Indices trade with minor losses; European mrkt opens higher
At 13:30 IST, the barometer index, the S&P BSE Sensex, dropped 191.71 points or 0.24% to 80,523.52. The Nifty 50 index declined 48.15 points or 0.20% to 24,687.25.
In the broader market, the S&P BSE Mid-Cap index declined 0.23% and the S&P BSE Small-Cap index fell 0.01%.
The market breadth was negative. On the BSE, 1,841 shares rose and 2,120 shares fell. A total of 172 shares were unchanged.
Gainers & Losers:
Mahindra & Mahindra (up 2.40%), Eicher Motors (up 2.07%), Eternal (up 1.49%), Shriram Finance (up 1.27%) and Power Grid Corporation of India (up 1.21%) were the major Nifty50 gainers.
ITC (down 2.50%), Tata Consultancy Services (down 1.81%), HCL Technologies (down 1.46%), Infosys (down 1.43%) and Cipla (down 1.36%) were the major Nifty50 losers.
Power Grid Corporation of India rose 1.21% after the company said that it been declared the successful bidder to set up an interstate transmission system for evacuating power from pumped storage projects in Sonbhadra, Uttar Pradesh, under tariff-based competitive bidding.
Stocks in Spotlight:
Rajesh Power Services shed 0.44%. The company secured a turnkey contract worth Rs 61.53 crore from Paschim Gujarat Vij Company (PGVCL), Rajkot for the supply, installation, testing and commissioning of 11 KV MVCC in Porbandar Circle under the Kisan Suryodaya Yojana scheme.
Zydus Lifesciences shed 0.49%. The company?s subsidiary, Zydus Lifesciences Global FZE, has entered into an exclusive licensing & supply agreement with Synthon BV for Ozanimod capsules, the generic version of Zeposia, in the US market.
Container Corporation of India (Concor) shed 0.49%. The company announced that it has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) to operate and maintain the upcoming container terminal at the north side of Bhavnagar Port in Gujarat.
Global Markets:
European stock markets opened higher on Friday, as investors await a key U.S. jobs report that's likely to set expectations for an upcoming Federal Reserve interest rate cut.
Asian market advanced after U.S. President Donald Trump signed an executive order Thursday formalizing a lower Japanese auto import tariff of 15%, down from 27.5%.
The order also confirmed the agreement for $550 billion of Japanese investments in U.S. projects.
Several Asian chip stocks were in focus after Trump said Thursday stateside that his administration plans to slap tariffs on semiconductor imports from firms that do not move production to the United States. The comments came ahead of Trump?s dinner with top technology CEOs at the renovated Rose Garden.
Japanese real wages turned positive for the first time in seven months on the back of hefty summertime bonuses, but elevated inflation added to pressure on consumption, data showed on Friday.
Inflation-adjusted real wages, a key determinant of households? purchasing power, edged up 0.5% in July from a year earlier, the first increase since December last year, when they inched up by 0.3%.
Overnight stateside, all three key benchmarks rose on hopes of a favorable jobs report that supports a Federal Reserve rate cut chance.
The broad market S&P 500 finished up 0.83% at 6,502.08, while the Nasdaq Composite settled up 0.98% at 21,707.69. The Dow Jones Industrial Average finished up 350.06 points, or 0.77%, at 45,621.29. It was the S&P 500's 21st record close so far this year.
Data released on Thursday showed that the number of Americans filing new applications for unemployment benefits increased more than expected last week, while hiring by private employers slowed in August, offering further evidence that labor market conditions were softening.
Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 237,000 for the week ended August 30, the US Labor Department said.
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