Key benchmark indices edged lower in early trade on weak global cues. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 93.13 points or 0.31% at 29,881.11. The Nifty 50 index was down 35.20 points or 0.38% at 9,229.95.
The BSE Mid-Cap index rose 0.07%. The BSE Small-Cap index advanced 0.12%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged lower tracking losses on Wall Street overnight. US stock markets closed lower yesterday, 5 April 2017, after the Federal Reserve released the minutes from its March meeting. The minutes showed Fed officials want to start unwinding the central bank's massive $4.5 trillion balance sheet later this year.
Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 904 shares rose and 677 shares declined. A total of 73 shares were unchanged.
IndusInd Bank was up 0.01%. The bank said it proposes to raise funds by issue and allotment of rated, listed, non-convertible, perpetual, subordinated and unsecured basel III compliant bonds in the nature of debentures towards non-equity regulatory additional tier I capital (AT1 Bonds), aggregating to Rs 1000 crore on private placement basis. The announcement was made after market hours yesterday, 5 April 2017.
Mahindra & Mahindra (M&M) declined 0.08%. The company announced that its Farm Equipment Sector (FES) launched Mahindra JIVO. A new age, superior technology small tractor platform in the sub 25 horsepower (HP) category, the Mahindra JIVO is suitable for row crop and horticulture farming. The tractor is available in the 4 wheel drive (WD) version with engine power of 24HP and power take-off (PTO) of 22HP. It will be sold in the states of Maharashtra and Gujarat from 25 April 2017 at a starting price of Rs 3.90 lakh for the 4WD model, ex-showroom Maharashtra. The announcement was made after market hours yesterday, 5 April 2017.
Power Grid Corporation of India (PGCIL) rose 0.31% after the company announced that it has entered into loan agreements with Asian Development Bank (ADB) on 5 April 2017 for an amount of $225 million (including $50 million as Clean Technology Fund) for part funding of its transmission projects associated with solar power parks. The announcement was made after market hours yesterday, 5 April 2017.
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Lupin declined 0.2%. The company issued a clarification after market hours yesterday, 5 April 2017 with regard to a media report captioned 'Patent infringement: Lupin's arm to pay damages to Bayer'. In its clarification, Lupin said that Bayer Pharma Aktiengesellschaft and Bayer Australia Ltd., filed a patent infringement lawsuit against Generic Health Pty Ltd and Lupin Australia Pty Ltd., subsidiaries of the company, in the Federal Court of Australia, New South Wales, alleging that the sale of tablets containing Drospirenone 3mg and Ethinyl Estradiol, under the brand name 'isabelle' infringed their Australian Patent.
The Judge issued an order awarding Bayer AUD 25.4 million in damages, plus AUD 5.9 million in pre-judgement interest. Lupin said it is in the process of reviewing the Judge's reasons for judgment and deciding next steps.
On macro front, the outcome of the Reserve Bank of India's (RBI) monetary policy meeting is slated at 14:30 IST today, 6 April 2017. The RBI had left its key repo rate unchanged at 6.25% for the second time at its February 2017 meeting.
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