Indices decline in early trade on negative global cues

The benchmark indices are trading with modest losses in the early trade amid negative global cues. The Nifty traded above the 17,550 mark. Realty, PSU Bank and Media shares saw buying demand while IT, oil & gas and metal stocks corrected.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 702.58 points or 1.18% to 58, 834.49. The Nifty 50 index lost 202.85 points or 1.14% to 17, 556.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index advanced 0.31%.

The market breadth was strong. On the BSE, 1,723 shares rose and 1,010 shares fell. A total of 131 shares were unchanged.

 

Foreign portfolio investors (FPIs) bought shares worth Rs 4,165.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 656.72 crore in the Indian equity market on 30 August, provisional data showed.

Stocks in Spotlight:

Tata Motors declined 0.61%. The company and Marcopolo S.A. have entered into a share purchase agreement where the company will purchase the balance 49% shareholding in TMML for a cash consideration of Rs 99.96 crore. Tata Marcopolo Motors (TMML or JV), is a 51:49 JV formed in 2006 between the Company and Marcopolo S.A., one of the largest bus and coach manufacturers globally.

Infosys slipped 2.44%. The company had made minority investment of US$10.0 million during 2016-2019, in Trifacta Inc, a data engineering software company headquartered in San Francisco, USA. With reference to the said investment, the company would like to inform that it has divested its entire holding in Trifacta Inc for ~US$12.0 million.

Zee Entertainment Enterprises (ZEE) fell 1.81%. ZEE and Disney Star said they have entered into a strategic licensing agreement under which Disney Star will license the television broadcasting rights of the ICC Men's and Under 19 (U-19) global events for four years to Zee.

Global markets:

Most of the Asian stocks were trading lower on Thursday on concerns about aggressive rate hikes from global policymakers.

The results of a private survey showed China's factory activity contracted in August. The Caixin/Markit manufacturing Purchasing Managers' Index came in at 49.5 for August, compared to 50.4 in July.

U.S. stocks ended lower on Wednesday as worries about aggressive interest rate hikes from the Federal Reserve persist.

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