Volatility struck bourses in mid-morning trade as the key benchmark indices once again extended losses after staging an intraday recovery in morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 54.39 points or 0.16% at 33,670.05. The Nifty 50 index was down 15.40 points or 0.15% at 10,384.15. Metal and mining stocks edged higher. Most IT stocks declined.
Domestic stocks edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade.
The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.38%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,380 shares rose and 1,021 shares fell. A total of 121 shares were unchanged.
Metal and mining stocks edged higher. Jindal Steel & Power (up 2.69%), Hindalco Industries (up 0.92%), NMDC (up 0.32%), Hindustan Copper (up 0.2%), Vedanta (up 0.51%), JSW Steel (up 0.23%), Tata Steel (up 0.89%) and Steel Authority of India (Sail) (up 0.61%) rose. National Aluminium Company (down 1.72%) and Hindustan Zinc (down 0.26%) fell.
Copper edged lower in the global commodities market. High Grade Copper for March 2018 delivery was currently off 1.31% at $3.1165 per pound on the COMEX.
Most IT stocks declined. MindTree (down 1.24%), TCS (down 0.25%), Wipro (down 0.03%), Oracle Financial Services Software (down 0.07%) and Hexaware Technologies (down 0.43%) fell. HCL Technologies (up 0.02%), Tech Mahindra (up 0.45%) and MphasiS (up 1.6%) rose.
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Infosys fell 0.81%. Infosys announced a partnership with Hewlett Packard Enterprise (HPE) to offer a joint end-to-end mainframe modernization solution, which will provide global enterprise customers robust hardware and advanced software architecture. The announcement was made after market hours yesterday, 27 November 2017.
Separately, Infosys announced a multi-year partnership with the State of Rhode Island to establish an Infosys Design and Innovation hub. Infosys will also hire 500 American workers in Rhode Island over the next five years. The announcement was made after market hours yesterday, 27 November 2017.
Rallis India rose 6.14% to Rs 244.45 after Franklin Templeton Mutual Fund bought 17.81 lakh shares, or 0.92% equity, of the company at Rs 230 each on BSE yesterday, 27 November 2017.
Zuari Agro Chemicals advanced 2.26% to Rs 519.50, with the stock recovering on bargain hunting after recent losses. Shares of Zuari Agro Chemicals had declined 10.06% in the preceding six trading sessions to settle at Rs 508 yesterday, 27 November 2017, from its closing of Rs 564.85 on 17 November 2017.
Overseas, Asian stocks were trading mixed amid uncertainty over the US tax bill. US stocks closed mostly lower yesterday, 27 November 2017 after touching intraday records as an early rally in retail shares largely fizzled. However, the blue-chip Dow bucked the weak trend to eke out a gain.
US President Donald Trump is scheduled to address Senate Republicans today, 28 November 2017 ahead of a potential vote on a tax overhaul. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing is due for her nominated successor, Jerome Powell.
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