Key indices edge lower in early trade

Key benchmark indices edged lower in early trade tracking weakness in Asian markets and decline in US stocks during the previous trading session. At 9:20 IST, the barometer index, the S&P BSE Sensex was down 167.56 points or 0.65% at 25,439.06. The Nifty 50 index was currently down 52 points or 0.66% at 7,797.80.

In overseas stock markets, Japanese stocks led decline in Asian markets. Japanese Nikkei 225 Average was currently off 3.62%. US stocks closed lower on Friday, 29 April 2016, as healthcare stocks weighed.

Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 653 shares declined and 449 shares rose. A total of 60 shares were unchanged. The BSE Mid-Cap index was currently up 0.1%, outperforming the Sensex. The BSE Small-Cap index was currently down 0.16%. The decline in this index was lower than Sensex's decline in percentage terms.

Shares of public sector oil marketing companies (PSU OMCs) edged higher after Indian Oil Corporation (IOCL) on Saturday, 30 April 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 30 April 2016. BPCL (up 0.5%), HPCL (up 1.11%) and IOCL (up 0.72%) rose. Petrol price was hiked by Rs 1.06 per litre and diesel price was raised by Rs 2.94 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 62.19 per litre and diesel costs Rs 50.95 a litre.

In the global commodities markets, Brent for July settlement was currently down 38 cents at $46.99 a barrel. The contract had declined 40 cents or 0.83% to settle at $47.37 a barrel during the previous trading session.

UltraTech Cement was off 0.17% at Rs 3,157. The company clarified after market hours on Friday, 29 April 2016 that the company has no fund raising proposal. Media reports had indicated that the company is looking to raise funds by way of equity for financing acquisition.

Index heavyweight and housing finance major HDFC was up 0.55% at Rs 1,094.75. The company is scheduled to announce its Q4 March 2016 results today, 2 May 2016.

Wipro lost 1.03% at Rs 548. The company announced before market hours today, 2 May 2016 that its subsidiary Wipro Arabia and Saudi Aramco, Princess Nourah University (PNU) on 1 May 2016 inaugurated the Kingdom of Saudi Arabia's first all women business & technology park. The project is expected to create nearly 21,000 jobs for Saudi women over a period of ten years, Wipro said in a statement. The women's business park is envisioned to be the largest engineering drafting services, business process services and information technology hub in the region for a number of industry sectors including oil & gas, manufacturing, government, healthcare, telecom and construction, Wipro said.

Eicher Motors lost 0.66% at Rs 19,900. The company announced that the total sales of its unlisted subsidiary VE Commercial Vehicles (VECV) rose 36.51% to 5,365 units in April 2016 over April 2015. The company announced the monthly sales volume data before market hours today, 2 May 2016.

Separately, Eicher Motors before market hours today, 2 May 2016, said that its total motorcycles sales rose 42% to 48,197 units in April 2016 over April 2015. The company is scheduled to announce its Q4 March 2016 results on 5 May 2016.

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