Key benchmark indices traded with small losses in morning trade with losses in most Asian stocks dampening sentiment. At 10:20 IST, the barometer index, the S&P BSE Sensex fell 58.48 points or 0.18% at 31,590.19. The Nifty 50 shed 12.65 points or 0.13% at 9,871.75.
The S&P BSE Mid-Cap index rose 0.1%. The S&P BSE Small-Cap index gained 0.32%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1145 shares rose and 758 shares fell. A total of 78 shares were unchanged.
Telecom stocks were mixed. Bharti Airtel (down 0.76%), MTNL (down 0.31%) and Idea Cellular (down 0.11%) declined. Reliance Communications (RCom) (up 0.44%) and Tata Teleservices (Maharashtra) (up 0.75%) gained.
Shares of Bharti Infratel fell 2.4%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 0.35%), BEML (up 1.6%), Havells India (up 0.7%), Bharat Electronics (up 0.91%), L&T (up 0.37%), Thermax (up 1.11%), and Siemens (up 0.14%) gained.
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Infosys declined 0.96% after the company clarified with respect to news article titled "LIC to Seek Briefing on Infy Strategy" that there is no meeting scheduled with LIC to discuss any of the matters. The clarification was issued during market hours today, 31 August 2017. LIC holds 7.03% stake in the firm as on 30 June 2017.
Aksh Optifibre rose 5.27% after the company announced that its services division has bagged a national level banking correspondent contract from Bank of Baroda. Under this programme, the company plans to set up 5,000 banking kiosks through its flagship services arm, 1 STOP AKSH in the upcoming year. Under 1STOP AKSH the company is operating 10,000 plus e-Mitra kiosks in Rajasthan, out of which 500 plus are already serving as banking kiosks. The announcement was made after market hours yesterday, 30 August 2017.
The company also plans to mobilise the rest of the kiosks to offer 360 degree banking services, which will be operated on behalf of Bank of Baroda, primarily in the rural areas. The key focus areas for the company will be to create awareness and educate villagers about saving habits, use of micro finance solution and RuPay card, along with imparting knowledge about optimal funds management practices and debt counseling.
Schaeffler India jumped 13.07% after the board of directors of Schaeffler India (formerly FAG Bearings India), INA Bearings India and LuK India, approved the draft scheme of amalgamation for the merger of INA India and LuK India into Schaeffler India.
Schaeffler India will issue 10 equity shares to shareholders of INA India, for every 65 equity shares held. It will issue 10 equity shares to shareholders of LuK India, for every 35 equity shares held. The announcement was made after market hours yesterday, 30 August 2017.
Overseas, most Asian stocks edged lower amid volatility. An official gauge of China's factory activity rose in August, reflecting continued firmness in the world's second-largest economy, government data showed. China's official manufacturing purchasing managers' index rebounded to 51.7 from July's 51.4. The index has now stayed above the 50 mark, which separates an expansion of activity from a contraction, for 13 months.
Japan's industrial output fell more than expected in July. Industrial output fell 0.8% in July from the previous month, dragged down by production of semiconductor production equipment, turbines and power generators, preliminary data from the Ministry of Economy, Trade and Industry showed.
US stocks climbed yesterday, 30 August 2017, after the Commerce Department said the economy grew faster than expected in the second quarter. President Donald Trump also made a speech calling on Congress to act to advance tax reform, a proposal favoured by many businesses. The Commerce Department said the US economy grew at a 3% annual rate over the three months to the end of June, up from an earlier 2.6% estimate. The revision means that growth for the quarter was at the fastest rate since the first quarter of 2015.
Private-sector hiring skyrocketed in August, according to data released. Employers added a seasonally adjusted 237,000 jobs during the month, payroll processor ADP said. That was a big gain from the 178,000 jobs ADP reported in July, and which it revised up to 201,000.
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