Key indices are trading lower in early trade tracking mostly lower Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 310.06 points or 0.79% at 38,787.08. The Nifty 50 index was down 87.85 points or 0.76 % at 11,500.75.
The S&P BSE Mid-Cap index was down 0.71%. The S&P BSE Small-Cap index was down 0.38%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 432 shares rose and 778 shares fell. A total of 59 shares were unchanged.
Overseas, most Asian stocks were trading lower on Wednesday as investors assessed the potential impact arising from increased political turmoil in US, the in world's largest economy.
US stocks fell in volatile trade on Tuesday, as a push for the impeachment of US President Donald Trump gained momentum among Democrats in the US Congress.
Meanwhile, US President Donald Trump said on Tuesday he expected to have a trade deal of some kind between the United States and India soon.
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Back home, Kaveri Seed Company gained 4.2% to Rs 570.70. The company's board has approved buyback of equity shares of up to 28 lakh shares, representing 4.44% of equity shares aggregating to Rs 196 crore on proportionate basis though tender offer route. The buyback price is set at Rs 700 per share. The promoters intend to participate in the proposed share buyback. The announcement was made after market hours yesterday, 24 September 2019.
JSW Steel fell 1.09%. JSW Steel said that the Finance Committee of the Board of Directors of the company has approved the issuance of fixed rate senior unsecured notes aggregating to US$400 million and has approved the pricing, tenure and other terms of the Notes. The proceeds of the Notes will be used by the company for capital expenditure or any other purpose. The announcement was made after market hours yesterday, 24 September 2019.
Bosch dropped 2.81%. Bosch said that the company's board approved in principle the sale and transfer of the Packaging Machinery Business (PA-IN) to a subsidiary (which is being incorporated) of Robert Bosch Packaging Technology GmbH, which in turn is a subsidiary of Robert Bosch GmbH, its holding company. The board has approved the sale of PA-IN business as a going concern and on a slump sale basis for a lump sum consideration of Rs 144.6 crore. The announcement was made after market hours yesterday, 24 September 2019.
Aster DM Healthcare rose 2.8%. Aster DM Healthcare has signed lease agreements for the two new hospital projects in Bangalore. Whitefield Hospital close to ITPL (International Tech Park) A 350 bedded super specialty hospital project located in Whitefield, Bangalore, which is close to ITPL (International Tech Park) in collaboration with Nandhini Hotels Private Limited/ Singapore Whitefield Pvt Ltd/ Nambiar enterprises LLP. The first 150 beds is expected be made operational by April 2020. Aster KLE Hospital- Near Veshwanthpur on Tumkur National Highway Road A 600 bedded super specialty hospital project located on Tumkur NH Road, Bangalore in collaboration with the Karnataka Lingayat Education Society (KLE Society). The hospital is expected to be made operational by April 2024. The announcement was made after market hours yesterday, 24 September 2019.
Punjab & Sind Bank rose 0.24%. Punjab & Sind Bank said the Board of Directors of the bank has approved the capital infusion upto Rs 800 crore by Government of India by way of preferential issue of equity shares. The announcement was made after market hours yesterday, 24 September 2019.
Majesco rose 0.7%. Majesco announced that Avinew, the InsurTech company reinventing auto insurance for the age of autonomous and semi-autonomous vehicles, chose Majesco P&C Core Suite on Majesco CloudInsurer as the foundation of its business operations. The announcement was made after market hours yesterday, 24 September 2019.
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