Key benchmark indices hovered in a small range in negative zone in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was down 110.53 points or 0.35% at 31,699.02. The Nifty index was down 25.75 points or 0.26% at 9,926.45. Indian stocks edged lower in sync with their global peers triggered by rising geopolitical tensions between the US and North Korea.
Domestic stocks saw a gap-down opening on negative Asian stocks. Key benchmark indices extended early slide and hit fresh intraday low in morning trade. Indices trimmed losses in afternoon trade after hovering in a narrow range in negative zone amid weakness in European stocks.
The S&P BSE Mid-Cap index was up 0.32%. The S&P BSE Small-Cap index was up 0.48%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market was positive. On the BSE, 1,323 shares rose and 1,116 shares fell. A total of 139 shares were unchanged.
Auto stocks saw mixed trend. Maruti Suzuki India (up 0.85%), Escorts (up 0.37%), Eicher Motors (up 0.81%) and TVS Motor Company (up 0.84%) gained.
Mahindra & Mahindra (M&M) (down 0.96%), Tata Motors (down 0.88%), Bajaj Auto (down 0.56%), Hero MotoCorp (down 0.12%) and Ashok Leyland (down 0.88%) declined.
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Sugar stocks rose. Dhampur Sugar Mills (up 1.64%), Bajaj Hindusthan (up 0.07%), Balrampur Chini Mills (up 1.16%), Triveni Engineering & Industries (up 0.27%), Shree Renuka Sugars (up 1.19%), Simbhaoli Sugar Mills (up 1.41%) and Dwarikesh Sugar Industries (up 3.05%) gained. Sakthi Sugars (down 1.09%) fell.
Ruchi Soya Industries rose 5.50% to Rs 22.05 at 13:49 IST on BSE after the company said its board approved exploring internal corporate restructuring. This initiative will result in independent businesses, which would operate in the areas of edible oil refining and brands, palm plantations, oil seed crushing and foods, and renewable energy. The announcement was made during trading hours today, 6 September 2017.
Ruchi Soya Industries announced that in its meeting held today, 6 September 2017, the board of directors have given consent to explore an internal corporate restructuring exercise, which will allow the company to consider various options such as subsidiarisation or de-merger of its business units into separate entities.
Overseas, European stocks were trading lower after orders for Germany's important manufacturing sector dropped unexpectedly in July, official data showed. Total manufacturing orders fell 0.7% compared with June, adjusted for seasonal swings and calendar effects, the ministry said.
Most Asian stocks dropped as investors found ample reasons to stay away from risky assets amid escalating tensions between the US and North Korea. US stocks closed firmly lower yesterday, 5 September 2017 as investors focused on heightened tensions between the West and North Korea and worries about a lack of progress on President Donald Trump's pro-growth agenda.
The case for a continued risk-off tone was supported by a lack of consensus among the US, Russia and China on how to pressure Kim Jong Un to abandon his nuclear ambitions. Russian President Vladimir Putin has rejected US calls for more sanctions, echoing China's resistance to more punitive measures. The standoff between North Korea and the US and its allies escalated over the weekend after Pyongyang said it had successfully tested its largest-ever nuclear bomb.
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