Key benchmark indices dropped further into the red and hit fresh intraday low in mid-morning trade as subdued Asian stocks dampened sentiment. At 11:25 IST, the barometer index, the S&P BSE Sensex fell 262.85 points or 0.83% at 31,487.97. The Nifty 50 shed 82.15 points or 0.83% at 9,830.65. The Sensex and Nifty hit fresh level of almost one-week low on intraday basis.
The S&P BSE Mid-Cap index lost 0.2%. The S&P BSE Small-Cap index fell 0.32%. 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 weak. On the BSE, 1,366 shares fell and 815 shares rose. A total of 105 shares were unchanged.
The Sensex fell 11.02 points or 0.03% at the day's high of 31,739.80 in early trade. It lost 278.87 points or 0.87% at the day's low of 31,471.95 in mid-morning trade, its lowest level since 23 August 2017. The Nifty shed 25.45 points or 0.25% at the day's high of 9,887.35 in early trade. It lost 91 points or 0.91% at the day's low of 9,821.80 in mid-morning trade, its lowest level since 23 August 2017.
Capital goods stocks dropped. BEML (down 1.74%), Bharat Heavy Electricals (Bhel) (down 0.78%), Havells India (down 1.16%), L&T (down 0.75%), Thermax (down 0.89%), and Siemens (down 1.65%) declined.
IT stocks also declined in weak market. HCL Technologies (down 1.7%), TCS (down 0.31%), Infosys (down 0.75%), Oracle Financial Services Software (down 1.67%), and MphasiS (down 0.08%) declined. Wipro rose 0.1%.
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IT major Infosys dropped 0.75%. The company said that some of the company's promoters would participate in the upcoming share buyback of the company. The IT firm had announced a Rs 13000-crore share buyback on 19 August 2017, a day after CEO and MD Vishal Sikka resigned from the company. The company would buy back up to 11.30 crore shares aggregating up to 4.92% of the paid-up equity capital via tender route at a price of Rs 1,150. The announcement was made after market hours yesterday, 28 August 2017.
Camlin Fine Sciences lost 1.8% after the company reported consolidated net loss of Rs 11.31 crore in Q1 June 2017 as against net profit of Rs 2.95 crore in Q1 June 2016. The result was announced after trading hours yesterday, 28 August 2017. Consolidated net sales rose 0.56% to Rs 137.99 crore in Q1 June 2017 over Q1 June 2016.
Suryalakshmi Cotton Mills shed 4.77% after net profit fell 92.9% to Rs 0.52 crore on 8.8% decrease in net sales to Rs 171.98 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 28 August 2017.
Overseas, Asian stocks declined after North Korea fired a missile over northern Japan. North Korea fired a missile early today, 29 August 2017 that flew over Japan and landed in the Pacific waters off the northern region of Hokkaido, South Korea and Japan, in a sharp escalation of tensions on the Korean peninsula.
On Monday, 28 August 2017, US shares were mixed as investors tried to assess the flooding damage caused by Tropical Storm Harvey, powerful hurricane to strike Texas in more than 50 years when it came ashore last week.
An early look at US trade patterns in July points to a wider deficit. The advanced trade gap in goods services are excluded widened by nearly 1.8% to $65.1 billion in July, the Commerce Department said. Both exports and imports declined, but exports dropped at a faster pace.
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