Key benchmark indices were trading with tiny losses after slipping into the red shortly after opening with mild gains. At 9:25 IST, the barometer index, the S&P BSE Sensex fell 9.60 points or 0.03% at 31,636.86. The Nifty 50 shed 9.85 points or 0.1% at 9,874.55. Mixed Asian stocks provided no clear direction to the local markets.
The S&P BSE Mid-Cap index rose 0.17%. The S&P BSE Small-Cap index gained 0.36%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 789 shares rose and 359 shares fell. A total of 38 shares were unchanged.
Hindalco Industries (up 1.16%) and L&T (up 0.46%) gained.
Wipro rose 1.49% after the company said it has fixed 15 September 2017 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in share buyback. The announcement was made after market hours yesterday, 30 August 2017.
The company's board on 20 July 2017, approved a proposal to buyback up to 34.37 crore shares for an aggregate amount not exceeding Rs 11000 crore.
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Reliance Industries (RIL) gained 0.94% after the company said it will make an offer for issuing non-convertible debentures (NCDs) worth Rs 2500 crore next week. The net proceeds of the issue will be utilised inter-alia for refinancing of existing borrowings and for any other purpose in the ordinary course of business, it said. The announcement was made after market hours yesterday, 30 August 2017.
Meanwhile, RIL said it fixed 9 September 2017 as the record date for the proposed 1:1 bonus issue of the company.
NTPC declined 2.14% after the government received bids for 7% stake in NTPC, which will fetch about Rs 9100 crore to the exchequer. At the end of the two-day offer for sale (OFS), the government retained oversubscription it had received from institutional investors after retail investors bid for only 73% of the quota allocated for them.
The government had planned to sell over 41.22 crore shares, or 5% holding, through the two-day OFS, with an option to retain a similar portion in case of oversubscription. On the opening day on Tuesday, 29 August 2017, institutional investors bid for 46.35 crore shares against 32.98 crore shares offered to them, according to stock exchange data. Yesterday, 30 August 2017, retail investors bid for 8.45 crore shares against 11.58 crore shares on offer. The government has reportedly decided to retain oversubscription, and after adjustments a total of 7% stake was sold in the OFS, garnering Rs 9100 crore. The shares were offered at a floor price of Rs 168 each.
Overseas, Asian stocks were mixed amid receding concerns about North Korea's firing of a missile over Japan late last week. An official gauge of China's factory activity rose in August, reflecting continued firmness in the world's second-largest economy, government data showed. China's official manufacturing purchasing managers' index rebounded to 51.7 from July's 51.4. The index has now stayed above the 50 mark, which separates an expansion of activity from a contraction, for 13 months.
Japan's industrial output fell more than expected in July. Industrial output fell 0.8% in July from the previous month, dragged down by production of semiconductor production equipment, turbines and power generators, preliminary data from the Ministry of Economy, Trade and Industry showed.
US stocks climbed yesterday, 30 August 2017, after the Commerce Department said the economy grew faster than expected in the second quarter. President Donald Trump also made a speech calling on Congress to act to advance tax reform, a proposal favoured by many businesses. The Commerce Department said the US economy grew at a 3% annual rate over the three months to the end of June, up from an earlier 2.6% estimate. The revision means that growth for the quarter was at the fastest rate since the first quarter of 2015.
Private-sector hiring skyrocketed in August, according to data released. Employers added a seasonally adjusted 237,000 jobs during the month, payroll processor ADP said. That was a big gain from the 178,000 jobs ADP reported in July, and which it revised up to 201,000.
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