Market edges lower in early trade

Key benchmark indices edged lower in early trade tracking weakness in global markets. At 9:16 IST, the barometer index, the S&P BSE Sensex fell 120.90 points or 0.39% at 30,736.62. The Nifty 50 index declined 35 points or 0.37% at 9,469.10.

The S&P BSE Mid-Cap index fell 0.23%. The S&P BSE Small-Cap index declined 0.32%. The decline in both the indices was lower than the Sensex's decline in percentage terms.

Overseas, Asian stocks declined despite marginal improvement in China's manufacturing activity as select tech shares around the region sold off.

In economic news, China's manufacturing activity accelerated more than expected in June, suggesting the world's second-largest economy continued to confound expectations for a slowdown. The official manufacturing PMI rose to 51.7 in June, from 51.2 in May. Levels above 50 indicate expansion, while levels below signal contraction.

US equities fell yesterday, 29 June 2017 as technology stocks' latest drop washed out strong gains from the big banks.

Closer home, the breadth, indicating the overall health of the market, was weak. On the BSE, 610 shares declined and 397 shares rose. A total of 43 shares were unchanged.

Reliance Industries (RIL) was down 0.21% at Rs 1,389.95. The company's telecom subsidiary Reliance Jio Infocomm (Jio) announced the launch of the Asia-Africa-Europe (AAE-1) submarine cable system. AAE-1, the longest 100Gbps technology based submarine system, will stretch over 25,000 km from Marseille, France to Hong Kong, with 21 cable landings across Asia and Europe. This large scale project is the combined work of leading telecom service providers from Europe, the Middle East, and Asia.

AAE-1 will pass through the critical hubs, serving the increasing demand for video centric data bandwidth supporting all types of communications, applications, and content within India and beyond. AAE-1 links seamlessly with other cable systems and fiber networks to deliver direct access to all global markets, RIL said.

Mathew Oommen, President-Jio said thatthe new terabit capacity and 100Gbps direct connectivity to global content hubs and interconnection points ensure that Jio will continue to offer its customers the most exceptional high speed internet and digital service experience. The announcement was made after market hours yesterday, 29 June 2017.

HDFC Bank fell 0.96%. The bank said it has allotted 7.56% unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, Tier 2 bonds amounting to Rs 2000 crore on private placement basis for inclusion in Tier 2 capital. The announcement was made after market hours yesterday, 29 June 2017.

IndusInd Bank declined 0.5%. The bank said it has inaugurated a new branch in Kota, Rajasthan. With this, the bank now has 94 branches in Rajasthan. The announcement was made after market hours yesterday, 29 June 2017.

The India Meteorological Department (IMD) in its weekly weather report yesterday, 29 June 2017 said that during the week from 22nd June to 28th June 2017, the all India actual rainfall stood at 48.6 mm as against normal rainfall of 51.1 mm, with a departure of minus 5%.

The all India cumulative seasonal rainfall from 1st June to 28th June 2017 stood at 147.8 mm as against normal rainfall of 148 mm, with a departure of 0%.

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