Sensex, Nifty drop in early trade

Key indices opened on a weak note and extended their recent decline. At 9:26 IST, the barometer index, the S&P BSE Sensex, was down 227.72 points or 0.62% at 36,245.21. The Nifty 50 index was down 57.85 points or 0.54% at 10,683.50.

The S&P BSE Mid-Cap index was down 0.75%. The S&P BSE Small-Cap index was down 0.76%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 307 shares rose and 872 shares fell. A total of 43 shares were unchanged.

Overseas, Asian shares were trading mixed on Friday before US Federal Reserve Chair Jerome Powell's address at the Jackson Hole summit.

US stocks ended mixed on Thursday as a fall in US jobless claims offset data showing a contraction in US manufacturing activity while investors awaited Federal Reserve Chair Jerome Powell's speech on Friday for clues on the central bank's monetary policy.

In economic data, the number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.

Back home, Future Retail lost 4.32%. Amazon has agreed to make an equity investment in Future Coupons Limited for acquiring a 49% stake comprising both, voting and non-voting shares. Kishore Biyani on behalf of the existing shareholders forming part of the promoter group and Future Coupons Limited (Promoters) said that they have entered into a share subscription agreement and a shareholders' agreement with Amazon.Com NV Investment Holdings LLC (Amazon). The announcement was made after market hours yesterday, 22 August 2019.

Infosys rose 1.45%. Infosys announced a strategic partnership with University of Illinois Urbana-Champaign (UIUC) to develop new technologies and systems in precision medicine. Through this partnership Infosys also becomes a member of the Center for Computational Biotechnology and Genomic Medicine (CCBGM). The announcement was made after market hours yesterday, 22 August 2019.

Tata Consultancy Services (TCS) rose 0.9%. TCS has launched an enhanced version of its unique diagnostic solution, the TCS lntelligent Cloud Migration Continuum (iCMC), to help customers build business cases, take informed decisions on the choice of cloud and sequencing of applications to target for cloud migration and modernization, as part of their digital transformation journey. The announcement was made after market hours yesterday, 22 August 2019.

Dabur India fell 0.32%. Dabur India said that Dabur International has acquired management control of a new company namely Excel Investments (FZE) in Sharjah, UAE on 20 August 2019. Accordingly Excel Investments (FZE) has become a step down wholly owned subsidiary company of Dabur India. The announcement was made after market hours yesterday, 22 August 2019.

Pidilite Industries rose 0.72%. Pidilite Industries said that a manufacturing plant of Pidilite Speciality Chemicals Bangladesh Private Limited (PSCBL) was formally commissioned at Bhaluka in Mymensingh on 21 August 2019. PSCBL is a subsidiary of Pidilite Industries. The announcement was made after market hours yesterday, 22 August 2019.

Prime Focus fell 3.86%. The board of Prime Focus has considered and approved, the sale of its business division, VFX business, as a going concern, on a slump sale basis, to DNEG Creative Services Limited, a subsidiary of the company, for a consideration of up to Rs 270 crore. The announcement was made after market hours yesterday, 22 August 2019.

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