Key indices continued to hover in negative terrain with small losses in early afternoon trade in a listless and rangebound session of trade so far. At 12:20 IST, the barometer index, the S&P BSE Sensex was down 67.71 points or 0.22% at 30,183.27. The Nifty 50 index fell 27.85 points or 0.3% at 9,394.55. Investors booked profits after indices scaled record highs yesterday, 11 May 2017 as drop in most of the global stocks weighed on sentiment. FMCG and auto stocks were mixed.
Key indices hovered in the negative terrain after slipping into the red in morning trade after opening with small gains.
The BSE Mid-Cap index fell 0.51%. The BSE Small-Cap index shed 0.52%. The declines in both the indices were higher than the Sensex's fall in percentage terms.
The market breadth depicted weakness. There were almost two losers for every gainer on BSE. 1,641 shares fell and 839 shares rose. A total of 145 shares were unchanged.
FMCG stocks traded mixed. Tata Global Beverages (down 1.23%), Britannia Industries (down 0.13%), Hindustan Unilever (HUL) (down 0.42%), Godrej Consumer Products (down 0.89%), Bajaj Corp (down 1.8%), and Nestle India (down 0.73%) declined. Marico (up 0.72%), Procter & Gamble Hygiene and Health Care (up 1.1%), Dabur India (up 0.66%), Colgate Palmolive India (up 0.55%), GlaxoSmithkline Consumer Healthcare (up 0.56%), and Jyothy Laboratories (up 0.48%) gained.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (down 0.59%), Ashok Leyland (down 0.35%), Maruti Suzuki India (down 0.44%), and Eicher Motors (down 0.08%) declined. Bajaj Auto (up 0.26%), Hero MotoCorp (up 1.42%), Tata Motors (up 0.66%) gained.
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TVS Motor Company rose 1.25% after the company said it entered into an exclusive strategic arrangement with Guatemala-based Masesa for distribution of its two- and three-wheelers in Central America. The announcement was made after market hours yesterday, 11 May 2017.
TVS Motor Company announced its alliance with MASESA (Mayor Servicios Socieda Anonima), a Guatemala-based company that is a leader in the commercialization of motorcycles and Tuk Tuks in the Central American region. In the first phase of this association, 5 emblematic exhibition and sales rooms will be installed in the region, which will also offer the entire range of spare parts and technical service, in turn the products of TVS Motor Company will be available in the 500 dealers Masesa has throughout Central America.
Force Motors shed 1.46% after net profit dropped 25.29% to Rs 54.91 crore on 7.08% fall in net sales to Rs 828.12 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 11 May 2017.
Pennar Engineered Building Systems lost 4.96% after net profit fell 39.3% to Rs 8.77 crore on 8.8% increase in net sales to Rs 150.09 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 11 May 2017.
Overseas, Asian stocks were mixed. US stocks retreated yesterday, 11 May 2017 as a clutch of weaker-than-expected earnings reports and lingering concerns that President Donald Trump's pro-business agenda may face delays sapped buying appetite.
On economic data front, US producer prices showed a broad-based gain in April, which pushed the annual increase up to the largest advance in five years, government data showed. The Labor Department said on Thursday its producer-price index for final demand rose 0.5% last month.
In Europe, the Bank of England yesterday, 11 May 2017 left its key interest rate at 0.25%, meeting widely held expectations. The vote to hold the rate steady was 7-1, with board member Kristen Forbes backing an increase. The central bank left unchanged the size of its asset purchase program at 435 billion ($562 billion) and its corporate-bond purchase program at 10 billion. The bank in its quarterly inflation report reduced its forecast for 2017 economic growth to 1.9% from 2%.
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