Key benchmark indices dropped in early trade amid mixed Asian cues after exit polls showed hung parliament in UK after general election. At 9:30 IST, the barometer index, the S&P BSE Sensex was down 84.16 points or 0.27% at 31,129.20. The Nifty 50 index was down 31.15 points or 0.32% at 9,616.10.
The S&P BSE Mid-Cap index fell 0.26%. The S&P BSE Small-Cap index dropped 0.12%. The decline in both the indices was lower than the Sensex's fall in percentage terms.
The breadth, indicating the overall health of the market, was negative. On the BSE, 736 shares fell and 597 shares rose. A total of 59 shares were unchanged.
Overseas, Asian stocks were mixed 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.
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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.
Back home, Infosys (down 2.34%), TCS (down 1.51%) and GAIL (India) (down 1.31%) were the major losers from the Sensex pack.
TCS declined 1.19%. The company announced the launch of BaNCS App Development Kit (ADK) that enables banks to design and build their own apps faster and seamlessly deploy across devices and desktops. The announcement was made after market hours yesterday, 8 June 2017.
IndusInd Bank rose 0.24% after the bank said it raised a $225 million loan from the Overseas Private Investment Corporation (OPIC) for supporting the expansion of the bank's micro, small and medium enterprise (MSME) lending programs across India.
At least 25% of the proposed facility will support women entrepreneurs and reach previously unbanked populations. This eight-year loan is part of the agency's commitment to supporting $1 billion in loans to underserved Small and Medium Enterprises in India. The announcement was made after market hours yesterday, 8 June 2017.
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