Key benchmark indices were trading lower in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 72.92 points or 0.19% at 38,316.90. The Nifty 50 index was down 22.25 points or 0.19% at 11,566.85. Negative cues from the global market put pressure on domestic stocks.
Among secondary barometers,the BSE Mid-Cap index was down 0.09%. The BSE Small-Cap index was up 0.05%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 644 shares rose and 557 shares fell. A total of 56 shares were unchanged.
Overseas, most Asian shares were trading lower on Monday, as trade tensions between the US and China remain in focus. China's trade surplus with the United States widened to a record in August even as the country's export growth slowed slightly. Trade surplus hit $31.05 billion in August, up from $28.09 billion in July, customs data showed on Saturday, surpassing the previous record set in June. Over the first eight months of the year, China's surplus with its largest export market has risen nearly 15%, adding to tensions in the trade relationship between the world's two largest economies. China's annual export growth in August moderated slightly to 9.8%, the data showed, the weakest rate since March but only slightly below recent trends.
US stocks closed lower Friday after US President Donald Trump threatened tariffs on a further $267 billion worth of Chinese imports, on top of earlier promises to levy duties on $200 billion worth of Chinese goods. While the US tariffs on $200 billion Chinese goods have not been implemented, Trump said they could "take place very soon, depending on what happens with them."
US jobs report that showed that 201,000 jobs were added in the month of August. The unemployment rate held steady at 3.9% and wage growth showed signs of accelerating.
Back home, Tata Motors was down 1.32%. The company's subsidiary Jaguar Land Rover (JLR) reported 4.9% fall in total retail sales to 36,629 vehicles in August 2018 over August 2017. Jaguar retail sales were 11,802 vehicles in August, up 7.7% year on year, driven by the introduction of the E-PACE and I-PACE, as well as XE long wheelbase sales in China. Land Rover retailed 24,827 vehicles in August, down 9.9% compared to August 2017 as increased sales of the Velar and the refreshed Range Rover were offset by the impact of the lower sales in China on Range Rover Evoque and Discovery Sport in particular. The announcement was made after market hours on Friday, 7 September 2018.
Reliance Capital was down 0.05%. The company received Certificate of Registration from the Reserve Bank of India as Core Investment Company - Non-Deposit Taking Systemically Important Institution. The announcement was made after market hours on Friday, 7 September 2018.
RITES was up 3.81%. The company has secured an additional work of Rs 294.67 crore from Ministry of Railways for doubling of Dharmavaram Penukunda rail lines (41.5 Kms) in South Western Railways. Earlier, RITES was awarded doubling work for 90.2 Kms of Dharmavaram Penukunda rail lines in South Central Railways for a cost of Rs 666.38 Crores from Ministry of Railways. The work has been awarded to RITES on cost plus basis in which RITES will be paid fee at the rate of 8.5% of the cost of work. The announcement was made after market hours on Friday, 7 September 2018.
Thyrocare Technologies was up 4.88%. The company's approved buyback of upto 8.63 lakh shares at a price not exceeding Rs 730 per share from the open market through the stock exchange route. The buyback size is 14.97% of the aggregate paid-up share capital and free reserves. The announcement was made after market hours on Friday, 7 September 2018.
Omax Autos was up 2.37%. The company's board has approved the proposal for establishing a new manufacturing unit at suitable location in Uttar Pradesh, for manufacturing products and equipment supplied to Railways. The announcement was made after market hours on Friday, 7 September 2018.
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