent by 2022 through increasing domestic output, fuel efficiency and the use of alternative energy, its oil minister said on Friday.


India currently imports 70-75 percent of its energy requirements, Minister of State for Petroleum and Natural Gas Dharmendra Pradhan told reporters.


The minister spoke on the sidelines of a roadshow in Singapore for investors to explore oil and gas in India.


“A good number of companies are taking our data,” Pradhan said, although he declined to name those who have shown interest.


The minister also said there will no cess or duties assessed on new oil and gas exploration projects.

Also read – Asset bubble won’t burst as long as more money is printed: Faber

12:00 pm Market check: The sell-off continued in noon trade as weak global cues and profit booking after sharp rally from last week weighed. Banking & financials, auto, FMCG, auto and infra stocks remained under pressure.


The Sensex fell 246.39 points or 0.85 percent to 28798.89 and the Nifty slipped 79.50 points or 0.89 percent to 8873 while the broader markets recovered a bit from day’s low, falling 0.4-0.6 percent.


The market breadth remained weak as about 1485 shares declined against 915 advancing shares on the Bombay Stock Exchange.


Oil prices pulled back on profit-taking after settling more than 4 percent higher a day earlier, following a surprisingly huge drawdown in US crude stocks as Gulf Coast imports slumped to a record low.


Brent and West Texas Intermediate crude futures have gained about 6 percent this week and are on course for their biggest weekly gain in three weeks, after major producers Saudi Arabia and Russia agreed on Monday to cooperate on stabilizing the oil market.


London Brent crude for November delivery was down 1.1 percent at USD 49.44 a barrel after rising above USD 50 for the first time in two weeks and settling up 4.2 percent, on Thursday.