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Market drifts lower in early trade

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Key benchmark indices edged lower in early trade in tandem with Asian stocks. At 9:25 IST, the barometer index, the S&P Sensex, was down 41.39 points or 0.14% at 29,277.71. The 50 index was down 8.25 points or 0.09% at 9,096.90.

The Mid-Cap index was down 0.03%. The fall in this index was lower than Sensex's decline in percentage terms. The Small-Cap index was up 0.02%, outperforming the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 837 shares rose and 796 shares fell. A total of 65 shares were unchanged.

Overseas, Asian stocks were trading lower after British Prime Minister Theresa May's surprise decision to hold early elections. May called for an early general election in June, reversing her earlier stance, in hopes of securing a stronger parliamentary mandate for Britain's formal exit from the European Union. Meanwhile, Theresa May will today, 19 April 2017 ask the House of Commons to support her call for a June general election.

US stocks declined yesterday, 18 April 2017 as investors unloaded stocks following disappointing financial reports from Johnson & Johnson and Goldman Sachs. Meanwhile, US President Donald Trump signed an executive order yesterday, 18 April 2017 titled Buy American, Hire American while on a trip to Kenosha, Wisconsin, where he called on federal agencies to overhaul the H-1B visa program. The order addresses to take prompt action to crack down on fraud and abuse within the US immigration system in order to protect workers.

In US economic news, manufacturing output fell in March for the first time since last August, according to a batch of industrial-production data released yesterday, 18 April 2017. Also, a reading on housing starts, which measure the number of new-home construction projects that broke ground during a given month, was slightly weaker than expected in March.

Back home, IndusInd Bank slipped 0.44% ahead of its Q4 March 2017 result today, 19 April 2017. IndusInd Bank said that the Finance Committee of the Board at its meeting held yesterday, 18 April 2017, approved the allotment of Basel III-compliant bonds in the nature of debentures aggregating Rs 1000 crore on private placement basis, towards non-equity regulatory Additional Tier I Capital (AT1 Bonds). The announcement was made after market hours yesterday, 18 April 2017.

Yes Bank rose 0.13% ahead of its Q4 March 2017 result today, 19 April 2017.

TCS rose 0.63%. The company's consolidated net profit as per international financial reporting standards (IFRS) fell 2.5% to Rs 6608 crore on 0.3% decline in revenues to Rs 29642 crore in Q4 March 2017 over Q3 December 2016. The board has approved final dividend of Rs 27.50 per share for the year ended 31 March 2017. The announcement was made after market hours yesterday, 18 April 2017.

Zee Entertainment Enterprises slipped 0.13%. The company said that it has completed transaction of acquisition of 80% equity stake in Mango Networks (Mango). Mango has allotted 40,000 shares to the company. Upon such allotment, the company holds 80% stake in Mango and consequently Mango has become a subsidiary of the company. The announcement was made after market hours yesterday, 18 April 2017.

NBCC (India) rose 1.44% after the company said it has secured the total business of Rs 1877 crore in March 2017. The announcement was made after market hours yesterday, 18 April 2017.

Meanwhile, India Meteorological Department (IMD) in its first stage forecast of southwest monsoon for 2017, yesterday, 18 April 2017, said that quantitatively, the monsoon seasonal rainfall is likely to be 96% of the long period average (LPA) with an error of 5%. Forecast assessment suggests 38% of probability for near normal monsoon rainfall, it added. IMD will issue the update forecasts in early June 2017, as a part of the second stage long range forecast of monsoon rainfall.

The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 19 2017. 09:34 IST