Key benchmark indices extended fall and hit fresh intraday low in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 120.32 points or 0.38% at 31,771.91. The Nifty index was down 36.85 points or 0.37% at 9,937.55.
Trading for the week began on subdued note as the key benchmark indices edged lower in early trade on negative Asian stocks.
The S&P BSE Mid-Cap index was off 0.18%. The S&P BSE Small-Cap index was off 0.25%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, turned negative from positive in morning trade. On the BSE, 1,162 shares declined and 972 shares rose. A total of 95 shares were unchanged.
Overseas, Asian stocks were trading lower after North Korea on Sunday said it tested a hydrogen bomb with unprecedentedly big power, raising geo-political tensions between North Korea and US. Meanwhile, US President Donald Trump threatened to increase economic sanctions and halt trade with any nation doing business with North Korea.
US equities finished higher on Friday, 1 September 2017 on expectations that a weaker-than-expected rise in August nonfarm payrolls could dull the Federal Reserve's desire to further raise borrowing costs in 2017. Meanwhile, US financial markets will remain closed today, 4 September 2017 in observance of Labor Day.
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In economic data, the US economy added 156,000 jobs in August. The unemployment rate stood at 4.4% in August, rising by 0.1 percentage point from July. Average hourly wages increased by 0.1% in August from a 0.3% increase in the previous month.
In other economic data, the closely watched Institute for Supply Management manufacturing index jumped to a six-year high in August. The University of Michigan said its final gauge of consumer sentiment for August came in at 96.8 versus a preliminary reading of 97.6.
Back home, metal and mining stocks saw mixed trend. Vedanta (up 0.73%), National Aluminium Company (up 0.2%), Hindalco Industries (up 0.45%), NMDC (up 1.25%) and Hindustan Copper (up 0.39%) edged lower. Hindustan Zinc (down 0.2%), Jindal Steel & Power (down 0.77%), JSW Steel (down 1.21%), Tata Steel (down 0.32%) and Steel Authority of India (Sail) (down 0.32%) fell.
Copper edged higher in the global commodities market. High Grade Copper for December 2017 delivery was currently up 0.69% at $3.1395 per pound on the COMEX.
Telecom stocks fell. Bharti Airtel (down 0.89%), MTNL (down 1.3%) and Reliance Communications (down 0.85%) fell. Idea Cellular (up 0.22%) and Tata Teleservices (Maharashtra) (up 0.15%) rose.
Shares of Bharti Infratel fell 0.04%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
On the political front, Prime Minister Narendra Modi's expansion and reshuffle of his Council of Ministers took place on Sunday, 3 September 2017. Nine new Ministers of State made it to the Union Cabinet, while four existing ministers Nirmala Sitharaman, Piyush Goyal, Dharmendra Pradhan and Mukhtar Abbas Naqvi were promoted to Cabinet rank.
Nirmala Sitharaman was named as Defence Minister. Piyush Goyal was named the Railway Minister with additional charge of Ministry of Coal. Suresh Prabhu was moved to the Commerce Ministry. Petroleum Minister Dharmendra Pradhan was given additional charge of the Skill Development Ministry. Uma Bharti has been divested of her portfolio of Water Resources, River Development and Ganga Rejuvenation, which is now with Transport Minister Nitin Gadkari. Rajyavardhan Singh Rathore replaced Vijay Goel in the Sports Ministry.
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