Key benchmark indices edged lower in early trade tracking weakness in Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex was down 35.47 points or 0.11% at 31,333.87. The Nifty 50 index was down 11.05 points or 0.11% at 9,663.50.
The S&P BSE Mid-Cap index rose 0.2%. The S&P BSE Small-Cap index gained 0.21%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 840 shares gained and 613 shares fell. A total of 62 shares were unchanged.
HDFC (down 0.87% and Bajaj Auto (down 0.26%) declined.
Tata Motors dropped 0.65% after the company announced price reduction in commercial vehicles (cargo) in the range of 0.3% to 4.21% and in commercial vehicles (passenger transportation) in the range of 0.6% to 8.2% post GST to pass on the benefits to its customers. The announcement was made after market hours yesterday, 6 July 2017.
Infosys dropped 0.3%. The company announced that it will open its next Technology and Innovation Hub in North Carolina and hire 2,000 American workers in the state by 2021. This investment reinforces Infosys' commitment, announced in May 2017, to open four Technology and Innovation Hubs in the US and hire 10,000 American technology workers over the next two years. The announcement was made after market hours yesterday, 6 July 2017.
The announcement of the new hub in North Carolina, marks the second key milestone in Infosys' strategy to help drive American innovation and create the next-generation of American innovators. The company plans to hire the first 500 of these 2,000 North Carolina workers by the end of two years, with the remainder to be hired in the state by 2021. The first hub, announced in Indiana, will hire 2,000 American workers by 2021 and help boost Indiana's economy.
These new hires will include recent graduates from the state's prestigious network of colleges, universitiesand community colleges, as well as local professionals who will benefit from upskilling through Infosys' world-class training curriculum. As part of Infosys' commitment to create 2,000 jobs in the state of North Carolina, Infosys is partnering with the North Carolina community college system to create a customized program designed to train the workforce of the future. North Carolina is also contributing a $3 million grant towards upskilling these workers.
ICICI Bank declined 0.55%. The bank said that it acting through its DIFC (Dubai) branch, priced a $50 million RegS bond by way of tap of its existing $700 million fixed rate notes maturing March 2026, on a private placement basis under its GMTN programme. The notes shall carry a coupon of 4% payable semi-annually and will be listed on the Singapore Stock Exchange.
The committee of executive directors of the bank at a meeting held on 10 May 2017 had approved the offshore borrowing plan for the financial year 2017-18. The announcement was made after market hours yesterday, 6 July 2017.
Overseas, Asian stocks declined after negative close for US stocks overnight. US stocks closed lower yesterday, 6 July 2017 as investors continued to sell tech firms. A combination of geopolitical jitters and growing signs that global central banks are inching closer to unwinding policies that have helped to support both stocks and government bonds is also weighing on the broader market.
US private-sector employers added a seasonally-adjusted 153,000 jobs during June month, below the forecast. A closely watched US non-farm jobs report for June is due later in the day. The US service sector expanded at a healthy pace in June, according to a closely watched survey released. The Institute for Supply Management's nonmanufacturing index rose to 57.4% in June from 56.9% in May.
US trade deficit fell 2.3% in May. The deficit slipped to $46.5 billion in May from $47.6 billion in April, the Commerce Department said.
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