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Market edges lower in early trade

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Capital Market
Last Updated : Nov 15 2017 | 12:01 AM IST

Key benchmark indices edged lower in early trade on weak global cues. At 9:15 IST, the barometer index, the S&P BSE Sensex was down 21.16 points or 0.06% at 33,012.40. The Nifty 50 index fell 5.70 points or 0.06% at 10,219.25. Data showing rise in India's retail inflation last month also weighed on sentiment.

The S&P BSE Mid-Cap index rose 0.07%. The S&P BSE Small-Cap index advanced 0.21%. Both the indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On BSE, 664 shares rose and 500 shares declined. A total of 53 shares were unchanged.

TCS fell 1.04% at Rs 2,730.30. The company announced that the Mississippi, Rhode Island and Maine (MRM) Consortium now known as ReEmpIoyUSA has gone live on the cloud with the TCS developed Unemployment Insurance (UI) system. Mississippi is now operating on the multi-tenant capable, fully integrated, re-engineered UI Benefits and Tax system hosted in a FedRAMP certified Government Cloud, while the States of Maine and Rhode Island will follow soon, using the same solution. The announcement was made after market hours yesterday, 13 November 2017.

Hero MotoCorp was up 0.49% at Rs 3,601.15. In response to the queries by media on impact of the recent National Green Tribunal (NGT) order, the company said that all its manufacturing facilities are fully-compliant units and follow the best-standard green manufacturing practices. The company's operations have been marginally impacted due to the short supply of materials on account of transportation, it added. The announcement was made after market hours yesterday, 13 November 2017.

Adani Enterprises was up 2.1% at Rs 155.90. The company reported a consolidated net loss of Rs 15.09 crore in Q2 September 2017, compared with net profit of Rs 36.27 crore in Q2 September 2016. Net sales rose 19.6% to Rs 9083.10 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 13 November 2017.

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On the macro front, 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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First Published: Nov 14 2017 | 9:15 AM IST

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