The BSE Mid-cap Index is trading down 0.55% at 10,990, whereas BSE Small-cap Index is trading down 0.54% at 11,569.
All sectors are showing weakness on BSE.
Bhushan Steel, Dena Bank, Hathway Cable, Amtek Auto and GPPL are among the gainers, whereas Dabur, Mphasis, India Cement, KPIT, JK Tyre and IOB are losing sheen on BSE.
The Indian rupee opened lower by 30 paise at 66.91/$ in early trade on Friday. On the domestic front, Nikkei/Markit India Services PMI survey revealed that India's services industry struggled during November as firms remained pessimistic about business prospects. Services PMI index fell sharply to 50.1 from October's level of 53.2. In addition, markets dwelled on the reinforced perception of a US Fed rate hike. Fed Forward rate curves are now suggesting 79% probability of 25 basis points move on the rates.
ECB has cut its deposit facility rate to -0.3% from -0.2%. Mario Draghi also elaborated that the monthly bond buying programme will be extended till March 2017. However, some of the market participants remain disappointed as the central bank did not increase the quantum of government bonds ECB buys each month. Popular opinion suggests that the central bank needs to do more in order to avert the Euro region from the pangs of deflation. Euro has skyrocketed to 109 levels against the greenback, responding to the European Central Bank's latest policy easing measures.
Developments on the GST front will be closely tracked. Cosmo Films could see action as it considers raising funds through Qualified Institutional Placement of equity shares. GMR Infrastructure will mull fund raising today. Nestle India could see some interest as it considers a second Interim Dividend. Radha Madhav Corp will look at issue of warrants and equity shares on preferential basis to the promoters. The Indian rupee could again see some weakness.
The government is planning to scrap 1% tax on interstate sales, which was proposed to compensate manufacturing states such as Maharashtra, Gujarat and Tamil Nadu, according to reports.
The government may keep rates reasonable so that any inflationary impact of the tax is contained, says a report.
Approximately 2.7 million trucks are facing the prospect of being dumped from April next year as the Government plans to cap the life of commercial vehicles (CV) at 15 years, according to various media reports.
“We are going to make 15 years the end of life for all commercial vehicles,” Vijay Chhibber, Secretary, Ministry of Road Transport & Highways has been quoted as saying.
As many as six investors, including private equity (PE) firms and cement companies have bid for Reliance Infrastructure’s 5.6-million-tonne capacity cement assets, reports a business daily.
Veteran telecom industry executive and former CEO of Orange SA, Sanjiv Ahuja is in race to buy Anil Ambani led Reliance Communication's (RCom) telecom towers arm Reliance Infratel, according to reports.
Quikr, India’s No. 1 cross category classifieds business, has acquired realtycompass, a real-estate analytics platform which helps end consumers and investors in the decision making process by providing builder ratings & detailed project analysis. Founded by Nimesh Bhandari, Sankara Srinivasan and Alok Mishra in 2013, realtycompass will now be a part of QuikrHomes.
External demand weakness and a slower-than-expected pace of enacting key reforms are holding back India’s growth acceleration, with the pace in 2015 now seen at 7.4%, down from 7.8% forecast earlier.
Budget carrier SpiceJet will raise up to Rs. 5,000 crore debt in order to expand its fleet, according to the company's Annual Report.