Key benchmark indices were trading with small losses in early trade amid negative global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 19.16 points or 0.05% at 36,706.26. The Nifty 50 index was down 14.20 points or 0.13% at 11,044.
Among secondary barometers,the BSE Mid-Cap index was up 0.16%. The BSE Small-Cap index was up 0.21%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 595 shares rose and 421 shares fell. A total of 55 shares were unchanged.
Overseas, Asian shares declined on the back of an overnight slide in the US market, as investors grappled with fresh concerns over the state of the global economy.
US stocks finished lower for a fourth straight session Thursday on mounting evidence of a slowing global economy. The European Central Bank (ECB) cut its growth forecast for 2019 and announced a fresh round of stimulus to aid banks in the region. ECB President Mario Draghi said the central bank cut its growth estimate to 1.1%, down from a 1.7% expansion forecast released in December. The ECB's announcements come amid lingering concerns over a possible economic slowdown across the globe.
On the US data front, first-time unemployment claims fell to 223,000 in the week ended March 2, from 226,000 the previous seven days. The productivity of the US workforce rose at an annual pace of 1.9% in the fourth quarter of 2018, the Labor Department reported.
Back home, pharma major Lupin was up 0.94%. The company announced that it has received approval for its Atorvastatin Calcium Tablets USP, 10 mg, 20 mg, 40 mg, and 80 mg, from the United States Food and Drug Administration (FDA) to market a generic version of Pfizer Inc's Lipitor tablets, 10 mg, 20 mg, 40 mg and 80 mg. The announcement was made after market hours yesterday, 7 March 2019.
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Reliance Industries was up 0.22%. The company through a wholly owned subsidiary has entered into an MOU with NMSEZ to sub-lease land of about 4000 acres along with the associated development rights by making an initial payment of Rs 2180 crore subject to fulfilment of certain conditions. The announcement was made after market hours yesterday, 7 March 2019.
Jet Airways (India) was down 1.42%. The company said that an additional three aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements. The company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. The announcement was made after market hours yesterday, 7 March 2019.
Tata Coffee was up 2.38%. Tata Coffee Vietnam Company, a wholly-owned Subsidiary of Tata Coffee, has unveiled its state-of-the art Freeze Dried Instant Coffee Production Plant at Binh Duong province of Vietnam. The plant has capacity to manufacture 5000 MT of Freeze Dried Instant Coffee, per annum. The announcement was made after market hours yesterday, 7 March 2019.
KNR Constructions was up 4.86%. The company has bagged Hybrid Annuity Project (HAM) with Bid Project Cost of Rs 920 crore and first year O&M cost of Rs 3 crore for the work of 'Four Laning of Oddanchatram - Madathukulam section of NH - 209 under Bharatmala Pariyojna Phase - I under the category of Residual Works of NHDP on HAM in Tamil Nadu with a concession period of 17 years including construction period of 2 years from the appointed date. The announcement was made after market hours yesterday, 7 March 2019.
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