Indices witness subdued start to trade

A weak start to trade was witnessed on the bourses as key benchmark indices were trading with modest losses sighting drop in Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex lost 203.84 points or 0.64% at 31,718.60. The Nifty 50 index fell 66.70 points or 0.67% at 9,897.70.

The S&P BSE Mid-Cap index fell 1.4%. The S&P BSE Small-Cap index lost 1.54%. The losses in both the indices were higher than the Sensex's slide in percentage terms.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,279 shares fell and 342 shares rose. A total of 82 shares were unchanged.

Adani Ports & Special Economic Zone (down 1.5%), Reliance Industries (down 1.36%) and Lupin (down 1.3%) dropped from the Sensex pack.

GlaxoSmithKline Pharmaceuticals gained 2.42% after the company said that its board approved sale of 60 acre land in Thane to Oberoi Realty for Rs 555 crore. The announcement was made after market hours on Friday, 22 September 2017.

Departmental store chain Shoppers Stop surged 18.02% after the company said that its board approved a proposal to sell 5% equity in the company for Rs 179.25 crore to Amazon NV Holdings LLC, the investment arm of the world's largest online retailer Amazon Inc. Amazon.com NV Investment Holdings, a foreign portfolio investor, will subscribe to about 43.95 lakh shares in Shoppers Stop at Rs 407.78 each on a preferential basis.

Usha Martin gained 1.77% after the company clarified that it is indeed considering the sale of its wire and wire rope business with a view to reduce its debt. The announcement was made after market hours on Friday, 22 September 2017.

VST Tillers rose 2.42% after the company said that it entered into an agreement with Kukje Machinery Co., Korea to avail the required technology for manufacture of higher horse power tractors. The announcement was made after market hours on Friday, 22 September 2017.

Overseas, most Asian stocks dropped as investors digested elections in Germany and New Zealand over the weekend. German Chancellor Angela Merkel's Christian Democratic Union party looked set to remain the largest party in the next German parliament, according to a Sunday, 24 September 2017, exit poll. Elsewhere, the New Zealand election saw Prime Minister Bill English's National Party win the most votes, although it came short of securing a majority in parliament.

Japanese manufacturing activity expanded in September at the fastest pace in four months. The Markit/Nikkei Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 52.6 in September from a final 52.2 in August.

US stocks bounced late in the session, paring early losses and ending little changed on Friday, 22 September 2017, as investors shook off the latest bellicosities between North Korean and US leaders. In the latest economic data, a read on manufacturing inched higher in September, while a read on the services sector was down slightly.

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