Key indices hovered in negative terrain with small losses in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex was down 35.06 points or 0.12% at 30,215.92. The Nifty 50 index fell 15.50 points or 0.16% at 9,406.90. Profit booking kicked in after indices scaled record highs yesterday, 11 May 2017. Cement stocks dropped. Most IT stocks gained.
After opening with small gains and hovering near the flat line, key indices slipped into the red in morning trade.
The BSE Mid-Cap index fell 0.36%. The BSE Small-Cap index shed 0.32%. The declines in both the indices were higher than the Sensex's fall in percentage terms.
The breadth indicating health of the market was weak. On BSE, 1,506 shares fell and 858 shares rose. A total of 144 shares were unchanged.
Cement stocks dropped. ACC (down 1.31%), Shree Cement (down 0.9%), Ambuja Cements (down 0.73%), and UltraTech Cement (down 0.29%) declined.
Grasim Industries declined 0.7%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Also Read
Most IT stocks advanced. Tech Mahindra (up 1.19%), HCL Technologies (up 0.76%), Infosys (up 1.65%), and Wipro (up 0.39%) edged higher. Oracle Financial Services Software (down 0.63%) and TCS (down 0.16%) edged lower.
TVS Motor Company rose 0.81% 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.
Igarashi Motors fell 2.41% after net profit declined 3.61% to Rs 17.88 crore on 1.41% growth in net sales to Rs 128.41 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 11 May 2017.
Nilkamal lost 4.08% after net profit declined 1.56% to Rs 32.21 crore on 6.9% rise in net sales to Rs 531.87 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 11 May 2017.
Balaji Amines slumped 6.02% after net profit fell 23.4% to Rs 17.87 crore on 7.3% increase in net sales to Rs 193.14 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%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content