Key benchmark indices logged modest losses in volatile trade as profit booking emerged after four-day upmove. The barometer index, the S&P BSE Sensex, was down 79.68 points or 0.25% at 31,592.03, as per the provisional closing data. The Nifty 50 index fell 26.20 points or 0.26% at 9,888.70, as per the provisional closing data. Telecom stocks saw mixed trend.
Domestic stocks nudged higher in early trade on positive global stocks. Volatility struck bourses in morning trade as stocks trimmed gains after extending initial gains. Stocks slipped into the red in mid-morning trade and traded with small losses later during the session. Key benchmark indices continued to trade with small losses till mid-afternoon trade. Stock extended fall in late trade and hit fresh intraday low.
The S&P BSE Mid-Cap index provisionally rose 0.49%. The S&P BSE Small-Cap index provisionally rose 0.79%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,503 shares rose and 1,151 shares fell. A total of 106 shares were unchanged.
The total turnover on BSE amounted to Rs 3345.16 crore, higher than the turnover of Rs 2936.64 crore registered during the previous trading session.
Telecom stocks saw mixed trend. Bharti Airtel (up 0.4%), MTNL (up 0.52%), and Reliance Communications (up 0.29%) rose. Tata Teleservices (Maharashtra) (down 1.96%) and Idea Cellular (down 0.81%) declined.
Shares of Bharti Infratel lost 3.08% on profit booking after a recent rally. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel. Shares of Bharti Infratel rose 10.79% in five trading sessions to settle at Rs 416.80 yesterday, 4 October 2017, from its close of Rs 376.20 on 26 September 2017.
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ICICI Bank lost 1.45%. The bank said that the committee of executive directors of the bank approved the allotment of 4,750 Basel III compliant unsecured subordinated perpetual additional Tier 1 bonds aggregating Rs 475 crore on private placement basis. The notes carry a coupon of 8.55% per annum payable annually and were issued at par. The announcement was made after market hours yesterday, 4 October 2017.
Wipro rose 0.42% after the company announced that it has signed a definitive agreement to acquire Cooper, an award-winning design and business strategy consultancy. Cooper will become part of Designit, Wipro Digital's strategic design arm, further strengthening its design and innovation capabilities, expanding its reach in North America and adding capabilities in professional design education. The acquisition is subject to customary closing conditions and is expected to be closed in the third quarter of fiscal 2017-18. The announcement was made before market hours today, 5 October 2017.
Glenmark Pharmaceuticals rose 1.86% on reports that the UK drug regulator has renewed a manufacturing certificate for the company's Baddi unit. According to reports, UK drug regulator has renewed a manufacturing certificate for Glenmark Pharmaceuticals' Baddi unit in Himachal Pradesh. Further, Czech drug body has also renewed the manufacturing certificate of Glenmark Pharmaceuticals' Fibichova unit in Czechia, reports added.
On the macro front, the seasonally adjusted Nikkei India Services PMI Business Activity Index pointed to a return to growth of output. The headline figure rose from 47.5 in August to 50.7 in September, a reading that was indicative of a slight pace of expansion. The Indian service sector recovered from the GST-related contractions registered in the previous two months, as signalled by renewed increases in new business and output. The data was released during market hours today, 5 October 2017.
Overseas, most European stocks were trading higher. Asian stocks gained in holiday-thinned trade. Stock markets in Hong Kong, China, and South Korea were closed for holidays.
US stocks posted modest gains yesterday, 4 October 2017 extending their recent streak of advances that's taken all major benchmarks to record levels. The Dow Jones Industrial Average eked out a small gain of 19.97 points, or 0.1%, to 22,661.57. The Nasdaq Composite Index meanwhile, advanced 2.91 points, or less than 0.1%, to 6,534.63, as gains were limited by a slump in technology shares. The S&P 500 rose 3.16 points, or 0.1%, to 2,537.74.
In US economic news, Markit's September figure for its services purchasing managers index dipped to 55.3 in September from 56 in August. The Institute for Supply Management's index of non-manufacturing activity rose to 59.8 in September, compared with 55.3 in the prior period and marked its highest level since mid-2005. A reading of 50 or greater indicates expansion.
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