Sensex Ends Day In The Red; Axis Bank Falls 2.5%

After opening the day in the green, share markets in India witnessed volatile trading activity throughout the day and ended the day in the red. Sectoral indices were mixed, with stocks in the FMCG sector and stocks in the realty sector leading the gains.

At the closing bell, the BSE Sensex stood lower by 63 points (down 0.2%) and the NSE Nifty closed down by 23 points (down 0.2%). The BSE Mid Cap index ended the day down 0.1%, while the BSE Small Cap index ended the day down by 0.4%.

Asian stock markets finished in green. As of the most recent closing prices, the Hang Seng was up by 0.7% and the Shanghai Composite was up by 0.8%. The Nikkei 225 was up by 1.4%. Meanwhile, European markets were trading on a mixed note. The FTSE 100 was up by 0.7%, The DAX, was down by 0.5% while the CAC 40 was up by 0.3%.

The rupee was trading at Rs 65.60 against the US$ in the afternoon session. Oil prices were trading at US$ 67.15 at the time of writing.

In news from stocks in the steel sector. Tata Steel share price ended the day on an encouraging note after the steel major raised over US$1.9 billion.

In one of the largest debt raising exercises this year, Tata Steel raised US$1.9 billion through syndicated loans for its Singapore units Nat Steel Asia and TS Global to refinance existing high-cost debt.

The loan is in two tranches – US$1.29 billion and US$469 million.The move is a part of a mega financial reengineering exercise undertaken by the country’s largest steel maker to streamline its international balance sheet.

Facilities are priced at about 200 bps above Libor and will have about six-year maturities. The fresh debt will likely have a 50-basis-point advantage over existing interest rates. About 20 banks, including JP Morgan, Citigroup, Bank of America-Merrill Lynch, State Bank of India, Axis Bank and ICICI Bank, are part of the lending syndicate.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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