Key indices edge lower in early trade

Key benchmark indices edged lower in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex was down 135.33 points or 0.41% at 33,181.87. The Nifty 50 index fell 28.80 points or 0.28% at 10,220.45.

The S&P BSE Mid-Cap index fell 0.41%, matching Sensex's slide. The S&P BSE Small-Cap index declined 0.63%, underperforming the Sensex.

Overseas, Asian stocks traded mixed. US stocks closed higher yesterday, 6 March 2018 but Wall Street remained on edge over an ongoing debate over tariffs proposed by President Donald Trump.

Closer home, the breadth, indicating the overall health of the market, was weak. On the BSE, 1,098 shares declined and 373 shares advanced. A total of 62 shares were unchanged.

TCS rose 1.02% at Rs 3,081 after the company announced that it has extended its strategic partnership with Virgin Atlantic, a leading UK-based global airline, for a further five years. TCS and Virgin Atlantic began working together in 2004 as part of Virgin Atlantic's ongoing strategy to invest in operational efficiencies and innovations to help the company grow its market leadership. The announcement was made after market hours yesterday, 6 March 2018.

Infosys was up 1.03% at Rs 1,158.70 after the company inaugurated its flagship technology and innovation hub in Indianapolis. In addition, the company announced that it has hired more than 2,500 American workers over the past year as part of its ongoing commitment to accelerate innovation for American enterprises. The announcement was made after market hours yesterday, 6 March 2018.

Bharti Airtel was up 0.17%. The company and Gulf Bridge International (GBI), a global cloud provider for the Middle-East and Europe, announced a strategic agreement to unlock the capacity on GBI's India-Middle East-Europe submarine cable system. Under the agreement, Airtel through its subsidiary, has acquired the rights to use significant capacity on Middle East-Europe leg of GBI's cable system. The announcement was made after market hours yesterday, 6 March 2018.

Axis Bank dropped 0.48%. With regard to a media news captioned Axis Bank's Shikha Sharma summoned by SFIO in PNB scam case, the bank said that SFIO has on 6 March 2018 sought information on the accounts of the Nirav Modi & Gitanjali group of companies. Axis Bank's exposure to these entities is about Rs 200 crore, it said. The bank is not the leader of the lending consortium in these groups, it added. The bank further clarified that this does not have any material impact on it. The announcement was made after market hours yesterday, 6 March 2018.

UltraTech Cement rose 0.34% at Rs 4,151.50 after the Reserve Bank of India (RBI) yesterday, 6 March 2018 notified that the foreign portfolio investors (FPIs) investment limit in the company has increased from 30% to 40% of its paid-up capital.

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