SHARE MARKET TIPS-
Indices extend losses, Sensex falls 200 pts, Nifty below 11,800
Sundaram Finance shares gained more than 2 percent intraday on the acquisition of BNP Paribas' stake in the securities business.
We approved the acquisition of 2,20,51,470 equity shares, representing 49 percent in its subsidiary company, Sundaram BNP Paribas Fund Services Limited (SBFS), from BNP Paribas Securities Services, France, for a total consideration of Rs 1.5 crore," the company said in its NSE filing. Shares of TVS Motor Company slipped more than 2 percent June 21 after brokerage house CLSA has maintained sell call on the stock with a target of Rs 360 per share. Benchmark indices extended the morning losses with Nifty below 11,800 level.
At 09:51 hrs IST, the Sensex is down 201.22 points or 0.51% at 39400.41, and the Nifty down 58.30 points or 0.49% at 11773.50. About 705 shares have advanced, 824 shares declined, and 75 shares are unchanged. The share price of Welspun Corp added 2.6 percent in the early trade on Friday after the company successfully commenced commercial production of pipes at Madhya Pradesh plant.
The dollar struggled to get on the front foot on Friday and was poised for a weekly loss against major currencies after the U.S. Federal Reserve joined global peers with plans to cut interest rates to support flagging economic growth.
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