Nifty trades near 10,800; PSU OMCs rise

Key benchmark indices trimmed early gains in the morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was up 33.19 points or 0.09% at 36,514.28. The Nifty 50 index was down 0.75 points or 0.01% at 10,816.85.

The S&P BSE Mid-Cap index was down 0.06%. The S&P BSE Small-Cap index was up 0.01%.

The market breadth, indicating the overall health of the market, was almost even. On the BSE, 883 shares rose and 808 shares fell. A total of 98 shares were unchanged.

Shares of most public sector oil marketing companies (PSU OMCs) gained as Brent crude oil price tumbled after Saudi Aramco reassured that the supply will be restored by the end of September. The impact of weekend attacks on Saudi Arabia's biggest oil refinery faded as oil prices edged lower.

Hindustan Petroleum Corporation (up 1.87%), Bharat Petroleum Corporation (up 1.87%) and Indian Oil Corporation (up 0.68%) edged higher.

In the commodities market, Brent crude for September 2019 settlement was down 13 cents at $64.42 a barrel. The contract slumped 6.48% to settle at $64.55 a barrel in the previous trading session.

IIFL Finance announced that National Stock Exchange and Bombay Stock Exchange have permitted the listing and commencement of trading of IIFL Weath Management and IIFL Securities from 20 September 2019. IIFL Finance was trading 1.81% higher at Rs 115.10.

Gujarat Alkalies & Chemicals was up 1.73% after the company announced the successful installation of 20 MW AC Solar Plant at Charanka, Gujarat. With this completion, the total installed capacity of Solar Power Plant now stands at 35 MW.

Construction major NCC was up 0.28% after Aditya Birla Sun Life Mutual Fund increased stake from 5.09% to 7.24% in the company.

CG Power and Industrial Solutions was down 1.34% after Securities Exchange Board of India barred ex-chairman Gautam Thappar from accessing securities market. SebiI has also prohibited him from buying, selling or dealing in securities. This comes after Gautam Thappar was accused for 'serious' misstatement of accounts along with diversion of funds. SEBI has also ordered a forensic audit of the company. Along with Gautam Thappar, CG Powers' former Chief Financial Officer, VR Venkatesh and former directors, Madhav Acharya and B Hariharan are also facing a ban from securities market.

Trading and distributing major MSTC was up 2.37% after Bihar State Road Transport Corporation appointed MSTC as a selling agent for sell of goods and surplus materials. The Selling Agency Agreement signed between the two will be valid for three years. The Government of India holds 64.75% in MSTC as of 30 June 2019.

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