Key benchmark indices are trading weak in early trade on selling pressure in index pivotals as trading resumed after a local holiday. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 237.22 points or 0.43% at 55,392.27. The Nifty 50 index was down 81.20 points or 0.49% at 16,487.65. The Nifty dropped below the 15,500 mark in early trade. Weak global stocks played the spoilsport.
The S&P BSE Mid-Cap index was down 0.45%. The S&P BSE Small-Cap index was down 0.34%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 769 shares rose and 1768 shares fell. A total of 128 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) fell 0.69%. RIL has taken shutdown of its manufacturing units at Nagothane, Maharashtra to assure reliability and integrity of operations. "Product supplies to customers will continue through available stocks and diverting from other manufacturing sites," it said in a statement. The complex is expected to be back into normal operation from 25 August 2021, it added.
HDFC Bank fell 0.8%. HDFC Bank said that it has fixed the coupon rate of its $1 billion additional tier- I (AT-1) bonds at 3.70% per annum. The bank said that the US dollar-denominated, direct, subordinated, unsecured, Basel III compliant, additional tier-1 (AT-1) notes are rated Ba3 by Moody's Rating Services.
Zomato rose 1.37%. Zomato has completed the acquisition of 9.16% shareholding in Grofers India for Rs 518.21 crore and 8.94% shareholding in Hands-on Trades for Rs 222.83 crore.
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Tata Elxsi gained 1.85%. Tata Elxsi collaborated with DStv Media Sales, a media sales organisation and part of MultiChoice Group, to consult and collaboratively build a vision for DStv Media Sales (DMS) that addresses challenges while positioning DMS for future growth.
KIOCL advanced 1.76%. KIOCL on Wednesday announced that it has been granted environmental clearance from the Ministry of Environment, Forest and Climate Change (MOEF&CC) for Devadari Iron Ore Mine.
Vishwaraj Sugar fell 1.17%. Vishwaraj Sugar announced that its board approved sub-division of equity shares of the face value of Rs 10 each into five equity shares of face value of Rs 2 each (5-for-1).
Global Markets:
Asian stocks fell Friday as the fast-spreading delta virus strain stoked concerns about economic growth and China's regulatory curbs sapped sentiment.
China's one-year loan prime rate (LPR) and five-year LPR were both left unchanged at 3.85% and 4.65%, respectively, on Friday.
US stock markets ended mixed on Thursday as gains in technology shares were countered by selling in cyclical sectors.
The number of people seeking unemployment benefits fell last week for a fourth straight time to a pandemic low. The Labor Department reported Thursday that jobless claims fell by 29,000 to 348,000.
Back home, the Indian markets were closed on Thursday on account of Muharram. Key indices ended a volatile trading session with small losses on Wednesday. The barometer index, the S&P BSE Sensex, slipped 162.78 points or 0.29% to settle at 55,629.49. The Nifty 50 index declined 45.75 points or 0.28% to end at 16,568.85.
Foreign portfolio investors (FPIs) sold shares worth Rs 595.32 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 729.49 crore in the Indian equity market on 18 August, provisional data showed.
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