Logo


Indices decline in early trade on negative Asian stocks

Key benchmark indices are trading with small losses in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 66.19 points or 0.11% at 58,939.08. The Nifty 50 index was down 15.15 points or 0.09% at 17,546.85. Asian stocks are trading lower.

The S&P BSE Mid-Cap index was up 0.69%. The S&P BSE Small-Cap index was up 0.71%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1751 shares rose and 659 shares fell. A total of 106 shares were unchanged.

Stocks in news:

Infosys rose 0.3%. Infosys announced its collaboration with ServiceNow, the leading digital workflow company that makes work, work better for people, to provide enterprise-level service management for customers in manufacturing industries.

ZEE Entertainment Enterprises (ZEEL) jumped 9.99%. The board of directors of ZEE Entertainment Enterprises (ZEEL) unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL. The merger is in line with ZEEL's strategy of achieving higher growth and profitability as a leading media & entertainment company across South Asia.

Mphasis rose 0.33%. Mphasis announced acquisition of Blink UX, a User Experience research, strategy, and design firm that works with some of the world's leading enterprises to create transformative digital products, brands, and experiences.

MTAR Technologies advanced 3.32%. MTAR Technologies has received NADCAP certification for its 100% Export Orient Unit (EOU) at Gandhinagar, Hyderabad and Unit 5 at IDA Jeedimetla Hyderabad for a period of 12 months, valid until November 2022.

Torrent Power rose 0.6%. Torrent Power has entered into a Share Purchase Agreement with CESC, Haldia Energy and other Nominal Shareholders (the Sellers) for the acquisition of 100% of the share capital of Surya Vidyut (the SPV), wholly owned subsidiary of CESC.

Nucleus Software Exports surged 11.42%. Nucleus Software Exports said that the meeting of the board of directors of the company is scheduled on 24 September 2021, to consider the proposal for buy back of the fully paid-up equity shares of the company.

Surya Roshni gained 4.33%. Surya Roshni has obtained order amounted to Rs 41.22 crore (excluding GST) for implementing of smart LED Street Lights and installation of centralized monitoring system with operation and maintenance from Greater Noida Industrial Development Authority (GNIOA) through e-bidding.

KEC International rose 2.01%. KEC International has secured new orders of Rs. 1,157 crores across its various businesses.

Global Markets:

Asian stocks are trading lower Wednesday as traders assess the debt crisis at China Evergrande Group and gird for a Federal Reserve meeting that is expected to signal a reduction in stimulus later this year. Markets in Hong Kong are closed for a holiday.

Property company Evergrande, which has more than $300 billion of liabilities, missed some interest payments due Monday and investors are seeking clues about how Beijing plans to deal with the cash crunch.

U.S. stocks on Tuesday fought to rebound from Monday's rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red. Worries over troubles at developer China Evergrande kept a lid on the market.

Investors were cautious ahead of the Federal Reserve's decision on interest rates and release of economic forecasts on Wednesday. Investors are looking for more information from Fed Chairman Jerome Powell on Wednesday about the central bank's plans to taper its bond buying, specifically when that will happen. Powell said last month that he sees the Fed slowing its $120 billion in monthly purchases at some point this year.

The US current account deficit increased to a 14-year high in the second quarter as businesses boosted imports to replenish depleted inventories amid robust consumer spending. The Commerce Department said on Tuesday the current account deficit rose 0.5% to $190.3 billion last quarter.

Back home, the key equity indices reversed early losses and ended with sharp gains on Tuesday. Recovering global cues boosted sentiment. The barometer index, the S&P BSE Sensex, advanced 514.34 points or 0.88% to 59,005.27. The Nifty 50 index added 165.10 points or 0.95% to 17,562.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,041.92 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,167.62 crore in the Indian equity market on 21 September, provisional data showed.

Powered by Capital Market - Live News