Trading for the week started on a subdued note as the key indices drifted lower in early trade on selling pressure in index pivotals. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 152.44 points or 0.41% at 36,829.33. The Nifty 50 index was down 51.95 points or 0.47% at 10,894.25.
The S&P BSE Mid-Cap index was down 0.11%. The S&P BSE Small-Cap index was down 0.11%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 409 shares rose and 387 shares fell. A total of 54 shares were unchanged.
Canara Bank slipped 0.29%. Can Fin Homes rose 1.28%. Canara Bank said that the bank has published the invitation seeking expression of interest of bidders/investors to purchase 3.99 crore equity shares constituting 29.99% of the paid-up capital of Can Fin Homes. The announcement was made after market hours on Friday, 6 September 2019.
Avenue Supermarts has issued commercial paper of Rs 150 crore on 6 September 2019. The stock is up 0.3%. The announcement was made after market hours on Friday, 6 September 2019.
NBCC (India) rose 1.12%. NBCC (India) has received a Letter of Award (LoA) of work from Indian Institute of Management (IIM) Sambalpur to provide Project Management Consultancy for the development of permanent campus (Phase-1 works). The estimated project cost is Rs 421 crore (approx.) including PMC fees. Total business secured in the month of August 2019 is Rs 400 crore. The announcement was made on Saturday, 7 September 2019.
Varun Beverages lost 3.25% to Rs 611. Varun Beverages said that the QIP Committee approved the allotment of 1.47 crore equity shares to the eligible Qualified Institutional Buyers at issue price of Rs 612 per share aggregating to Rs 899.99 crore. The announcement was made on Saturday, 7 September 2019.
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Dewan Housing Finance Corporation fell 1.18% after the company said it has defaulted Rs 20.24 crore towards interest amount on Non-Convertible Debentures (NCDs). The announcement was made after market hours on Friday, 6 September 2019.
Overseas, Asian stocks were trading higher on Monday, as investors pinned expectations on likely stimulus to support growth in the world's major economies.
Japan's economy grew an annualized 1.3% in the April to June quarter, according to revised data from the Cabinet Office on Monday. That was lower than the initial estimate of a 1.8% expansion.
In US, the Dow and S&P 500 booked slight gains on Friday, but the Nasdaq slumped as investors digested a mixed US jobs report and bet on a Federal Reserve interest rate cut this month. Fed Chairman Jerome Powell, meanwhile, described the economy and labor market as healthy, speaking at a question-and-answer in Switzerland after the jobs report.
The Labor Department said the U.S. economy added 130,000 jobs in August, down from the 159,000 jobs added in July. The unemployment rate remained steady at 3.7%, while average hourly earnings rose 0.4% month-over-month and 3.2% year-over-year.
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