Key benchmark indices saw sell-off in volatile trade led by index heavyweights Reliance Industries (RIL), ICICI Bank and HDFC. The barometer index, the S&P BSE Sensex, lost 453.41 points or 1.35% at 33,149.35. The Nifty 50 index lost 134.75 points or 1.3% at 10,226.55. Metal and mining stocks edged lower. Investors remained cautious ahead of release of economic data on GDP and infrastructure output and OPEC meeting.
Markets saw high volatility during the day as traders rolled over positions in the futures & options (F&O) segment from the near month November 2017 series to December 2017 series. The November 2017 derivatives contracts expired today, 30 November 2017.
On the macro front, India's fiscal deficit rose to 96.1% of the full-year target by the end of October, according to data of the Controller General of Accounts (CGA) released today, 30 November 2017. Fiscal deficit rose to Rs 5,25,321 crore between April and October this year. During the same period of 2016-17, the deficit stood at 79.3% of the target.
The government will announce Q2 September 2017 gross domestic product (GDP) data after market hours today, 30 November 2017. India's GDP growth rate slowed to 5.7% in Q1 June 2017, on the back of destocking ahead of Goods and Services Tax (GST) implementation.
India's infrastructure output data for the month of October 2017 is also scheduled to be released after market hours today, 30 November 2017. India's eight core infrastructure sector, carrying 40.27% of the weight of items included in the index of industrial production (IIP), had shown a healthy 5.2% increase in its output in September 2017 over September 2016.
Globally, investors are eyeing the OPEC meeting later in the day. In the OPEC meeting in Vienna, oil producers are reportedly expected to extend a supply cut which has helped push crude prices higher this year.
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Domestic stocks saw gap-down opening taking cues from negative Asian stocks. Key benchmark indices extended early slide in morning trade. Weakness persisted on the bourses in mid-morning trade. Stocks weakened further on fresh selling to hit intraday low in early afternoon trade. Key benchmark indices were hovering near the day's low in afternoon trade. Indices cut losses in mid-afternoon trade. Stocks saw sell-off in late trade.
The S&P BSE Mid-Cap index provisionally fell 0.55%. The fall in this index was lower than the Sensex's decline in percentage terms. The S&P BSE Small-Cap index provisionally rose 0.1%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,423 shares fell and 1,251 shares rose. A total of 153 shares were unchanged.
The total turnover on BSE amounted to Rs 4361.34 crore, higher than the turnover of Rs 4237.26 crore registered during the previous trading session.
Index heavyweight Reliance Industries (RIL) lost 2.42% to Rs 922.60.
Index heavyweight and housing finance major HDFC dropped 1.47% to Rs 1,677.85.
Index heavyweight and banking major ICICI Bank declined 2.17% to Rs 308.20.
Metal and mining stocks edged lower. Tata Steel (down 2.44%), Steel Authority of India (Sail) (down 1.92%), Vedanta (down 1.09%), Hindustan Zinc (down 1.14%), Hindalco Industries (down 2.65%), Hindustan Copper (down 2.77%), JSW Steel (down 0.55%) and Jindal Steel & Power (down 0.15%) edged lower. National Aluminium Company (up 2.43%) rose.
Copper edged higher in the global commodities market. High Grade Copper for March 2018 delivery was currently up 0.44% at $3.0820 per pound on the COMEX.
Overseas, European stocks shrugged off a weak session in Asia to advance as investors switched from some of this year's best-performing sectors into more defensive names and as Brexit negotiators moved closer to a divorce agreement. Asian stocks were trading lower weighed down by a plunge in high-flying tech shares on fears that a long boom in micro-chips may have peaked.
China's official nonmanufacturing purchasing managers' index, a measure of activity outside factory gates, rose to 54.8 in November from 54.3 in October, the National Bureau of Statistics said today, 30 November 2017. The official manufacturing PMI, also released today, 30 November 2017 rose to 51.8 in November from 51.6 in October.
Meanwhile, the Bank of Korea raised its benchmark interest rate for the first time since 2011. The bank raised its policy rate to 1.5% from a record low 1.25% as the economy's steady growth convinced the central bank to embark on policy normalisation.
In US, the Dow Jones Industrial Average closed at a new high yesterday, 29 November 2017 even as the Nasdaq Composite logged its worst day in three months as a selloff in megacap technology shares, such as Facebook Inc., Apple Inc., and Amazon.com Inc., weighed on the tech-heavy index.
The Federal Reserve released the Beige Book, a compilation of anecdotes on the US economy. In the report, the Fed said it detected a slight improvement in the outlook among contacts in its 12 districts with growth remaining at a modest to moderate pace. The central bank has also witnessed strengthening in inflation pressures over the past month with increases passed on the consumers.
In economic news, the US economy's pace of growth in the third quarter was raised to 3.3% from 3% under the government's latest revision to gross domestic product. Pending-home sales jumped 3.5% in October, but remained 0.6% lower than a year ago.
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