Market drifts lower in early trade; breadth negative

Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 244.52 points or 0.41% at 58,771.37. The Nifty 50 index was down 72.20 points or 0.41% at 17,512.95. Asian stocks are trading lower.

The S&P BSE Mid-Cap index was down 0.73%. The S&P BSE Small-Cap index was down 0.59%.

The market breadth, indicating the overall health of the market, is negative. On the BSE, 1083 shares rose and 1543 shares fell. A total of 134 shares were unchanged.

Stocks in news:

Wipro rose 0.29%. Wipro announced the launch of the Wipro-Google Cloud Innovation Arena in Bangalore, India. This cloud collaboration space will provide in-house technical expertise, ensure seamless cloud adoption, and accelerate innovation to drive business transformation for customers.

Cadila Healthcare fell 0.31%. The company has received final approval from the USFDA to market Vortioxetine Tablets in the strengths of 5 mg, 10 mg, 20 mg (US RLD: Trintellix Tablets). Vortioxetine is used to treat depression.

Nazara Technologies gained 2.5%. NODWIN Gaming, an independent subsidiary of Nazara Technologies has acquired the Gaming and adjacent IP business of OML Entertainment. NODWIN Gaming has agreed to a consideration of Rs 73 crore as part of an agreement concluded between NODWIN Gaming and OML Entertainment.

IRB Infrastructure Developers advanced 2.31%. IRB Infrastructure Developers said that IRB Sindhudurg Airport Private Limited, its wholly owned subsidiary has now received Aerodrome license from the Director General of Civil Aviation.

Orissa Minerals Development Company surged 3.42%. Orissa Minerals Development Company received Stage - II/Final approval of the Ministry of Environment, Forest & Climate Change for diversion of 21.52 hectares of forest land in Uliburu Reserve Forest (including 2.107 hectares of safety zone) for iron ore mining in Bagiaburu iron ore mines of the company in Keonjhar district, Odisha during 3rd RML period.

HLE Glascoat jumped 18.32%. HLE Glascoat announced the signing of definitive agreements to acquire the global business of Thaletec GmbH, Germany as well as its subsidiary Thaletec USA, as a part of its strategy to strengthen its position further in the global markets with innovative technology.

Global Markets:

Asian stocks are trading lower on Monday, with shares of embattled Chinese developer China Evergrande Group continuing to drop. Markets in mainland China, Japan and South Korea are closed on Monday for holidays.

US stocks dipped on Friday as investors remain cautious due to a resurgent Covid virus and a historical tendency for September to be a weak month for equities.

The Food and Drug Administration advisory committee on Friday rejected a plan to administer booster shots of Pfizer and BioNTech's Covid-19 vaccine to the general public.

Investor focus for the week will likely be on the U.S. Federal Reserve's upcoming September meeting for clues on the central bank's tapering of its easy monetary policy.

Back home, equity indices snapped three day streak and ended with small losses on Friday. The barometer index, the S&P BSE Sensex, fell 125.27 points or 0.21% at 59,015.89. The Nifty 50 index lost 44.35 points or 0.25% at 17,585.15.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,552.59 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,398.55 crore in the Indian equity market on 17 September, provisional data showed.

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