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Market Update

Sensex in 6-Day Decline on GST Jitters, M&M Vehicle Sales Surge 46%

Author: Sarla Buch
Last Update: 7:32 AM ET December 09 2015

6:00 PM Mumbai, India – Broader market in Mumbai declined for the sixth day in a row as politicians across all major parties wrangle ahead of goods and service tax reform bill. Mahindra & Mahindra said November vehicle sales soared 46.5%. Jain Irrigation secured contract from Tanzania. Rajesh Exports extended its winning streak of new orders in UAE.

Stocks in Mumbai declined for the sixth day in a row as investors focused on the passage of goods and services tax reform bill.

Commodities continued to decline for the third day in a row and extended losses in the year. Coal, copper, iron ore and crude oil prices declined in New York and London and Shanghai.

Crude oil dropped for the first time below $37 a barrel in New York trading and touched a new low in seven years and iron ore price dropped 44% in the year so far nearing the loss of 50% in 2014.

Rupee eased 2 paisa to 66.85 against one U.S. dollar.

The Sensex Index slipped 274.28 or 1.1% to close at 25,036.05. The CNX Nifty dropped 89.20 or 1.2% to 7,612.50.

Gainers & Losers

Bharat Heavy Electricals Limited advanced 2.6% to ₹169.05 after the government said it has no plan to trim its stake in the company.

The company also said it has secured new orders worth ₹22,000 crore this year.

Bharat Forge Limited dropped 4.2% to ₹793.05 after the steel components maker secured four contracts in the aerospace sector.

Havells India Limited dropped 3.3% to ₹282.60 after the company plans to sell its majority stake in European lighting systems and fixtures company, Sylvania.

IIFL Holdings Limited slipped 2% to ₹192.50 after the Fairfax India Holdings Corp. agreed to acquire additional 21.85% stake in the company for ₹1,341.37 crore and increase its total stake to 30.72%.

Jain Irrigation Systems Limited decreased 1.9% to ₹64.40 after the micro irrigation systems maker secured contract worth ₹220 crore or $32.98 million from Dar es Salaam Water and Sewerage Authority, Tanzania.

Kaya Ltd. edged down 0.03% to ₹941 after the company’s subsidiary along with its local partner acquired 75% stake in Iris Medical Centre LLC, at Abu Dhabi.

Mahindra & Mahindra Ltd fell 0.5% to ₹1,312.80 after the tractor and vehicles maker said in November total sales soared 46.5% from a year ago to 20,819 vehicles.

Domestic and export sales in the month surged 41.6% to 21,717 vehicles from the same period last year.

Rajesh Exports Limited increased 1.7% to ₹682.65 after the gold jewellery maker won an export order worth ₹1,122 crore from United Arab Emirate.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc