Market off day's low

Key benchmark indices cut almost entire intraday losses in morning trade after an initial slide. At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 16.63 points or 0.04% at 38,226.18. The Nifty 50 index was down 9.75 points or 0.08% at 11,527.15

Domestic stocks drifted lower in early trade on negative Asian stocks.

The S&P BSE Mid-Cap index was up 0.75%. The S&P BSE Small-Cap index was up 0.39%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, turned positive from negative in morning trade. On the BSE, 1223 shares rose and 832 shares fell. A total of 129 shares were unchanged.

Overseas, most Asian stocks were trading lower amid ongoing concerns about global trade and emerging markets. US stocks fell yesterday, 6 September 2018 amid renewed selling in technology shares as the Trump administration eyed escalating the trade war and concerns mounted over flagging demand for computer chips.

Back home, auto stocks gained. Tata Motors (up 2.5%), Mahindra & Mahindra (M&M) (up 1.4%), Eicher Motors (up 0.1%), Ashok Leyland (up 1.81%), Escorts (up 0.1%), Hero MotoCorp (up 2.34%) and TVS Motor Company (up 3.59%) rose. Maruti Suzuki India (down 0.71%) fell.

Bajaj Auto gained 3.73% after the company said it will shortly enhance its production capacities of 3 wheeler and quadricycles to 1 million per year as the government announces end to permits. The announcement was made after market hours yesterday, 6 September 2018.

Bajaj Auto said it will shortly enhance its production capacities of 3 wheeler and quadricycles to 1 million per year as the government announces end to permits. This announcement is a further fillip for the Bajaj 'Qute', which comes with CNG/LPG fuel options, as more and more state governments approve the Qute for taxi applications.

Vijaya Bank fell 0.56%. The bank announced increase in lending rates based on marginal cost of funds to be effective from today, 7 September 2018. The bank's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.05%, for one month will be 8.15% and for three months will be 8.35%. The MCLR on 6-month loans will be 8.60% and for one-year loans the rate would be 8.70%, the bank said. The announcement was made after market hours yesterday, 6 September 2018.

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