6:00 PM Mumbai – Reliance Infrastructure signed a naval and commercial services agreement with the U.A.E. based Abu Dhabi Ship Building. SREI Infra plans to sell its stake in Viom Networks. Hathway Cable and NATCO Pharma won RBI approval to sell additional stake to foreign investors.
Market indexes and stocks continued to slide in Mumbai trading for the fourth day in a row.
Foreign investors have been net sellers of stocks in India and emerging markets as U.S. investors’ trimmed exposure to international stocks and prepare for the long awaited rate increase.
Foreign investors have sold nearly 4,000 crore in last four trading days, according to the data available from two domestic exchanges. Foreign investors in all have lowered exposure to Indian stocks by nearly 30,000 crore between May and August.
The ongoing selling has put rupee under pressure and the currency is now nearing a record low.
In addition, market sentiment was on the defensive after Chinese stocks opened sharply lower after a 4-day long weekend and the benchmark index in Shanghai fell 3.4% in Monday’s trading.
Rupee weakened 36 paisa to 66.82 against one U.S. dollar.
The Sensex Index slipped 308.09 or 1.2% to close at 24,893.81. The CNX Nifty decreased 96.25 or 1.3% to 7,558.80.
Sensex declined for the fourth day in a row and dipped to a 15-month low after losing 16% from its March peak.
Gainers & Losers
Hathway Cable and Datacom Limited
soared 3.8% to ₹41.90 after the cable operator received an approval from the Reserve Bank of India to increase the foreign investment limit from 49% to 74%.
Lanco Infratech Limited
advanced 1.8% to ₹2.77 after the company received shareholders’ approval to invest up to ₹6,000 crore.
Maruti Suzuki India Limited
edged up 0.1% to ₹4,072.05 after the largest auto maker may start its production at Gujarat plant by January 2017, The Economic Times reported.
NATCO Pharma Ltd
declined 3.6% to ₹2,169.40 after the Reserve Bank of India approved the company plan to increase stake to foreign investors up to 31.5% in the company.
Reliance Infrastructure Limited
rose 0.7% to ₹326.30 after the company’s subsidiary, Reliance Defence, signed an agreement with the U.A.E.-based Abu Dhabi Ship Building for naval and commercial services.
SREI Infrastructure Finance Limited
jumped 3.7% to ₹44.45 after the infrastructure equipment maker plans to sell its stake in Viom Networks.