Key indices were hovering near flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 21.27 points or 0.06% at 33,392.03. The Nifty 50 index was down 10.25 points or 0.10% at 10,339.90. Cement were shares in demand. Telecom shares were mixed.
The Sensex and the Nifty hit fresh intraday high in early trade. Selling pressure emerged at higher levels, which dragged the key indices to the day's low. Indices, however, bounced back after hitting the intraday low and were hovering in a narrow range near flat line in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.29%. The BSE Small-Cap index was up 0.24%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,313 shares rose and 1,072 shares fell. A total of 117 shares were unchanged.
Car major Maruti Suzuki India was up 0.08% to Rs 8,237.85 after the company said its total production rose 6.23% to 1.41 lakh units in October 2017 over October 2016. The announcement was made during market hours today, 8 November 2017.
Cement were shares in demand. ACC (up 0.49%), UltraTech Cement (up 0.32%) and Ambuja Cements (up 0.07%), edged higher.
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Grasim Industries was up 0.17%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom shares were mixed. Reliance Communications (up 1.29%) and Idea Cellular (up 0.51%), edged higher. MTNL (down 1.22%), Bharti Airtel (down 4.6%) and Tata Teleservices (Maharashtra) (down 4.92%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was up 2.39%.
Tata Coffee lost 4.14% after consolidated net profit fell 23.33% to Rs 23 crore on 3.2% growth in total income to Rs 387 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 7 November 2017. Tata Coffee's growth in top line during the quarter was due to higher sales recorded of Eight O' Clock Coffee (EOC).
TeamLease Services surged 12.25% after the company said that it will acquire around 40% stake in Schoolguru. The announcement was made during market hours today, 8 November 2017.
TeamLease Services and Schoolguru Eduserve, an online learning company that works with 18 Universities, announced the signing of a definitive agreement under which TeamLease will acquire around 40% stake in Schoolguru. The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close before the end of November 2017. Schoolguru will continue to operate as a separate and independent entity. Schoolguru is India's premier technology-led specialized academic services organization established in 2012.
Overseas, Asian stocks were mixed. Geopolitics remain a focus as US President Donald Trump continues his tour of Asia, wrapping up his visit to Seoul on Wednesday and then head to China. Investors were also keeping a wary eye on Saudi Arabia's sweeping anti-graft purge and an escalation of tensions with Iran.
In US, Dow industrials eked out a small gain on Tuesday to end in record territory, but the broader market was weighed down by a selloff in financials, consumer discretionary and small-cap stocks amid concerns over the timing and ultimate shape of tax legislation working its way through Congress. The Dow Jones Industrial Average ended with a gain of 0.4%. The S&P 500 index closed less than a point lower at 2,590.64. Meanwhile, the Nasdaq Composite Index declined 0.27%.
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