Key benchmark indices hit fresh intraday low in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex was down 71.81 points or 0.22% at 32,961.75. The Nifty 50 index fell 33.60 points or 0.33% at 10,191.35. The Sensex alternately swung above and below the 33,000 level so far. Selling was triggered as the possibility of the central bank cutting interest rates next month was dampened after inflation picked up in October. Subdued trading in other Asian stocks also negatively influenced trading sentiment.
Key indices opened the session slightly lower. Later, indices hovered around the flat line till morning trade. Later, key indices extended slide.
The Sensex lost 119.14 points or 0.36% at the day's low of 32,914.42 in afternoon trade, its lowest level since 26 October 2017. The index rose 92.99 points or 0.28% at the day's high of 33,126.55 in early trade. The Nifty lost 44.25 points or 0.43% at the day's low of 10,180.70 in afternoon trade, its lowest level since 23 October 2017. The index rose 23.05 points or 0.22% at the day's high of 10,248 in early trade.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.15%. The S&P BSE Small-Cap index was down 0.12%. The losses for both the indices were lower than the Sensex's slide in percentage terms.
The breadth, indicating the overall health of the market, was negative. On BSE, 1,420 shares declined and 1,112 shares rose. A total of 134 shares were unchanged.
Most metal shares declined. Hindustan Copper (down 1.87%), Bhushan Steel (down 1.26%), National Aluminium Company (down 0.57%), Jindal Steel & Power (down 0.49%), Hindustan Zinc (down 0.48%), Vedanta (down 0.38%) and Tata Steel (down 0.33%), edged lower. JSW Steel (up 0.28%), Hindalco Industries (up 0.40%) and Steel Authority of India (up 0.44%), edged higher.
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Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 0.03% at $3.1155 per pound on the COMEX.
State-run NMDC was up 0.08% after net profit rose 9.54% to Rs 844.30 crore on 25.76% rise in total income to Rs 2531.18 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 13 November 2017.
NMDC's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 19.33% to Rs 1312.70 crore in Q2 September 2017 over Q2 September 2016. NMDC said that average basic domestic iron ore price rose 35.4% to Rs 2276 in Q2 September 2017 over Q2 September 2016.
Pharmaceutical shares were mixed. Sun Pharmaceutical Industries (down 1.44%), GlaxoSmithKline Pharmaceuticals (down 1.42%), IPCA Laboratories (down 1.28%), Alkem Laboratories (down 0.17%), Strides Shasun (down 0.08%) and Aurobindo Pharma (down 0.06%), edged lower. Piramal Enterprises (up 0.05%), Glenmark Pharmaceuticals (up 0.77%), Wockhardt (up 0.95%), Cipla (up 1.10%), Divi's Laboratories (up 1.44%), Lupin (up 1.45%) and Cadila Healthcare (up 3.61%), edged higher.
Drug major Dr Reddy's Laboratories was flat at Rs 2,344.30. The company announced during trading hours today, 14 November 2017, that it has launched Clofarabine Injection, a therapeutic equivalent generic version of Clolar (clofarabine) Injection in the United States market, approved by the US Food & Drug Administration (USFDA). The brand and generic had US sales of approximately $53 million MAT for the most recent twelve months ended in September 2017, according to IMS Health. Dr. Reddy's Laboratories' Clofarabine Injection is available in single-dose, 20 mL flint vials containing 20 mg of clofarabine in 20 mL of solution (1 mg/mL). Clolar is a registered trademark of Genzyme Corporation.
Kalpataru Power Transmission rose 3.53% after net profit rose 23.66% to Rs 71.49 crore on 9.45% rise in total income to Rs 1237.52 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 13 November 2017.
PTC India Financial Services tumbled 7.50% after net profit tumbled 74.49% to Rs 21.66 crore on 11.42% drop in total income from operations to Rs 297.12 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 13 November 2017.
On absolute basis, the company's gross non-performing assets (NPAs) stood at Rs 622.52 crore as on 30 September 2017, compared with Rs 638.83 crore as on 30 June 2017 and Rs 403.85 crore as on 30 September 2016. The ratio of gross NPAs to gross advances stood at 5.92% as on 30 September 2017 as against 5.83% as on 30 June 2017 and 4.29% as on 30 September 2016. The ratio of net NPAs to net advances stood at 4.28% as on 30 September 2017 as against 4.11% as on 30 June 2017 and 2.86% as on 30 September 2016.
On the macro front, data released by the government during market hours today, 14 November 2017 showed that the annual rate of inflation, based on monthly wholesale price index (WPI), stood at 3.59% (provisional) for the month of October 2017 as compared to 2.6% (provisional) for the previous month and 1.27% during the corresponding month of the previous year.
Data released by the government after market hours yesterday, 13 November 2017 showed that India's inflation based on consumer price index (CPI) has accelerated to 3.58% in October 2017, mainly driven by higher prices of food and fuel. In September, the CPI inflation was 3.28%.
Overseas, Asian stocks edged lower following a lackluster session on Wall Street and also as investors digested the release of a slew of Chinese economic data points. Industrial output in China was up 6.2% on year in October, the National Bureau of Statistics said today, 14 November 2017. It was down from 6.6% growth in September. Another data released today, 14 November 2017 showed China's retail sales of consumer goods grew 10% year on year in October, down from 10.3% registered in September.
US stocks closed slightly higher yesterday, 13 November 2017 as worries about tax reform, capped gains in the major indexes.
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