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Nifty slips in negative zone

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Volatility struck bourses in early trade as the key indices were off day's high after initial upmove triggered by positive Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 39.64 points or 0.11% at 36,133.11. The Nifty 50 index was down 4.40 points or 0.04% at 10,700.40.

Investors are awaiting developments from the GST Council meet scheduled today, 20 September 2019. As per reports, rate rationalisation by the GST Council and measures to boost economic growth may be unveiled

The S&P BSE Mid-Cap index was down 0.23%. The S&P BSE Small-Cap index was down 0.27%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 550 shares rose and 515 shares fell. A total of 39 shares were unchanged.

Axis Bank fell 1.28% to Rs 630.05. Axis Bank informed about opening of the Qualified Institutions Placement of equity shares of face value of Rs 2 each to Qualified Institutional Buyers (QIB). The floor price in respect of the issue is Rs 661.50 per equity share. The announcement was made after market hours yesterday, 19 September 2019.

Yes Bank rose 1.2%. Morgan Credits (MCPL), part of the promoter group of Yes Bank has yesterday, 19 September 2019 sold 2.3% stake in the bank. The proceeds will be solely utilized to prepay substantial portion of outstanding Non-Convertible Debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company (RNAM).The announcement was made after market hours yesterday, 19 September 2019.

Bharat Forge rose 0.06%. Bharat Forge said that upon fulfillment of the conditions as mentioned in the transaction documents, the company on 19 September 2019 has invested EUR 11.35 million and acquired 50% stake in Refu Drive GmbH. The announcement was made after market hours yesterday, 19 September 2019.

Indian Energy Exchange rose 0.79%. Indian Energy Exchange informed that the Board of Directors has considered and approved the incorporation of a wholly owned subsidiary company in India to undertake the business of developing a gas exchange for transacting, clearing and settling trades in various types of gas based contracts including all other forms/types of energy, with an initial investment upto Rs 10 crore in the form of subscribed and paid-up capital. The announcement was made after market hours yesterday, 19 September 2019.

Adani Transmission rose 1.06%. Adani Transmission has signed Share Purchase Agreement with PFC Consulting on 19 September 2019 for acquisition of its entire stake in Bikaner-Khetri Transmission Limited (BKTL). BKTL project consists of approximately 480 ckt kms of 765kV line along with associated transpmission system. This project is primarily being constructed to establish Transmission System associated with Long Term Applications from Rajasthan Solar Energy Zone (SEZ) Part-D. The announcement was made after market hours yesterday, 19 September 2019.

Overseas, Asian stocks were trading higher on Friday as economic stimulus around the world eased fears of economic deceleration.

On the trade front, Chinese and U.S. delegates are meeting Thursday and Friday ahead of higher-level meetings expected early October to resolve the yearlong trade dispute.

U.S. stocks closed near unchanged Thursday, giving up early gains scored following better-than-expected housing and manufacturing data a day after the second interest rate cut of 2019 by the Federal Reserve.

The Paris-based Organization for Economic Cooperation and Development, in a Thursday report underscored that intensifying tariff disputes have stalled economic growth world-wide.

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

First Published: Fri, September 20 2019. 09:27 IST