Key benchmark indices edged lower in early trade tracking weak global cues. At 9:15 IST, the barometer index, the S&P BSE Sensex was down 58.79 points or 0.18% at 32,183.14. The Nifty 50 index fell 24.25 points or 0.24% at 10,062.35.
Among other indices, the S&P BSE Mid-Cap index fell 0.22%. The decline in this index was higher than the Sensex's fall in percentage terms. The S&P BSE Small-Cap index lost 0.18%, matching the Sensex's fall in percentage terms.
The breadth, indicating the overall health of the market, was negative. On the BSE, 628 shares declined and 418 shares advanced. A total of 57 shares were unchanged.
Wipro rose 0.35% at Rs 284.90 after the company announced that it has been awarded a 7-year contract by Innogy SE to manage their data center and cloud services. Innogy SE is an established European energy company. The announcement was made before market hours today, 15 September 2017.
Separately, Wipro announced that it has joined The Linux Foundation as a Silver Member. The Linux Foundation is a nonprofit organization enabling mass innovation through open source technologies. Wipro has identified open source technologies as one of the strategic client themes to drive transformation across the enterprise. The announcement was made after market hours yesterday, 14 September 2017.
Vedanta lost 1.71% at Rs 314.15 after the company said that following a breach in the Ash Pond dyke wall at Jharsuguda at the end of August, the State Pollution Control Board, Odisha (SPCB) on 13 September 2017 served a direction resulting in a temporary closure of three units of 135 megawatts (MW) each of the 1,215 MW power plant, and two units of 600 MW each of the 2,400 MW power plant. The remaining units of the 1,215 MW plant have been allowed to operate until 12 October 2017, and the remaining units of the 2,400MW plant have been allowed to operate until 20 September 2017.
The SPCB has asked the company for compliance of certain conditions with a concrete plan within 5 days. The company is complying with the order of SPCB along with a request for revoking the said closure orders. This action may require a temporary power purchase of upto 200 MW, and hence a marginal impact on cost of production of aluminium. The company expects to be able to sustain the smelter capacity without affecting its production volume.
Vedanta said it is working towards the lifting of the SPCB closure orders at the earliest, to ensure that aluminium production is not affected. The announcement was made after market hours yesterday, 14 September 2017.
The India Meteorological Department (IMD) in its weekly weather report said that for the country as a whole, cumulative rainfall during this year's monsoon upto 13 September has been 6% below the normal rainfall. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, Asian stocks edged lower after North Korea launched a missile in the direction of the east. As per reports, the unidentified missile flew over Japan before landing 2,000 km east of Hokkaido. US equities closed mostly lower yesterday, 14 September 2017 after strong inflation data raised the possibility of tighter monetary policy from the Federal Reserve. However, the Dow index closed at its record high.
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