Key indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 145.61 points or 0.38% at 38,211.57. The Nifty 50 index was down 16.55 points or 0.15% at 11,317.30.
The S&P BSE Mid-Cap index was down 0.51%. The S&P BSE Small-Cap index was down 0.45%.
The market breadth, indicating the overall health of the market, is negative. On the BSE, 878 shares rose and 925 shares fell. A total of 118 shares were unchanged.
Stocks in news:
Bharti Airtel fell 0.87%. The company announced the launch of its new Airtel Xstream Bundle. The Airtel Xstream Bundle combines the power of Airtel Xstream Fiber with speeds upto 1 Gbps, Unlimited Data, the first of its kind Airtel Xstream Android 4K TV Box and access to all OTT content. The Airtel Xstream bundle is available to customers starting September 7, 2020.
Vodafone Idea surged 6.41%. Reportedly the company will make a strategic announcement today through a virtual platform. The company's board has approved fund raising of upto Rs 25,000 crore through various modes.
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HDFC fell 0.33%. The company has disbursed subsidy to over 2,00,000 homebuyers under the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) becoming the first lender to do so. This is the flagship housing scheme of the government. The Corporation has approved over Rs 47000 crore of home loans under CLSS to homebuyers belonging to the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Groups (MIG). Subsidy under PMAY amounting to over Rs 4700 crore has been passed on to these 200000 homebuyers.
Jubilant Industries surged 4.57% after the company said the board of directors of the company has approved sale of the land and building of the manufacturing unit situated at Village Nimbut, Rly. Station, Nira, Dist. Pune (Undertaking) for a consideration of Rs 12.35 crore and the plant and machinery of the Undertaking for a consideration of Rs 95 lakh to Jubilant Life Sciences.
Great Eastern Shipping Company (GE Shipping) fell 1.78%. The company has contracted to sell its 1996 built Very Large Gas Carrier Jag Vidhi of about 78,503 cbm. The vessel will be delivered to the new buyer in Q3 FY 2020-2021.
Sterling and Wilson Solar rose 2.7% after the company announced that it has signed (along with its branch and Australian subsidiary) orders worth AUD 300 million (~INR 1,600 crore) in Australia. The company said it has bagged two large scale solar projects in the country which will have an installed capacity of over 300 MW.
Ratnamani Metals & Tubes rose 1.01% after the company received two domestic orders aggregating to Rs 190 crore in Carbon Steel Division of the company for the supply of coated CS Pipes for Oil & Gas Sector to be completed between December, 2020 to June, 2021.
Global Markets:
Overseas, Asian stocks are trading higher on Monday, despite rising tech tensions between Washington and Beijing.
As per reports, the Trump administration is considering imposing export restrictions on Semiconductor Manufacturing International Corporation, China's largest manufacturer of semiconductors.
In US, stocks closed lower on Friday though well above its session low as selling eased late in the day after investors dumped heavyweight technology stocks due to concerns about high valuations.
US employment growth slowed further in August and permanent job losses increased as money from the government started running out. Nearly a fifth of the job gains reported by the Labor Department on Friday were from the government's temporary hiring for the 2020 Census. While the unemployment rate fell below 10%, it was biased down by a continuing misclassification problem.
Back home, key equity indices ended with steep losses on Friday as rising COVID-19 cases and ongoing geo-political tensions between India-China weighed on the sentiment. The barometer index, the S&P BSE Sensex, fell 633.76 points or 1.63% at 38,357.18. The Nifty 50 index slipped 193.60 points or 1.68% at 11,333.85.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,888.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 456.88 crore in the Indian equity market on 4 September, provisional data showed.
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