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Market slips in early trade

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Key indices are trading lower in early trade tracking mostly lower Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 60.40 points or 0.16% at 37,062.91. The Nifty 50 index was down 19.90 points or 0.18% at 10,983.60.

The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.41%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 828 shares rose and 411 shares fell. A total of 56 shares were unchanged.

Overseas, most Asian stocks were trading lower as the flight from risk assets continued in the wake of devastating weekend attacks on Saudi Arabia's oil industry.

US President Donald Trump on Monday reportedly said it looks like Iran was behind the attack, but suggested no military response was imminent. The Saudi government reportedly called the attack an unprecedented act of aggression and sabotage but stopped short of directly pinning blame on Iran. Meanwhile, Tehran reportedly denied responsibility for the strike, which knocked out about half of Saudi Arabia's oil production.

US stocks fell on Monday after weekend attacks on Saudi Arabia's oil facilities added to investors' concerns about geopolitical risk and a stumbling global economy.

Investors are looking forward to a meeting of the Federal Reserve's interest-rate setting committee beginning Tuesday and concluding Wednesday, after which Chairman Jerome Powell will announce the central bank's latest policy decision. Expectations are that the Fed will cut interest rates a second time this year.

Back home, Kaveri Seed Company rose 1.99%. The company said that a meeting of the board of directors of the company is scheduled on 24 September 2019, to consider and approve the proposal of buyback of equity shares of the company. The announcement was made after market hours yesterday, 16 September 2019.

Aavas Financiers rose 0.3%. Aavas Financiers has received an investment of Rs 345 crore from IFC, a member of the World Bank Group, through issuance of Non-Convertible Debentures. Aavas will use the proceeds to grow its affordable housing finance program in the rural and semi-urban areas of Rajasthan, a lowincome state, and neighboring areas. The announcement was made after market hours yesterday, 16 September 2019.

DLF rose 0.46%. DLF concluded the sale of over 9 acres land located in Sector 74 A in Gurugram to American Express (India) Pvt. Ltd. (AMEX) for building its office campus. The transaction was recorded at over Rs 32 crores an acre. The announcement was made after market hours yesterday, 16 September 2019.

Lemon Tree Hotels rose 0.52%. Lemon Tree Hotels signed a License Agreement for a 80 room Hotel, at the Sujalaam Skycity, Andal, Durgapur, West Bengal near the Kazi Nazrul Islam (KNI) airport, under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by January, 2023. The announcement was made after market hours yesterday, 16 September 2019.

SML Isuzu gained 2.25%. said the company will "Executive Lx 5100 XT Bus" in the market on 16 September 2019. The announcement was made after market hours yesterday, 16 September 2019.

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

First Published: Tue, September 17 2019. 09:36 IST
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