Key benchmark indices were trading lower in early trade amid negative global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 36.32 points or 0.09% at 38,653.78. The Nifty 50 index was down 11.70 points or 0.10% at 11,665.10.
Among secondary barometers,the BSE Mid-Cap index was up 0.23%. The BSE Small-Cap index was up 0.25%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 688 shares rose and 404 shares fell. A total of 37 shares were unchanged.
Overseas, Asia shares declined as Wall Street ended its four-day winning streak in the last session, following a report that US President Donald Trump voiced his support for moving forward with more proposed tariffs.
China reported on Friday that factory activity was higher than expected in August, with the official manufacturing Purchasing Manager's Index (PMI) coming in at 51.3. A reading above 50 indicates expansion, while a reading below that signals contraction. China's official services PMI for August rose to 54.2 for August against 54.0 in July, the National Bureau of Statistics reported.
In US, stocks snapped a four-day winning streak to finish lower Thursday, with the Dow falling back below 26,000. Media reported that Trump said to his aides that he supports going ahead with the imposition of proposed tariffs on an additional $200 billion in Chinese goods. The report did, however, also mention that Trump has not made up his mind on the matter. The White House declined to comment on the report.
On the US data front, initial jobless claims, a barometer of layoffs, rose by 3,000 to 213,000 in the week ended 25 August 2018. Nonetheless, the monthly average of claims fell by 1,500 to 212,250, the lowest level since December 1969.
Consumer spending climbed 0.4% in July, according to a government reading. Incomes rose 0.3%. And the 12-month increase in the PCE index, the Federal Reserve's preferred inflation gauge, rose to 2.3% from 2.2%, marking the highest level since April 2012, suggesting the Fed is likely to maintain its hawkish bias.
Back home, Dilip Buildcon was up 1%. The company has received Letter of Acceptance (LOA) for a new EPC project valued at Rs 1698 crore by the Maharashtra State Road Development Corporation in Maharashtra. The announcement was made after market hours yesterday, 30 August 2018.
Mindtree was up 1.11%. The company and the global professional services company, GHD, have established a partnership to transform how clients in traditional property and infrastructure industries can deploy digital platforms to help run their business more efficiently and elevate the experience of their customers. The announcement was made after market hours yesterday, 30 August 2018.
PNC Infratech was up 8.78%. The company has received Letter of Award (LOA) from Maharashtra State Road Development Corporation (MSRDC) for the 54.4 km long 4th Package of Nagpur-Mumbai Six Lane Super Communication Expressway (Maharashtra Samruddhi Mahamarg) from Km. 162.667 to Km. 217.023 in Maharashtra, on EPC basis for a negotiated contract quoted price of Rs 1999.52 crore. The announcement was made after market hours yesterday, 30 August 2018.
Oriental Bank of Commerce was up 0.35%. The bank's board has approved the raising of capital from the market through QIP for an amount not exceeding Rs 1000 crore. The timing and exact quantum of the issue would be decided by the board/ committee of board in due course depending upon market conditions. The announcement was made after market hours yesterday, 30 August 2018.
Muthoot Finance was up 0.83%. The company said that a meeting of the board of directors is scheduled to be held on 4 September, 2018 to consider fund raising by way of issue of Redeemable Non- Convertible Debentures (NCD) upto Rs 5000 crore (including unissued portion from previous approval of Rs 2000 crore) through private placement in one or more tranches as may be decided by the board of directors. The announcement was made after market hours yesterday, 30 August 2018.
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