The stock market extended intraday slide in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, fell 140.79 points or 0.42% at 33,315. The Nifty 50 index declined 53.45 points or 0.52% at 10,268.80.
Key indices slipped on profit booking after previous three sessions of gains. Also, lack of proper direction in Asian trading dented investor sentiment. Indices started the session on a shaky note and languished in red in the morning trade.
The S&P BSE Mid-Cap index fell 0.46%, underperforming the Sensex. The S&P BSE Small-Cap index declined 0.1%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,291 shares declined and 1,023 shares rose. A total of 118 shares were unchanged.
Shares of telecom and telecom tower infrastructure providers declined. Bharti Infratel (down 2.35%), Bharti Airtel (down 1.71%), Idea Cellular (down 1.67%) and Reliance Communications (down 0.34%) edged lower.
Realty stocks were mostly lower. Prestige Estates Projects (down 2%), DLF (down 1.34%), Sobha (down 1.28%), Oberoi Realty (down 0.76%), Indiabulls Real Estate (down 0.48%), D B Realty (down 0.41%) and Godrej Properties (down 0.33%) declined. Unitech (up 0.5%), HDIL (up 0.09%) and Brigade Enterprises (up 0.62%) gained.
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Repro India slumped 6.14% at Rs 810 after the company reported 85.4% slide in consolidated net profit to Rs 2.54 crore on 7.4% drop in net sales to Rs 68.04 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 11 December 2017. The stock had hit 20% upper circuit to settle at Rs 862.95 ahead of the results yesterday, 11 December 2017.
On macro front, the government will announce industrial production data for October today, 12 December 2017. India's industrial production increased by 3.8% year-on-year in September, following an upwardly revised 4.5% gain in the previous month.
The government will announce today, 12 December 2017, inflation data based on consumer price index (CPI) for November. Consumer prices increased 3.58% year-on-year in October, above 3.28% in September.
Overseas, Asian stocks were mixed. US equities closed higher yesterday, 11 December 2017, reversing earlier weakness following a terror incident near New York City's Times Square. The Dow Jones Industrial Average and the S&P 500 notched record closing highs.
The US Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates later in global day today, 12 December 2017. The US Federal Reserve will announce its interest rate decision tomorrow, 13 December 2017. The Federal Reserve left the target range for its federal funds rate unchanged at 1% to 1.25% during its November 2017 meeting as widely expected.
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