New listing: Apex Frozen Foods listed with 15 percent premium at Rs 202 against issue price of Rs 175.
Railway stocks: Railway related stocks gained up to 5 percent intraday after Piyush Goyal became Railway Minister in recent Cabinet reshuffle.
BEML, Titagarh Wagons, Texmaco Rail, Stone India and Kernex Microsystems gained between 1 percent and 5 percent on hopes of major developments in railway sector by Goyal who has done great job in coal sector.
Narendra Modi-led government on Sunday made big changes in Cabinet portfolios ahead of general elections in 2019.
Piyush Goyal, the Minister of State for Power, Coal, New and Renewable Energy and Mines, has been elevated to the cabinet rank. The 53-year-old Bharatiya Janata Party man has been inducted as the Railway Minister, a prestigious portfolio in Narendra Modi's cabinet.
GST cess on cars: The government has notified hike in GST cess on a range of cars from mid-size to hybrid variant to luxury ones to a maximum of 25 percent, from earlier 15 percent.
Following assent by President Ram Nath Kovind, the government has notified the Goods and Services Tax (Compensation to States) Amendment Ordinance, 2017.
The Ordinance was last week approved by the Union Cabinet, headed by Prime Minister Narendra Modi, and was sent to the President for his approval.
It has come into force with effect from September 2 -- the date of official gazette notification.
With this amendment, taxation on luxury, SUV and other vehicles would be brought at par with that prevailing pre-GST rollout.
Promoters offering in Buyback: Infosys promoters, including iconic co-founders N R Narayana Murthy and Nandan Nilekani, have offered to sell as many as 1.77 crore shares -- worth up to Rs 2,038 crore -- in the company's Rs 13,000 crore buyback offer.
The promoters group -- which includes most of the founders and their families -- have expressed their intention to be part of the company's first buyback plan in its over three-decade history and have offered to tender a maximum of 1.77 crore shares.
At a buyback price of Rs 1,150 per share, this could mean a windfall of Rs 2,038.94 crore for the promoter group, if all the shares tendered by them are accepted in the buyback offer.
The founders and families -- classified as promoters group -- held 29.28 crore shares, or 12.75 percent, in Infosys at the end of June 2017.
Earnings growth: Bharat Iyer of JP Morgan said the research house believes FY18 consensus earnings growth numbers remain vulnerable to further cuts particularly for consumer discretionary and financials.
Nearly 77 percent of FY18 earnings growth estimated for the broad market is expected to be contributed by these sectors, he added.
"We estimate earnings growth of about 10 percent for FY18 and 15 percent for FY19 for the broad market," he said.
Valuations for the broad market at 18x 12-month forward consensus earnings are above +1 standard deviation expensive from historical averages seen over the last decade, he added.
Auto sales: Jaguar Land Rover sold 9,421 units in the US in August, up 1 percent compared with 9,329 units sold in same month last year.
The growth was driven by Land Rover sales that increased 4.8 percent to 6,320 from 6,031 units on year-on-year basis.
Jaguar US sales fell 6 percent to 3,101 from 3,298 units YoY.
Asian cues: Safe haven demand drove up gold and the yen while equities in Asia were pressured by elevated tensions on the Korean Peninsula after North Korea said it tested a hydrogen bomb over the weekend.
Japan's Nikkei 225 declined 0.9 percent and the Kospi fell 0.8 percent
Market Check: Equity benchmarks opened mildly lower on Monday, tracking weakness in Asian peers following North Korea's nuclear test over the weekend.
The 30-share BSE Sensex was down 56.56 points at 31,835.67 and the 50-share NSE Nifty fell 2.75 points to 9,971.65.
Aurobindo Pharma, Cipla, Hero Motocorp, Coal India and Tata Motors gained up to 1 percent while IOC, Sun Pharma, BPCL, Asian Paints, M&M, Dr Reddy's Labs and L&T were under pressure.
TVS Motor, Ashok Leyland, ITD Cementations, Titagarh Wagons, VA Tech Wabag, M&M Financial, NMDC, Reliance Capital, Cadila Healthcare and Glenmark Pharma gained up to 3 percent.
Ujjivan Financial, Muthoot Finance, REC, Jaiprakash Associates and Aditya Birla Capital fell up to 5 percent.
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