Key indices regained positive zone in morning trade, reversing an initial decline amid volatility. The market breadth, indicating the overall health of the market, was positive. Most Asian stocks rose.
At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 13.5 points or 0.04% at 36,576.54. The Nifty 50 index was up 1.45 points or 0.01% at 10,799.50.
The S&P BSE Mid-Cap index was down 0.21%. The S&P BSE Small-Cap index was down 0.01%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 866 shares rose and 750 shares fell. A total of 92 shares were unchanged.
Tata Motors (down 4.31%), Sun Pharmaceutical Industries (down 3.23%) and IndusInd Bank (down 2.06%) were the key losers from the Sensex pack.
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ICICI Lombard General Insurance Company dropped 4.32% after the company announced that the IRDAI has relaxed the conditions of lock in period on the equity shares held by Fairfax in the company. The announcement was made after market hours yesterday, 3 September 2019.
The Insurance Regulatory and Development Authority of India (IRDAI) vide its letter dated 30 March 2016 had imposed lock in for a period of five years i.e. till 29 March 2021 on 4.02 crore shares (constituting 9% of then issued and paid-up capital of the company) held by FAL Corporation, an affiliate of Fairfax Financial Holdings (Fairfax).
ICICI Lombard said that the insurance regulator, pursuant to request received from Fairfax and as a matter of exception taken, has not insisted upon the condition of lock in period on the company's equity shares, vide its letter dated 3 September 2019.
Bharat Heavy Electricals (Bhel) announced that credit rating agency CARE has reaffirmed credit ratings on company's commercial paper to CARE A1+. CARE also reaffirmed its credit ratings on company's long term bank facilities to CARE AA+ with a stable outlook. Shares of Bhel were trading lower by 0.3% at Rs 49.2.
VST Tillers Tractors surged 11.11% after the company announced sales for August 2019. Tractor sales rose by 57.25% to 813 units in August 2019 compared to August 2018. However, sales of power tillers declined 12.7% to 1,437 units in August 2019 over August 2018.
Overseas, Asian stocks were mostly higher on Wednesday after a private survey showed China's services sector activity jumping to a three month high in August. The Caixin/Markit Services Purchasing Managers' Index came in at 52.1 in August, its highest since May.
US stocks fell on Tuesday as investors worried about global growth prospects after a private survey showed US factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.
In Europe, a cross-party alliance defeated British Prime Minister Johnson in parliament in an effort to block a no-deal Brexit. The vote led Johnson to push for a snap election.
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