Domestic stocks kick-started trading for the week on a dull note on negative global cues. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 131.26 points or 0.42% at 31,130.80. The Nifty 50 index was down 37.40 points or 0.39% at 9,630.85.
The S&P BSE Mid-Cap index was down 0.22%. The S&P BSE Small-Cap index was down 0.14%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 710 shares fell and 555 shares rose. A total of 72 shares were unchanged.
Overseas, Asian stocks were trading lower as investors assessed the risks from political turmoil in the UK. In US, technology stocks sold off sharply on Friday, 9 June 2017 taking a toll on the Nasdaq and dragging on other major Wall Street indexes, which touched record highs earlier in the day.
Markets turned cautious, following the surprise hung parliament result from the UK election on Friday, 9 June 2017. Investors are also weighing France's parliamentary elections, where the first round showed President Emmanuel Macron's party headed for a majority.
Back home, Wipro (down 1.43%), State Bank of India (down 1.01%) and L&T (down 0.88%) edged lower from the Sensex pack.
Tata Motors lost 1.41% after the company's global wholesales including Jaguar Land Rover (JLR) declined by 1% to 86,385 units in May 2017 over May 2016. The announcement was made after market hours on Friday, 9 June 2017.
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Coal India (CIL) shed 0.31%. CIL in its clarification with regard to media news item titled "CIL to shut 37 mines ignoring unions threat, said that every year, subsidiaries of CIL generally undertake an exercise to determine profit/loss making operating mines for comparative study of the performance of such mines over previous years as well as for opening of new mines. The announcement was made after market hours on Friday, 9 June 2017.
Government of India (Ministry of Coal) during the review meeting with CIL & its subsidiaries noted that substantial number of mines which are not been able to recover salary of the workers and directed that all subsidiaries of CIL to conduct a detailed study of such mines and report the action taken to list out the unviable mines, the company said.
In view of above, an action plan has been prepared by subsidiaries in which 37 unviable UG mines has been envisaged to be closed in 2017-18. The identified surplus manpower from these mines would be gainfully redeployed in nearby mines of areas to reduce further loss in these mines, CIL said.
Meanwhile, the GST Council in its 16th meeting on Sunday, 11 June 2017 reportedly decided to revise tax rates on 66 products and widened the scope of a concessional tax payment scheme for small businesses and restaurants. The council will meet again on 18 June 2017 to take stock of the rollout preparedness and any new proposal. The council also decided to go ahead with the planned 1 July 2017 rollout.
Among macro economic data, the government will announce industrial production data for the month of April 2017 after market hours today, 12 June 2017. The data on inflation based on consumer price index (CPI) or retail inflation for May 2017 will also be announced after market hours today, 12 June 2017.
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