Key benchmark were trading weak in early trade after a gap-down opening on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 174.79 points or 0.59% at 29,310.66. The Nifty 50 index was down 52.35 points or 0.57% at 9,069.15.
The BSE Mid-Cap index was down 0.91%. The BSE Small-Cap index was down 0.63%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,031 shares declined and 388 shares rose. A total of 74 shares were unchanged.
Overseas, Asian stocks were trading lower as investors re-evaluated their optimism around the 'Trump trade.' In Japan, exports rose at the sharpest rate in two years in February as demand from China and other parts of Asia jumped, underpinning a modest but continuing recovery in the world's third-largest economy. Merchandise exports grew 11.3% in value terms from a year earlier to 6.347 trillion yen, after increasing 1.3% in January, according to data released yesterday, 21 March 2017 by the Ministry of Finance.
US stocks sank yesterday, 21 March 2017 as the Dow and the Nasdaq logged their worst daily drops since September, while the S&P 500 also tumbled the most in a single session in five months on concerns about US president Donald Trump's ability to push through major reforms.
Shares have been broadly stronger globally since the US presidential elections, buoyed by Donald Trump's talk of reforming the tax system and investing in infrastructure. However, a series of recent roadblocks ahead of the coming vote to dismantle the Affordable Care Act is seeing the market question Trump's ability to deliver on his policy promises, and triggered a pullback.
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Back home, Bharti Airtel (down 2.72%), ICICI Bank (down 1.73%) and Tata Motors (down 1.27%) edged lower from the Sensex pack.
Hindustan Unilever (HUL) slipped 0.12%. HUL announced that it has commenced the commercial production in its new manufacturing unit at Assam on 15 March 2017. The announcement was made after market hours yesterday, 21 March 2017. The company had earlier informed about setting up new manufacturing unit in Assam to augment the production capacity of personal care products of the company.
Indiabulls Housing Finance lost 1.85%. The company announced that it has allotted its seventh tranche of secured, redeemable, non-convertible debentures of face value Rs 10 lakh each (NCDs) aggregating Rs 600 crore i.e. Rs 500 crore plus Greenshoe option of Rs 100 crore. The announcement was made after market hours yesterday, 21 March 2017.
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