Shares pare gains; breadth strong

Key equity barometers pared gains in the mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 255.23 points or 0.70% at 36,899.65. The Nifty 50 index was up 73 points or 0.67% at 10,920.90.

In the broader market, the S&P BSE Mid-Cap index was up 0.24%. The S&P BSE Small-Cap index was up 0.53%.

The market breadth was strong. On the BSE, 1445 shares rose and 906 shares fell. A total of 151 shares were unchanged.

Car major Maruti Suzuki India gained 2.33%. The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over a newly created joint venture in India, by Toyota Tsusho India of India, its parent Toyota Tsusho Corporation of Japan, and Maruti Suzuki India of India. The joint venture will supply, dismantle and process end-of-life vehicles and market and sell scrap and other products generated from such activities in India.

Last week, the media reported that Toyota and Suzuki entered into a capital alliance agreement. Toyota is planning to acquire 4.9% stake in Suzuki worth 96 billion yen. Likewise, Suzuki plans to acquire a stake in Toyota worth 48 billion yen.

Capacite Infraprojects added 3.82%. The construction company announced that it has received maiden order from City & Industrial Development Corporation of Maharashtra, for a contract value of Rs 4,502 crore for construction of approximately 21,346 dwelling units with development of commercial area and onsite infrastructure works at Navi Mumbai.

Shankara Building Products rose 16.31% to Rs 358.30. The shares of Shankara have soared 38.80% in three trading sessions to its current market price, from a recent closing low of Rs 258.35 on 3 September 2019.

Adani Ports and Special Economic Zone slipped 0.27%. The company's buyback offer begins today, 6 September 2019 and will close on Friday, 20 September 2019. The company will buyback up to 3.92 crore shares at a price of Rs 500 per equity share payable in cash for an amount aggregating up to Rs 1,960,crore on a proportionate basis, through the tender offer route.

Meanwhile, the yield on 10-year benchmark federal paper rose to 6.583% at 14:19 IST compared with 6.571% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.6650, compared with its close of 71.84 during the previous trading session.

In the commodities market, MCX Gold futures for 4 October 2019 settlement declined 0.94% at Rs 38,530.

In the commodities market, Brent crude for November 2019 settlement was down 6 cents at $60.89 a barrel.

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