Moneycontrol Bureau12:57 pm Market Update: The Sensex was down 35.48 points at 28016.38, and the Nifty down 5.80 points at 8632.70.About 1458 shares declined against 1083 advancing shares on the BSE.12:45 pm Europe opens: European stocks opened higher despite growing concerns about China's economy after the country's official manufacturing gauge unexpectedly slumped in July.
The pan-European STOXX 600 was up 0.33 percent.
European markets on Monday will be digesting the latest slowdown in manufacturing activity in China where the official manufacturing purchasing managers' index (PMI), which tracks the health of large and state-owned enterprises, came in at 49.9 in July versus a Reuters poll that predicted a 50.0 reading. The 50-point mark separates expansion from contraction.12:35 pm Market Update: Equity benchmarks washed out all gains in afternoon trade, dragged by banks and infra stocks.The 30-share BSE Sensex was down 47.09 points at 28004.77 and the 50-share NSE Nifty rose 0.75 points to 8639.25.12:25 pm Interview: Dilip Buildcon, a Madhya Pradesh-based road construction company, opened its Rs 650 crore initial public offer (IPO) for subscription on Monday at a price band of Rs 214-219 per share. Speaking to CNBC-TV18, Devendra Jain, CEO of the company, said that of the total IPO funds, Rs 200 crore will utilised for reducing current debt of Rs 2,400 crore and the rest will be used as working capital. The company, which has presence in 12 states, will continue to focus on its road business. Its on-going projects include a road order in the south and a Rs 1,600 crore cable suspension order in Goa.Going forward, the focus will be on debt reduction and maintaining overall growth at 10-15 percent level, Jain said.12:15 pm Asia update: Asia markets traded mixed, with Chinese mainland shares falling behind their regional peers as traders digested a slowdown in manufacturing activity in China.
In Japan, the benchmark Nikkei 225 traded up 0.40 percent, reversing earlier losses of 1.2 percent.
Chinese mainland shares, however, sold off, with the Shanghai composite lower by 0.9 percent.Also read - Advanced Enzymes' target for FY17: 100% capacity utilisation12:00 pm Market Check
Equity benchmarks came off day's high with the Nifty trading below the 8700 level, weighed down by ICICI Bank and Larsen & Toubro that fell 3 percent each post earnings.
The 30-share BSE Sensex was up 60.56 points at 28112.42 and the 50-share NSE Nifty gained 20.85 points at 8659.35. The market breadth was also marginally positive as about 1279 shares advanced against 1135 declining shares on the BSE.
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