Key benchmark indices slipped into the red once again after trading near the flat line after regaining positive terrain. Profit booking materialised sighting lower global stocks. At 11:20 IST, the barometer index, the S&P BSE Sensex was down 48.38 points or 0.15% at 31,261.11. The Nifty 50 index was down 10.10 points or 0.05% at 9,665.
Key indices witnessed a gap-up opening and hit scale fresh record highs at the onset of the session. The market soon slipped into the red in early trade. It regained positive terrain in morning trade only to slip once again into the red.
Auto stocks declined on profit booking ahead of the Reserve Bank of India's monetary policy review tomorrow, 7 June 2017. Telecom stocks also declined.
The S&P BSE Mid-Cap index fell 0.16%. The S&P BSE Small-Cap index declined 0.19%. The decline in both the indices was higher than the Sensex's fall in percentage terms.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,344 shares fell and 910 shares rose. A total of 142 shares were unchanged.
Auto stocks declined on profit booking ahead of the Reserve Bank of India's monetary policy review tomorrow, 7 June 2017. Mahindra & Mahindra (M&M) (down 0.4%), Ashok Leyland (down 0.75%), Eicher Motors (down 0.77%), Hero MotoCorp (down 0.41%), Bajaj Auto (down 0.65%) and TVS Motor Company (down 0.1%) declined. Maruti Suzuki India rose 0.03%.
The S&P BSE Auto index declined 0.4%, underperforming the Sensex. The index had gained for the ten straight sessions.
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Telecom stocks also declined. Reliance Communications (RCom) (down 1.92%), Tata Teleservices (Maharashtra) (down 0.15%) and Idea Cellular (down 0.8%) declined.
Bharti Airtel declined 1.17%. The company said that Competition Commission of India (CCI) has approved the proposed merger of Telenor (India) Communications Private Limited with the company. The announcement was made during market hours today, 6 June 2017.
Shares of Bharti Infratel gained 0.24%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
The S&P BSE Telecom index declined 0.61%, underperforming the Sensex. The index snapped two-day winning streak.
Adani Enterprises rose 5.52% after the company said that its coal mining and transportation project for its Carmichael mine in Central Queensland, Australia has been given the green-light. The announcement was made during trading hours today, 6 June 2017.
Adani Enterprises gave final investment approval on Tuesday, 6 June 2017, for its Carmichael coal mine and railway in Australia's north. Adani has signed contracts for design, construction, operations, supply of materials and professional services.
Asian Paints fell 1.36% to Rs 1,146.20 after a bulk deal of 3.81 lakh shares was executed on the scrip at Rs 1,149.50 per share at 10:55 IST on BSE.
IRB Infrastructure Developers fell 0.85% to Rs 232.25 after the stock turned ex-dividend today, 6 June 2017 for an interim dividend of Rs 3 per share for the year ended 31 March 2017. Before turning ex-dividend, the IRB Infrastructure Developers stock offered a dividend yield of 1.28% based on its closing price of Rs 234.25 on the BSE yesterday, 5 June 2017.
Gufic Biosciences surged 5.54% after the company said that it has received two patent certificates from the Intellectual Property India, the Government of India.
It granted patents to the company for the formulation of a freeze dried pharmaceutical composition and process for preparation i.e. process for preparation of parental formulation of Anidulafungin and the second formulation is a freeze dried parental composition of Tigecycline and process for preparation. The announcement was made after market hours yesterday, 5 June 2017.
Overseas, Asian stocks declined following the lower close on Wall Street yesterday, 5 June 2017, and as markets digested the impact of diplomatic tensions between Qatar and other Middle Eastern nations. South Korean markets are closed for Memorial Day.
Saudi Arabia, Egypt, Bahrain, and the United Arab Emirates all severed diplomatic ties with Doha, accusing it of meddling in their internal affairs and backing terrorism, which the country denies.
Stocks in the US closed the session lower yesterday, 5 June 2017 after hitting record highs before the weekend as investors grapple with a variety of geopolitical issues, both domestic and abroad.
On the data front, the latest read on first-quarter output was raised to 1.7% from 1%, while a read on productivity was raised from a -0.6% read to an unchanged level. The Institute for Supply Management's index on the services sector fell 0.6 points in May, though it remains in solidly positive territory.
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