Indices trim early gains amid volatility

Benchmark indices pared gains after opening higher amid volatility. The Nifty slipped below 17,850 level after opening above 17,900 mark. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 102 points or 0.17% at 59,975.82. The Nifty 50 index fell 14.1 points or 0.08% at 17,841.

In broader market, the S&P BSE Mid-Cap index was down 0.08% while the S&P BSE Small-Cap index rose 0.16%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1365 shares rose and 859 shares fell. A total of 127 shares were unchanged.

Stocks in Spotlight:

HDFC fell 0.14%. The housing finance major said it will raise up to Rs 6,000 crore by issuing bonds on a private placement basis to augment its long term resources.

Adani Enterprises gained 1.9%. The company said that its wholly owned subsidiary Adani Airport Holdings has signed share subscription agreement with April Moon Retail and its existing shareholders--Arjun Ahuja, Karan Ahuja, Aliya Ahuja and Kabir Ahuja--for the purpose of strategic partnership to operate duty free outlets in airports.

Bharat Forge rose 0.49%. The company's Aerospace Business Division, became the first organization to successfully achieve the Nadcap accreditation for Metallic Materials Manufacturing.

Global Markets:

Most Asian markets were mostly trading lower on Tuesday, as various firms downgraded China's GDP forecasts. Goldman Sachs on Tuesday slashed its China GDP growth expectations to 7.8%, down from the 8.2% previously forecast. Nomura also expected China's GDP to grow by 7.7% this year, down from a previous forecast of 8.2%.

Profits at China's industrial firms grew at a weaker pace in August from a year earlier. Profits rose 10.1% on year to 680.3 billion yuan ($105 billion) last month compared with a 16.4% gain in July.

In US, the S&P 500 and Nasdaq indexes ended lower on Monday with investors pivoting to value as tech shares, hurt by rising Treasury yields, weighed on equities in the quarter's final week.

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