Stock market update: PC Jeweller, Titan drag consumer durables index down
NEW DELHI: The BSE Consumer Durables index was trading 0.87 per cent down at 19,593 around 01:15 pm with PC Jeweller (down 22.30 per cent) as the top loser.
Shares of PC Jeweller plunged as the company's board decided to withdraw its buyback offer of 12.1 million shares with immediate effect.
The company on Friday said it's withdrawing a May 10 proposal under which the jeweller was supposed to buy back shares worth Rs 424 crore from shareholders.
Shares of Symphony (down 1.50 per cent), TTK Prestige (down 1.06 per cent), Blue Star (down 1.05 per cent), Titan Company (down 0.90 per cent), VIP Industries (down 0.77 per cent), Whirlpool of India (down 0.33 per cent) and Rajesh Exports (down 0.11 per cent) too were under pressure.
Meanwhile, Crompton Greaves Consumer Electricals (up 0.32 per cent) was slightly up, while Voltas (up 0.08 per cent) was nearly flat.
Key indices Sensex and Nifty were down, tracking weak Asian cues. Investors were cautious after an official data showed that China's economy slowed a little in the second quarter.
Weak domestic macroeconomic indicators too hit the sentiment. India's trade deficit widened to its highest in more than five years in June, the trade ministry said on Friday, driven largely by a surge in oil prices and a weaker rupee.
Moreover, both retail and wholesale price inflation have shown an uptick amid wobbly rupee and crude oil prices.
Benchmark BSE Sensex was 35 points down at 36,506, while the NSE Nifty50 index was down 32 points at 10,987.
In the Sensex index, 13 stocks were advancing, while 18 were declining.
ICICI Bank, Sun Pharma and Bharti Airtel were among the top losers in the Sensex index.