Market drifts higher in early trade

Domestic stocks nudged higher in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 84.14 points or 0.22% at 38,242.06. The Nifty 50 index was up 5.20 points or 0.05% at 11,525.50.

The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index was up 0.01%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 358 shares rose and 432 shares fell. A total of 39 shares were unchanged.

Overseas, Asian stocks were trading lower amid continued pressure in many emerging markets and as trade tensions persisted. US stocks fell yesterday, 4 September 2018 as investors looked ahead to a busy week of trade negotiations and economic data.

 

Back home, ABB India rose 0.6% after the company redeemed the entire 600 unsecured rated listed redeemable non-convertible debentures (debentures) of face value of Rs 1 crore each on 4 September 2018. These debentures were privately placed and listed in BSE. The announcement was made after market hours yesterday, 4 September 2018.

Mcnally Bharat Engineering Company gained 3.64% after the company said it has received one order from NLC India for construction of 544 colony houses and community hall including internal electrification - Phase-I for Talabira II & III OCP - proposed R&R colony at Khinda - Odisha worth Rs 107.97 crore. The announcement was made after market hours yesterday, 4 September 2018.

On the macro front, Nikkei Services PMI for August 2018 will be announced today, 5 September 2018. The Nikkei India Services PMI rose to 54.2 in July 2018 from 52.6 in June 2018.

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