Key benchmark indices extended intraday losses and hit fresh intraday low in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 117.04 points or 0.32% at 36,044.60. The Nifty 50 index was down 34.25 points or 0.31% at 11,051.75.
Trading was volatile as traders roll over positions in the futures & options (F&O) segment from the near month January 2018 series to February 2018 series. The January 2018 derivatives contract expires today, 25 January 2018.
Key indices opened almost flat and declined as the session progressed. The Sensex rose 85.38 points, or 0.24% at the day's high of 36,247.02 in early trade. The index fell 144.16 points, or 0.40% at the day's low of 36,017.48 in mid-morning trade, its lowest intraday level since 23 January 2018. The Nifty rose 9.60 points, or 0.09% at the day's high of 11,095.60 in early trade. The index fell 38.40 points, or 0.35% at the day's low of 11,047.60 in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.20%. The BSE Small-Cap index was down 0.12%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, once again turned negative from positive. On BSE, 1,331 shares fell and 1,116 shares rose. A total of 146 shares were unchanged.
Overseas, Asian shares declined after stocks wobbled on Wall Street. US stocks closed mixed on Wednesday as markets focused on a mix of corporate earnings, trade war concerns and the broad decline in the US currency. The Dow Jones Industrial Average rose 0.16%. The S&P 500 index shed 1.59 points, while the Nasdaq Composite Index fell 0.6%.
Back home, metal shares bucked weak market trend. Vedanta (up 2.63%), Hindustan Copper (up 2.06%), JSW Steel (up 2.04%), National Aluminium Company (up 1.98%), Hindustan Zinc (up 1.89%), Hindalco Industries (up 1.56%), Steel Authority of India (up 1.17%), NMDC (up 0.83%), Jindal Steel & Power (up 0.65%) and Tata Steel (up 0.14%), edged higher. Bhushan Steel was down 0.97%.
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Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2018 delivery was currently up 0.63% at $3.249 per pound on the COMEX.
Most FMCG shares declined. Godrej Consumer Products (down 2.13%), Britannia Industries (down 1.03%), Procter & Gamble Hygiene & Health Care (down 0.53%), Bajaj Corp (down 0.44%), Jyothy Laboratories (down 0.41%), Hindustan Unilever (down 0.16%), Colgate Palmolive (India) (down 0.07%) and Marico (down 0.06%), edged lower. Nestle India (up 0.34%), Dabur India (up 0.67%), GlaxoSmithKline Consumer Healthcare (up 1.02%) and Tata Global Beverages (up 1.53%), edged higher.
Bharat Bijlee spurted 9.46% after net profit galloped 190.7% to Rs 9.65 crore on 34.3% growth in net sales to Rs 227.71 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 24 January 2018.
Bharat Electronics rose 2.01% after the company said that its board of directors at a meeting scheduled on 30 January 2018 will consider proposal of buyback of shares. The announcement was made after market hours yesterday, 24 January 2018.
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