Domestic stocks drifted lower in early trade on negative Asian stocks. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 113.93 points or 0.3% at 38,128.88. The Nifty 50 index was down 33.85 points or 0.29% at 11,503.05.
The S&P BSE Mid-Cap index was down 0.04%. The S&P BSE Small-Cap index was down 0.09%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 693 shares rose and 716 shares fell. A total of 69 shares were unchanged.
Overseas, most Asian stocks were trading lower amid ongoing concerns about global trade and emerging markets. US stocks fell yesterday, 6 September 2018 amid renewed selling in technology shares as the Trump administration eyed escalating the trade war and concerns mounted over flagging demand for computer chips.
Back home, Bajaj Auto gained 2.76% after the company said it will shortly enhance its production capacities of 3 wheeler and quadricycles to 1 million per year as the government announces end to permits. The announcement was made after market hours yesterday, 6 September 2018.
This announcement came after Minister for Transport Nitin Gadkari announcing at the SIAM convention to move to a no-permit regime for auto rickshaws powered by alternate fuels. Bajaj Auto said that it is the market leader with 86% market share in the alternate fuel three-wheelers.
Housing Development Finance Corporation (HDFC) shed 0.35%. HDFC said it concluded the sale of 24,85,956 equity shares of Rs 10 each, representing 5.1% of the equity capital of CAMS to Great Terrain Investment, Mauritius at Rs 681.91 per equity share, aggregating to a consideration of Rs 169.52 crore. Post sale, HDFC will continue to hold 5.99% of the equity capital or CAMS. The announcement was made after market hours yesterday, 6 September 2018.
L&T Technology Services rose 1.24% after the company executed a definitive agreement to acquire 100% stake in Bangalore-based Graphene Semiconductor Services (Graphene) by way of an all cash deal. The transaction is expected to be consummated by October 2018. Total deal value is Rs 93 crore to be paid in tranches. The announcement was made after market hours yesterday, 6 September 2018.
Graphene is one of the fastest growing companies in the Semiconductor Services domain with a presence in India, Singapore, Taiwan, and Malaysia. Counting 10 of the world's top semiconductor fabrication and fabless companies as its customers, Graphene provides end-to-end solutions right from chip design, embedded software, all the way through providing support to mass manufacturing, thereby being a one-stop service and solution provider. Graphene had revenues of Rs 66.30 crore for the year ended 31 March 2018.
Welspun Corp advanced 3.34% after the company said it has entered in to an agreement for supplying 220 KMT of pipes for oil & gas project in the Americas region. With this addition, the company's current order book stands at 1,776 KMTs valued at Rs 15000. The announcement was made after market hours yesterday, 6 September 2018.
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