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Amid a divergent trend among various index constituents, the key
benchmark indices were trading with small losses in early trade. At
9:28 IST, the barometer index, the S&P BSE Sensex was down 10.42
points or 0.04% to 27,419.86. The Nifty 50 index was currently down 4.40
points or 0.05% at 8,480.55.
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In overseas stock markets, most Asian stocks were trading lower marked
by growing uncertainty about the outcome of the US presidential election
next week. US stocks closed lower yesterday, 3 November 2016, marking
the S&P 500's longest losing streak since the depths of the
financial crisis, as Facebook shares slumped and investors fretted over
election uncertainty. Fresh polls released yesterday, 3 November 2016
reportedly showed that Democrat Hillary Clinton, who is seen as the
status quo candidate by markets, maintained her narrow lead over
Republican Donald Trump. Investors generally view Clinton as a known
quantity, but there is deep uncertainty about what a Trump win might
mean for US economic policy, free trade and geopolitics. Meanwhile, the
Bank of England (BOE) scrapped its plan to cut interest rates, which it
said could now move up or down, and raised its forecasts for 2017 growth
and inflation sharply due to the slide in sterling since Britain's vote
to leave the European Union. The BOE's nine policymakers all voted to
keep rates on hold. There was also unanimous support to stick with
August's bond-buying plans.
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Closer home, the market breadth indicating the overall health of the
market was negative. On BSE, 853 shares declined and 796 shares
advanced. A total of 86 shares were unchanged. The BSE Mid-Cap index was
currently off 0.05%. The BSE Small-Cap index was currently off 0.17%.
The fall in both these indices was higher than the Sensex's decline in
percentage terms.
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Wipro slipped 0.54%. The company announced the appointment of Gilles
Grange, as the regional head of its operations in France. In his new
role, Gilles will be responsible for building and strengthening the
company's presence in France by pursuing new business opportunities and
growing its visibility in the region. He will be based in Paris, and
report to Christophe Martinoli, Vice President and Head of Continental
Europe. The announcement was made after market hours yesterday, 3
November 2016.
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Bharti Airtel fell 0.36%. Bharti Airtel International (Netherlands) BV
(Airtel) and Zain Telecom (Zain) have reached an agreement, pursuant to
which Zain is to pay to Airtel about $129 million for the settlement of
all of Airtel's claims on account of the Nigeria Litigation, certain tax
matters and associated legal costs. Under the terms of the 2010 share
sale/purchase agreement, Zain had provided Airtel certain indemnities
covering the Nigeria Litigation and for certain tax claims. A separate
settlement has been reached between Airtel and Econet Wireless settling
all claims, disputes whatsoever, between the two including in Nigeria
and Netherlands. With these settlements, Airtel has closed several
ongoing major litigations in Nigeria, UK and Netherlands. The
announcement was made after market hours yesterday, 3 November 2016.
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NMDC slipped 0.04%. The company announced that it has kept unchanged
price of lump iron ore at Rs 2,100 per wet metric tonne and that of
fines iron ore price at Rs 1,760 per wet metric tonne with effect from 3
November 2016 compared with prices in October. The announcement was
made after market hours yesterday, 3 November 2016.
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