Market hovers near flat line in early trade

A divergent trend was witnessed in early trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with small losses. At 9:28 IST, the barometer index, the S&P BSE Sensex was up 10.31 points or 0.04% at 27,785.19. The Nifty 50 index was currently off 14.25 points or 0.17% at 8,561.05.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks closed slightly lower yesterday, 10 August 2016 with the S&P 500 index and Nasdaq Composite index retreating from record levels as crude-oil futures slumped following data on supply and production. The US Energy Information Administration reported an increase crude supplies last week, while Saudi Arabia revealed record crude production in July. Saudi Arabia is Organization of the Petroleum Exporting Countries (OPEC)'s largest oil producer.

Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 715 shares fell and 670 shares rose. A total of 54 shares were unchanged. The BSE Mid-Cap index was currently off 0.16%. The BSE Small-Cap index was currently off 0.06%. Both these indices underperformed the Sensex.

Telecom stocks declined. MTNL (down 0.72%), Tata Teleservices (Maharashtra) (down 0.93%) and Reliance Communications (down 0.62%) fell. Idea Cellular rose 0.81%.

Bharti Airtel fell 0.58% after the stock turned ex-dividend today, 11 August 2016 for final dividend of Rs 1.36 per share for the year ended 31 March 2016 (FY 2016).

Shares of Bharti Infratel fell 0.44%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Grasim Industries lost 1.45% ahead of its Q1 June 2016 results today, 11 August 2016.

Aditya Birla Nuvo shed 0.84% ahead of its Q1 June 2016 results today, 11 August 2016.

Lupin rose 0.56% after the company announced that its US subsidiary Gavis Pharmaceuticals LLC, USA has received final approval for its Potassium Chloride Extended-Release Tablets USP, 8 mEq (600 mg) and 10 mEq (750 mg) from the United States Food and Drug Administration (USFDA) to market a generic equivalent of Upsher-Smith Labs Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq. It is an electrolyte replenisher indicated for the therapeutic use of patients with hypokalemia, with or without metabolic alkalosis; in digitalis intoxication; and in patients with hypokalemic familial periodic paralysis. Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq had US annual sales of $101.3 million as per IMS MAT June 2016. The announcement was made after market hours yesterday, 10 August 2016.

NTPC slipped 0.03%. The company announced that it has commissioned a 50 megawatts (MW) capacity of NP Kunta Ultra Mega Solar Power Project at Anantapuram. With this, the commercial capacity of NTPC group has become 45,928 MW. The announcement was made after market hours yesterday, 10 August 2016.

Power Finance Corporation shed 0.41% after the stock turned ex-dividend today, 11 August 2016 for final dividend of Rs 0.60 per share for the year ended 31 March 2016 (FY 2016).

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