Key benchmark indices extended initial fall and hit fresh intraday low in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 165.05 points or 0.53% at 31,097.01. The Nifty 50 index was down 47.70 points or 0.49% at 9,620.55. Today's market slide was led by index heavyweights Reliance Industries, L&T and ITC. Weak global cues played the spoilsport for domestic stocks.
Domestic stocks kick-started trading for the week on a dull note on negative global cues.
The S&P BSE Mid-Cap index was down 0.23%. The S&P BSE Small-Cap index was down 0.24%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,203 shares fell and 920 shares rose. A total of 102 shares were unchanged.
Overseas, Asian stocks were trading lower as investors assessed the risks from political turmoil in the UK. In US, technology stocks sold off sharply on Friday, 9 June 2017 taking a toll on the Nasdaq and dragging on other major Wall Street indexes, which touched record highs earlier in the day.
Markets turned cautious, following the surprise hung parliament result from the UK election on Friday, 9 June 2017. Investors are also weighing France's parliamentary elections, where the first round showed President Emmanuel Macron's party headed for a majority.
Back home, cement stocks fell. Ambuja Cements (down 0.17%), ACC (down 0.19%), UltraTech Cement (down 0.4%) fell. Shree Cement (up 0.06%) rose.
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Grasim Industries was up 0.94%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Realty stocks gained. DLF (up 1.33%), Indiabulls Real Estate (up 4.56%), Housing Development and Infrastructure (up 0.4%), D B Realty (up 0.06%), Unitech (up 0.97%), Phoenix Mills (up 0.74%), Godrej Properties (up 0.13%), Prestige Estates Projects (up 2.09%) rose. Sobha (down 0.78%), Oberoi Realty (down 0.19%) and Parsvnath Developers (down 1.58%) fell.
Amtek Auto lost 1.54% after the company reported net loss of Rs 307.57 crore in Q4 March 2017, compared with net loss of Rs 563 crore in Q4 March 2016. Total revenue declined 31.08% to Rs 448.45 crore in Q4 March 2017 over Q4 March 2016.The result was announced on Saturday, 10 June 2017.
Meanwhile, the GST Council in its 16th meeting on Sunday, 11 June 2017 reportedly decided to revise tax rates on 66 products and widened the scope of a concessional tax payment scheme for small businesses and restaurants. The council will meet again on 18 June 2017 to take stock of the rollout preparedness and any new proposal. The council also decided to go ahead with the planned 1 July 2017 rollout.
Among macro economic data, the government will announce industrial production data for the month of April 2017 after market hours today, 12 June 2017. The data on inflation based on consumer price index (CPI) or retail inflation for May 2017 will also be announced after market hours today, 12 June 2017.
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