Market continued to languish with small losses in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex was down 13.63 points or 0.04% at 31,199.73. The Nifty 50 index declined 5.75 points or 0.06% at 9,641.50.
After opening slightly lower, key indices hovered in the negative terrain with small losses so far during the session.
The S&P BSE Mid-Cap index rose 0.02%. The S&P BSE Small-Cap index was up 0.49%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,275 shares rose and 1,207 shares fell. A total of 160 shares were unchanged.
Metal and mining stocks were mostly higher. Vedanta (up 3.1%), Hindustan Zinc (up 0.97%), Jindal Steel & Power (up 0.82%), Tata Steel (up 0.65%), Hindalco Industries (up 0.6%), JSW Steel (up 0.55%) and NMDC (up 0.09%) edged higher. Hindustan Copper (down 1.61%), National Aluminium Company (down 0.6%) and Steel Authority of India (down 0.35%) edged lower.
Auto stocks nudged higher. Maruti Suzuki India (up 2.32%), TVS Motor Company (up 1.33%), Tata Motors (up 0.92%), Mahindra & Mahindra (up 0.8%), Hero MotoCorp (up 0.28%) and Eicher Motors (up 0.14%) edged higher. Bajaj Auto (down 0.32%) and Ashok Leyland (down 0.16%) edged lower.
Siti Networks jumped 9.36% at Rs 30.95 after a large bulk deal of 1.77 crore shares was executed on the scrip at Rs 29 per share in early trade on BSE.
Overseas, European stocks edged higher in early trade. British Prime Minister Theresa May's Conservative party has fallen short of an outright majority in the UK's general election. 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.
Outcome projections are making investors nervous with the possibility of a hung parliament in the UK. The lack of a clear majority government raises uncertainty regarding the future of the country, mainly as it was on track to start Brexit negotiations in a few days' time.
Among other events, 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.
Asian stocks were mixed after British Prime Minister Theresa May's Conservative party has fallen short of an outright majority in the UK's general election.
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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