Key benchmark indices hit fresh intraday low in mid-morning trade as selling pressure intensified. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 43.66 points or 0.13% at 33,222.50. The Nifty 50 index was down 26.10 points or 0.25% at 10,337.55.
The Sensex rose 28.14 points, or 0.08% at the day's high of 33,294.30 in morning trade. The index fell 91.17 points, or 0.27% at the day's low of 33,174.99 in mid-morning trade, its lowest level since 27 October 2017. The Nifty rose 4.05 points, or 0.04% at the day's high of 10,367.70 in morning trade. The index fell 39.70 points, or 0.38% at the day's low of 10,323.95 in mid-morning trade, its lowest level since 27 October 2017.
Among secondary barometers, the BSE Mid-Cap index was down 0.07%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was up 0.22%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,198 shares rose and 1,177 shares fell. A total of 126 shares were unchanged.
IT shares were mixed. Infosys (down 1.78%), Hexaware Technologies (down 1.37%), MphasiS (down 1.31%), Tech Mahindra (down 1.23%), MindTree (down 0.89%) and Oracle Financial Services Software (down 0.43%), edged lower. Wipro (up 0.24%), TCS (up 0.50%), Persistent Systems (up 0.84%) and HCL Technologies (up 1.82%), edged higher.
Power generation shares were mixed. Adani Power (down 3.59%), Torrent Power (down 2.73%), JSW Energy (down 1.9%), Tata Power (down 1.28%) and Reliance Power (down 0.24%), edged lower. Reliance Infrastructure (up 0.46%), NHPC (up 0.52%), CESC (up 1.72%), Jaiprakash Power Ventures (up 2.74%) and GMR Infrastructure (up 4.67%), edged higher.
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State-run NTPC was down 0.14%. The company informed that Unit#2 of 250 MW of Bongaigaon Thermal Power Project (3 X 250 MW) will be declared on commercial operation from 1 November 2017. With this, the commercial capacity of NTPC would become 43642 MW and that of NTPC Group would become 50858 MW. The announcement was made during trading hours today, 31 October 2017.
State-run Coal India was down 1.83%. State-run Power Grid Corporation of India was up 0.49%.
Bharat Electronics gained 4.36% after net profit rose 19.1% to Rs 412.39 crore on 46.1% rise in net sales to Rs 2431.73 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
Bharat Electronics was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company servicing the needs of customers in diverse fields in India and abroad.
Central Bank of India lost 1.26% after the bank reported net loss of Rs 750.41 crore in Q2 September 2017, higher than net loss of Rs 641.82 crore in Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
The bank's total income dropped 1% to Rs 6896.26 crore in Q2 September 2017 over Q2 September 2016. The bank's gross non-performing assets (NPAs) stood at Rs 31641.15 crore as on 30 September 2017 as against Rs 31398.47 crore as on 30 June 2017 and Rs 25717.95 crore as on 30 September 2016. The ratio of gross NPAs to gross advances stood at 17.27% as on 30 September 2017 as against 18.23% as on 30 June 2017 and 13.7% as on 30 September 2016. The ratio of net NPAs to net advances stood at 9.53% as on 30 September 2017 as against 11.04% as on 30 June 2017 and 8.17% as on 30 September 2016. The bank's provisions and contingencies rose 18.08% to Rs 1961.66 crore in Q2 September 2017 over Q2 September 2016.
Overseas, Asian stocks were mixed following weak closing in the US market. Japan's Nikkei 225 was flat after the Bank of Japan (BoJ) lowered some of its price forecasts and left policy unchanged Tuesday. The Japanese central bank voted 8-1 to keep its short- and long-term interest rates unchanged as it continues to inject huge amounts of cash into the financial sector in the hope of reaching its 2% inflation goal.
US stocks ended lower overnight as a report that the House of Representatives is considering phasing in a cut to corporate taxes rather than enacting them immediately weighed on investors' confidence. Tax cuts are the centerpiece in President Donald Trump's business-friendly agenda and are viewed as critical to sustaining the stock market rally. The Dow Jones Industrial Average shed 0.4%, the S&P 500 index fell 0.3%, and the Nasdaq Composite Index set a fresh intraday record, but slid 2.30 points to 6,698.96.
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