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Market drifts lower in early trade
09-Nov-18   09:29 Hrs IST

Key benchmark indices edged lower in early trade on negative Asian stocks. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 129.76 points or 0.37% at 35,107.92. The Nifty 50 index was down 22.65 points or 0.21% at 10,575.75.

The S&P BSE Mid-Cap index was up 0.2%. The S&P BSE Small-Cap index was up 0.12%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 750 shares rose and 677 shares fell. A total of 63 shares were unchanged.

Overseas, Asian stocks were trading lower. US stocks fell yesterday, 8 November 2018 after the Federal Reserve left interest rates unchanged while confirming it was still on course to hike in December.

Back home, GAIL (India) shed 0.13%. GAIL (India) announced award of contract for the purchase of 616 km of line pipe worth Rs 1100 crore for the Barauni -Guwahati pipeline, putting on fast track project execution of the crucial 729 km feeder line linking North East India with the Pradhan Mantri Urja Ganga pipeline network. The award of the contract will ensure commencement of spurline laying activities of the Barauni — Guwahati pipeline from December 2018. The under construction pipeline will connect the upcoming 'Indradhanush' gas grid network to the national gas network. The announcement was made on Thursday, 8 November 2018.

Mphasis rose 0.26% after the company announced its acquisition of Stelligent Systems LLC, a technology services company specializing in DevOps automation on Amazon Web Services (AWS). Headquartered in Reston, VA, Stelligent provides DevOps and DevSecOps solutions on AWS. The company is a premier consulting partner on AWS Partner Network (APN) and holds both AWS DevOps and financial services expertise in deploying their customers' applications on AWS with greater speed, agility, and security. The acquisition is an all-cash deal valued at $25 million. The announcement was made on Thursday, 8 November 2018.

Majesco rose 0.73% after the compaany announced that PT PFI Mega Life Insurance (PFI Mega Life), the joint venture life insurance company of Prudential Financial Inc and CT Corpora, has selected Majesco Policy for life & annuities and group along with a point of sale and activity management solution specifically used within the Asia Pacific region. The announcement was made on Thursday, 8 November 2018.

Fortis Healthcare fell 0.57%. Fortis Healthcare announced that Bhavdeep Singh, chief executive officer, has resigned from his position by communication dated 8 November 2018. The board of directors of the company has considered and accepted his resignation. At the request of the board, Singh has agreed to continue in his current capacity till such time his succession planning is crystallised. The announcement was made on Thursday, 8 November 2018.

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