Market drifts lower in early trade

Key indices were trading lower on weak Asian stocks. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 193.80 points or 0.49% at 39,888.96. The Nifty 50 index was down 56.40 points or 0.48% at 11,622.10.

The S&P BSE Mid-Cap index was down 0.27%. The S&P BSE Small-Cap index was down 0.16%. Both these indices outperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 233 shares rose and 117 shares fell. A total of 35 shares were unchanged.

Stocks in news:

Hindustan Unilever fell 0.46%, GlaxoSmithKline Consumer Healthcare was up 1.11%. Hindustan Unilever said the National Company Law Tribunal (NCLT) Chandigarh has approved a scheme of amalgamation between GlaxoSmithKline Consumer Healthcare and Hindustan Unilever.

Adani Ports and Special Economic Zone was down 0.22%. Adani Ports and Special Economic Zone said that it has incorporated a wholly-owned subsidiary Adani Bangladesh Ports for an authorised capital of 1 crore taka and paid-up share capital of 55 lakh taka.

Container Corporation of India shed 1.45%. Container Corporation of India (CONCOR) and Joint Stock Company, Russian Railways Logistics have executed a MoU for cooperation and collaboration in promoting intermodal transportation of cargo over the International North-South Transport Corridor (INST().This service agreement gives broader responsibilities for transporting the cargo from India to Russia and vice-versa under a single invoice.

Jindal Stainless rose 3.36%. Jindal Stainless said it has approved the issue of non-convertible debentures up to Rs 900 crore to refinance existing debt.

Shriram Transport Finance Company fell 1.23%. Shriram Transport Finance Company has raised up to Rs 500 crore by issuing bonds on private placement basis. While 3,000 debentures worth Rs 300 crore with tenure of 3 years and 1 day will carry a coupon rate of 9.50%, 2,000 debentures worth Rs 200 crore with 2 years and 2 days tenure will have a rate of 9.25% per annum.

Thomas Cook (India) dropped 3.19%. Thomas Cook (India) has received approval for buy-back of up to 26,086,956 fully paid up shares at a price of Rs 57.50 per share for a maximum aggregate amount of Rs 150 crore. The buy-back price per share of Rs 57.50 is at a premium of 40% over the closing market price of the equity shares as on the date immediately preceding the date of the intimation of the board meeting.

RITES slumped 5.14%. RITES said the government is selling 1.25 crore shares of the company on 27 and 28 Feb 2020 via an offer for sale, with an option to sell an additional 5%. The offer price is set at Rs 298 per share, a discount to the current market price of Rs 318 as of 26 Feb 2020.

Global Markets:

Overseas, most Asian stocks were trading lower on Thursday as the rapid global spread of the coronavirus left investors on edge.

In US, stocks finished mostly lower on Wednesday, with the Dow and S&P 500 index falling for a fifth straight day, as investors digested reports on the spread of China's coronavirus to Europe and the Americas.

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