Domestic stocks drifted lower in early trade, extending yesterday's steep losses, on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 107.37 points or 0.29% at 36,455.54. The Nifty 50 index was down 27.40 points or 0.25% at 10,770.50.
The S&P BSE Mid-Cap index was down 0.56%. The S&P BSE Small-Cap index was down 0.24%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 459 shares rose and 557 shares fell. A total of 51 shares were unchanged.
Shares of ICICI Lombard General Insurance Company dropped 5.06%. 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 40,278,460 shares (constituting 9% of then issued and paid-up capital of the company) held by FAL Corporation, an affiliate of Fairfax Financial Holdings Limited (Fairfax).
The company was communicated by IRDAI vide its letter dated 3 September 2019 that pursuant to request received from Fairfax and as a matter of exception taken, the conditions of lock in period on the equity shares held by Fairfax in the company, may not be insisted upon. The announcement was made after market hours yesterday, 3 September 2019.
Tata Communications gained 2.27%. Neeco Global ICT Services announced that it has become a customer of Tata Communications to take to market and deliver Internet of Things (IoT) services for enterprises in Europe. The announcement was made after market hours yesterday, 3 September 2019.
Gujarat Alkalies & Chemicals rose 2.03% after the company said that the meeting of the board of directors of the company is scheduled on 27 September 2019 to consider and approve the proposal for split/sub-division of equity shares of the company. The announcement was made after market hours yesterday, 3 September 2019.
IndiaMART InterMESH shed 0.22%. IndiaMART InterMESH announced its investment in Vyapar, a mobile-based business accounting software for small businesses. IndiaMART led the Series A investment round in Simply Vyapar Apps Pvt Ltd, owner of Vyapar, of Rs 36 crore along with the participation of existing investors India Quotient and Axilor. The announcement was made after market hours yesterday, 3 September 2019.
Future Market Networks rose 0.18%. ESR India Investments Holdings Pte. Ltd., a subsidiary of Asia Pacific's leading logistics real estate platform ESR, announced a strategic alliance with Future Group through Future Market Networks. It is estimated that an investment nearly Rs 300 crore (approximately US$42 million) shall be made to develop two stateof-the-art industrial and warehousing parks to service the northern and central regions. The announcement was made after market hours yesterday, 3 September 2019.
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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