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Market sees gap-down opening on negative global cues

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Domestic stocks saw gap-down opening on negative global cues. At 9:30 IST, the barometer index, the S&P Sensex, was down 137.85 points or 0.43% at 31,876.34. The index was down 44.95 points or 0.45% at 9,933.60.

The S&P Mid-Cap index was down 1.12%. The S&P Small-Cap index was down 1.07%. The fall in both these indices was higher than the Sensex's decline in percentage terms.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,277 shares declined and 323 shares rose. A total of 47 shares were unchanged.

Overseas, Asian stocks declined as investors took a risk-off approach after the US and North Korea exchanged threats amid escalating tensions between the two nations. Meanwhile, China's producer price gains held steady in July on surging commodity prices, as demand stayed resilient and the government's drive to reduce industrial capacity takes hold.

US stocks finished near lows of the session yesterday, 8 August 2017 reversing earlier gains as an early rally in financial, tech and energy stocks fizzled amid tough talk from President Donald Trump on North Korea. In US economic news, the Labor Department reported on Tuesday that the number of job openings in June vaulted to 6.16 million from 5.7 million in May.

Back home, ICICI Bank (down 1.39%), HDFC Bank (down 0.73%) and ITC (down 0.86%) edged lower from the pack.

Tata Motors slipped 0.48% ahead of its Q1 results today, 9 August 2017.

Sun Pharmaceutical Industries (Sun Pharma) dropped 2.43%. Sun Pharma announced that one of its wholly owned subsidiaries has agreed to acquire by way of allotment to it, 2.03 lakh Series A Preferred Stock (equivalent to 15.91% fully diluted equity stake on conversion) of Krystal Biotech Inc., United States of America, a biopharmaceutical company using gene therapy to develop treatments for patients suffering from rare debilitating disorders. The announcement was made after market hours yesterday, 8 August 2017.

Bharat Heavy Electricals (Bhel) lost 1.63%. Bhel announced that it has achieved another milestone in expanding and consolidating its footprint in the international market by securing export orders from Chile and Estonia. With these latest orders, Bhel has now expanded its global footprint to 82 countries across all the six inhabited continents. The announcement was made after market hours yesterday, 8 August 2017.

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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, August 09 2017. 09:33 IST
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