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Indices decline in early trade

Capital Market 

Key indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 128.57 points or 0.33% at 39,174.28. The Nifty 50 index was down 37.80 points or 0.33% at 11,566.75.

The S&P BSE Mid-Cap index was off 0.05%. The S&P BSE Small-Cap index was up 0.11%.

The market breadth, indicating the overall health of the market, is negative. On the BSE, 807 shares rose and 904 shares fell. A total of 100 shares were unchanged.

Stocks in news:

HCL Technologies advanced 3.36%. HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL's Actian portfolio, starting with Actian Avalanche, to Google Cloud. Actian Avalanche is a high-performance hybrid cloud data warehouse designed to power an enterprise's most demanding operational analytics workloads.

HSIL jumped 8.11% as a meeting of the board of directors of the company will be held on 21 September 2020, to consider, the proposal of buyback of the fully paid-up equity shares of the company.

Dhanuka Agritech jumped 5.97% after the company approved the proposal of buyback of shares worth up to Rs 100 crore and fixed 28 September 2020 as record for determining the entitlement of equity shareholders.

Intellect Design Arena rose 3.16% after the company's banking platform has gone live for Bank of Bahrain and Kuwait.

Suven Pharmaceuticals rose 2.82% after the company's board has set 28 September 2020 as record date for 1:1 bonus issue.

Global Markets:

Overseas, the Bank of Japan and the Bank of England will announce their respective policy decisions on Thursday.

Asian stocks mostly traded lower Thursday as investors react to overnight developments from the U.S. Federal Reserve.

In US, the S&P 500 and Nasdaq Composite ended lower on Wednesday, reversing gains late in the day as losses in technology shares outweighed a Federal Reserve statement that stoked optimism it would keep U.S. interest rates near zero for a prolonged period. The Dow Jones Industrial Average eked out a small gain.

The Dow Jones Industrial Average rose 36.78 points, or 0.13%, to 28,032.38, the S&P 500 lost 15.71 points, or 0.46%, to 3,385.49 and the Nasdaq Composite dropped 139.86 points, or 1.25%, to 11,050.47.

The Federal Reserve on Wednesday vowed to keep interest rates near zero until inflation is on track to overshoot the U.S. central bank's 2% target. The new economic projections showed policymakers now see the economy shrinking 3.7% this year, far less than the 6.5% decline they forecast in June. They see unemployment, which registered 8.4% in August, dropping to 7.6% by the end of the year. The recovery is here, and it's well along, Powell said.

Back home, domestic equity indices extended gains for second straight day on Wednesday. The barometer index, the S&P BSE Sensex added 258.50 points or 0.66% at 39,302.85. The Nifty 50 index gained 82.75 points or 0.72% at 11,604.55.

Foreign portfolio investors (FPIs) bought shares worth Rs 264.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 212.21 crore in the Indian equity market on 16 September, provisional data showed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, September 17 2020. 09:33 IST
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