A bout of volatility was witnessed as key benchmark indices trimmed losses after hitting fresh intraday low in morning trade. The barometer index, the S&P BSE Sensex, was currently down 14.34 points or 0.06% at 25,893.67. The market breadth indicating the overall health of the market was strong. IT stocks declined. Telecom stocks also declined. Index heavyweight and cigarette maker ITC fell. Key indices have been in red since the beginning of the trading session on weak Asian stocks and after drop in US stocks on Tuesday, 5 August 2014.
At 10:20 IST, the S&P BSE Sensex was down 14.34 points or 0.06% to 25,893.67. The index fell 6.33 points at the day's high of 25,901.68 in morning trade. The index declined 71.78 points at the day's low of 25,836.23 in morning trade.
The CNX Nifty was down 17.85 points or 0.23% to 7,728.70. The index hit a high of 7,739.60 in intraday trade. The index hit a low of 7,715.80 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,152 shares rose and 632 shares fell. A total of 69 shares were unchanged.
The BSE Mid-Cap index was up 40.16 points or 0.43% at 9,312.70. The BSE Small-Cap index was up 80.96 points or 0.8% at 10,192.23. Both these indices outperformed the Sensex.
Index heavyweight and cigarette maker ITC fell 1.03% to Rs 352.10. The stock hit high of Rs 354.95 and low of Rs 351.45 so far during the day.
IT stocks declined. TCS (down 0.2%), Wipro (down 0.08%), and Tech Mahindra (down 0.54%) declined. Infosys (up 1.57%) and HCL Technologies (up 0.7%) gained.
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Telecom stocks declined. Bharti Airtel (down 0.5%), Idea Cellular (down 1.99%), MTNL (down 1.88%), Tata Teleservices (Maharashtra) (down 0.99%) and Reliance Communications (down 0.22%) declined.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.165, compared with its close of 60.84 on Tuesday, 5 August 2014.
Asian stocks dropped today, 6 August 2014, after US stocks fell yesterday, 5 August 2014, amid escalating tensions in Ukraine. Key benchmark indices in Japan, Indonesia, Hong Kong, Singapore, South Korea, China and Taiwan were off 0.34% to 1.05%.
Trading in US index futures indicated that the Dow could fall 7 points at the opening bell on Wednesday, 6 August 2014. US stocks fell on Tuesday, 5 August 2014, as energy shares tumbled and concern increased over escalating tensions in Ukraine.
Service industries in the US expanded in July at the fastest pace since December 2005, according to data from the Institute for Supply Management, indicating the economy was building more momentum at the start of the second half of 2014. Another release showed factory orders rose 1.1% in June, which was higher than market expectations.
Poland's foreign minister warned that a renewed buildup of Russian troops on Ukraine's border may signal an invasion as Russian President Vladimir Putin ordered a response to US and European sanctions. Putin is showing no sign of backing down over Ukraine since the US and the European Union tightened sanctions last week, with Russia amassing forces on its neighbor's border in the biggest military buildup since troops were withdrawn from the area in May.
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