Key benchmark indices settled with small gains after witnessing volatility in intraday trade. The barometer index, the S&P BSE Sensex, rose 36.78 points or 0.11% to 32,869.72, as per the provisional closing data. The Nifty 50 index rose 5.95 points or 0.06% to 10,127.75, as per the provisional closing data. The Sensex provisionally settled below 33,000 mark after crossing that level in opening trade.
The Sensex and the Nifty, both, bounced back after hitting their lowest intraday levels in more than 2-1/2 weeks in early trade. The Sensex rose 175.53 points, or 0.53% at the day's high of 33,008.47 at the onset of trading session. The index fell 47.18 points, or 0.14% at the day's low of 32,785.76 in early trade, its intraday lowest level since 15 November 2017. The Nifty rose 57.40 points, or 0.57% at the day's high of 10,179.20 at the onset of trading session. The index fell 26.10 points, or 0.26% at the day's low of 10,095.70 in early trade, its intraday lowest level since 15 November 2017.
Among secondary barometers, the BSE Mid-Cap index provisionally fell 0.09%. The BSE Small-Cap index provisionally fell 0.52%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,547 shares fell and 1,166 shares rose. A total of 168 shares were unchanged.
The total turnover on BSE amounted to Rs 3719.51 crore, lower than turnover of Rs 4429.79 crore registered during the previous trading session.
Shares of most cement manufacturers edged lower after oil minister Dharmendra Pradhan was quoted as saying that the government is planning to curb the imports of petroleum coke, believed to be a major polluter. UltraTech Cement (down 1.57%) and Ambuja Cements (down 1.04%), edged lower. ACC rose 0.72%.
Grasim Industries was down 1.21%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Also Read
Union petroleum and natural gas Minister Dharmendra Pradhan was quoted as saying that the government is planning to curb the imports of petroleum coke, also known as pet coke', which is believed to be a major polluter. The statement follows reports that US-based oil refineries are exporting pet coke- a carbon-rich solid material derived from oil refining- to India as there aren't many takers for it in their country, as per reports. Pet coke is used as a fuel by cement makers to manufacture clinker. Recently the Supreme Court had banned the use of pet coke in three states surrounding the Delhi-NCR to curb pollution.
Most IT stocks rose. MindTree (up 4.39%), HCL Technologies (up 1.90%), Oracle Financial Services Software (up 1.45%), MphasiS (up 0.98%), Tech Mahindra (up 0.24%) and TCS (up 0.17%), edged higher. Persistent Systems (down 0.66%) and Hexaware Technologies (down 1.72%), edged lower.
IT major Infosys rose 2.68% after the company said its board has appointed Salil S. Parekh as Chief Executive Officer and Managing Director of the company effective 2 January 2018. U B Pravin Rao will step down as the interim CEO and Managing Director effective 2 January 2018 and will continue as Chief Operating Officer and a whole-time Director of the company. The announcement was made on Saturday, 2 December 2017.
IT major Wipro fell 0.10%. The company after market hours on Friday, 1 December 2017, announced that it is a subject of litigation with a long-time customer. The lawsuit relates to an ERP implementation project which began in 2009, and was undertaken by National Grid US. There were multiple vendors on the project. Wipro joined the project in 2010, and the post-Go-live process was completed in 2014. The lawsuit filed in US District Court for the Eastem District of New York seeks damages amounting to $140 million plus additional costs related to the project. The financial implication for Wipro, if any, will depend on the final judgement in the matter.
Shankara Building Products rose 5.93% after the company announced the opening of its 123rd store under the 'Shankara Buildpro' brand at Kundanahalli gate, Bangalore. The store admeasures around 8,399 square feet and houses a diverse basket of product offerings. The announcement was made after market hours on Friday, 1 December 2017.
Overseas, trading in US index futures indicated that the Dow Jones Industrial Average could rise 183.50 points at the opening bell today, 4 December 2017, as investors cheered weekend news that Senate Republicans passed a sweeping overhaul of the US tax code.
European shares were trading higher while Asian stocks settled on a mixed note.
US stocks ended lower on Friday, 1 December 2017, after news surrounding former national-security adviser Michael Flynn added an element of political uncertainty into markets. The Dow Jones Industrial Average and the S&P 500 fell 0.2% each while the Nasdaq Composite Index declined 0.4%.
Media reported that Flynn, the former national security adviser, would testify that he was directed to make contact with Russians during the presidential campaign in 2016. Flynn pleaded guilty to lying to the FBI about his post-election contacts with Russia's ambassador to the US.
Meanwhile, the US Senate approved a tax overhaul on Saturday, 2 December 2017, moving Republicans and President Donald Trump a big step closer to their goal of slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content