Key benchmark indices languished in the negative terrain in morning trade despite mostly higher Asian stocks. At 10:20 IST, the barometer index, the S&P BSE Sensex was down 65.10 points or 0.21% at 31,147.87. The Nifty 50 index was down 23.15 points or 0.24% at 9,624.10.
After opening slightly lower, key indices hovered in the negative terrain so far during the session.
The S&P BSE Mid-Cap index fell 0.25%. The decline in the index was higher than the Sensex's fall in percentage terms. The S&P BSE Small-Cap index up 0.17%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 965 shares fell and 886 shares rose. A total of 99 shares were unchanged.
IT stocks traded mixed. Tech Mahindra (down 2.32%), Oracle Financial Services Software (down 0.01%), and Wipro (down 1.16%) edged lower. HCL Technologies (up 0.22%), TCS (up 0.6%), and MphasiS (up 0.02%) gained.
Infosys shed 2.28% after reports suggested co-founders of Infosys are exploring a sale of their entire 12.75% stake in the company worth about Rs 28000 crore. This move is said to have been triggered by the promoters' unhappiness over the manner in which the company has been run since their exit three years ago.
More From This Section
Shares of hydropower companies jumped on reports the government has decided to provide a Rs 16000 crore bailout package to the hydropower sector. NHPC (up 7.94%) and SJVN (up 4.33%) edged higher.
According to reports, this is the first package for the power sector provided by the current government. This package includes a 4% interest subvention to projects with total capacity of 11,639 megawatts (MW) and the creation of a Hydro Power Development Fund. The fund would be financed with either coal cess, or from the National Clean Energy Fund or the pool for the Development of North Eastern Region (DONER).
Greenply Industries rose 1.64% after the company said that its step-down subsidiary GREENPLY GABON SA, Gabon, West Africa has commenced commercial production of Veneer, at its manufacturing unit at Nkok SEZ, Gabon, West Africa. The announcement was made after market hours yesterday, 8 June 2017.
Sunteck Realty rose 0.72% after the company's board of directors approved a 2-for-1 stock-split proposal. The announcement was made after market hours yesterday, 8 June 2017.
Ceat rose 0.87% after a foreign brokerage has reportedly initiated coverage on the Ceat stock with an outperform rating with a price target of Rs 2,250 per share. The brokerage said that the tyre maker has a stronger brand and wider reach. The tyre industry's pricing response to cost increases is positive, it added.
Overseas, most Asian stocks rose after exit polls in the UK's general election project Prime Minister Theresa May's Conservatives will be the largest party, but possibly falling short of a majority. May had unexpectedly called the snap election seven weeks ago, confident of sharply increasing the slim majority she had inherited from predecessor David Cameron before launching into the Brexit talks. Instead, she risked an ignominious exit after just 11 months at Number 10 Downing Street.
US stocks notched meager gains yesterday, 8 June 2017 but the Nasdaq Composite index closed at a record after former Federal Bureau of Investigation (FBI) Director James Comey's appearance in front of the US Senate Intelligence Committee concluded without any significant revelations.
Comey accused President Donald Trump of firing him to try to undermine the agency's investigation of possible collusion by Trump's campaign with Russia's alleged efforts to influence the 2016 presidential election. During more than two hours of testimony, Comey told the Senate Intelligence Committee he believed Trump had directed him in February to drop an FBI probe into the Republican president's former national security adviser, Michael Flynn, as part of the broader Russia investigation.
The European Central Bank (ECB) yesterday, 8 June 2017, as expected, left interest rates unchanged but said it continued to expect interest rates to remain at present levels for an extended period of time, and well past the horizon of its asset-buying program, which is set to run at least through December. In previous statements, the ECB had said it expected rates to remain at present or lower levels for an extended period of time.
Powered by Capital Market - Live News