Market drifts lower in early trade on negative Asian stocks

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Capital Market
Last Updated : Sep 04 2017 | 10:13 AM IST

Trading for the week began on subdued note as the key benchmark indices edged lower in early trade on negative Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 68.45 points or 0.21% at 31,823.78. The Nifty index was down 15.65 points or 0.16% at 9,958.75.

The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index was up 0.12%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 841 shares rose and 773 shares fell. A total of 73 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.

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.

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Back home, Hero MotoCorp shed 0.65%. The company's two-wheeler sales rose 10% to 6.78 lakh units in August 2017 over August 2016, riding on popular demand for its exciting range of two-wheelers. The high sales in August have ensued owning to the early arrival of the festival season this year. The company is poised to further consolidate its market leadership by meeting customer expectations with adequate inventory of its range of popular motorcycles and scooters at dealerships across the country. The announcement was made after market hours on Friday, 1 September 2017.

Coal India rose 0.99% after the company reported good production and offtake figures for August 2017. Coal India said that production of the company and its subsidiary companies on provisional basis was 102% of targeted production at 37.63 million tonnes in August 2017. Offtake was 102% of target at 43.75 million tonnes in August 2017. The announcement was made after market hours on Friday, 1 September 2017.

L&T slipped 0.38%. The company said its subsidiary L&T Infrastructure Development Projects (L&T IDPL) proposes to establish an infrastructure investment trust in the name of IndInfravit Trust under the provisions of the InvIT Regulations. In this regards, an application for registration of the InvIT as an infrastructure investment trust was filed by L&T IDPL with Securities and Exchange Board of India (SEBI) on 1 September 2017. The announcement was made on Saturday, 2 September 2017.

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First Published: Sep 04 2017 | 9:31 AM IST

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