Key benchmark indices were trading lower in early trade. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 41.55 points or 0.11% at 37,880.62. The Nifty 50 index was down 7.85 points or 0.07% at 11,430.25.
The market breadth, indicating the overall health of the market, was positive. On BSE, 741 shares rose and 538 shares fell. A total of 46 shares were unchanged.
Trade also remains another focal point for markets, with Canada and the US yet to secure a deal that would replace the North American Free Trade Agreement. Trump announced last Friday that he was ready to slap tariffs on an additional $267 billion of Chinese imports, on top of the $200 billion already in the administration's sights.
On the data front, consumer borrowing picked up in July, according to the Federal Reserve on Monday. Total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trillion. That's an annual growth rate of 5.1%.
Back home, Sun Pharmaceutical Industries was up 0.39%. The company said that one of its wholly-owned subsidiaries has agreed to acquire 18.75% stake in Israel-based Tarsius Pharma for $3 million. The company is an early-stage research and development company focusing on development of drug candidates in the field of ophthalmology. The announcement was made after trading hours yesterday, 10 September 2018.
NMDC was up 0.29%. The company said production and sales of iron ore from April to August stood at 9.85 million tonnes and 11.04 million tonnes, respectively. The company has fixed iron ore price with effect from 7 September 2018 with lump ore priced at Rs 3,550 per ton and fines at Rs 3,110 per ton. Both the announcements were made after trading hours yesterday, 10 September 2018.
Manali Petrochemicals was up 2.41%. The company said it will launch products of its UK arm, Notedome, in India. The UK arm is a manufacturer of high performance polyurethanes and was acquired by Manali Petrochemicals' overseas subsidiary in September 2016. The announcement was made after trading hours yesterday, 10 September 2018.
Container Corporation of India (CONCOR) was up 0.46%. CONCOR and Central Warehousing Corporation (CWC) have entered an agreement to form a joint working group to operate the CFS (container freight station) facility of CWC located at Pipavav Port for the mutual benefit and to promote and meet the growing needs of exports, imports and domestic business situated in and around Pipavav Port as well as to fulfill the multimodal transport requirements of the country in general. The announcement was made after trading hours yesterday, 10 September 2018.
Yes Bank was up 0.02%. The bank said its board and shareholders approved raising Rs 30000 crore via debt from domestics as well as foreign buyers. The bank's capital raising committee will consider this issue of BASEL III compliant tier 2 bonds on or after 14 September 2018. The announcement was made after trading hours yesterday, 10 September 2018.
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