Key benchmark indices extended intraday slide in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex was down 82.93 points or 0.25% at 32,950.63. The Nifty 50 index fell 30.15 points or 0.29% at 10,194.80. The Sensex alternately swung above and below the 33,000 level so far. Subdued trading in global stocks weighed on sentiment on the domestic bourses. Data showing rise in India's retail inflation last month also added to market worries.
Key indices opened the session slightly lower. Later, indices hovered around the flat line till morning trade. Later, key indices extended slide.
The Sensex lost 106.51 points or 0.32% at the day's low of 32,927.05 in early afternoon trade, its lowest level since 26 October 2017. The index rose 92.99 points or 0.28% at the day's high of 33,126.55 in early trade. The Nifty lost 39.25 points or 0.38% at the day's low of 10,185.70 in early afternoon trade, its lowest level since 24 October 2017. The index rose 23.05 points or 0.22% at the day's high of 10,248 in early trade.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.21%. The S&P BSE Small-Cap index was down 0.06%. The losses for both the indices were lower than the Sensex's slide in percentage terms.
The breadth, indicating the overall health of the market, was negative. On BSE, 1,327 shares declined and 1,113 shares rose. A total of 130 shares were unchanged.
Auto stocks gained. Bajaj Auto (up 1.39%), Maruti Suzuki India (up 0.76%), Mahindra & Mahindra (up 0.63%) and Ashok Leyland (up 0.31%) edged higher.
Hero MotoCorp up 1.41%. In response to the queries by media on impact of the recent National Green Tribunal (NGT) order, the company said that all its manufacturing facilities are fully-compliant units and follow the best-standard green manufacturing practices. The company's operations have been marginally impacted due to the short supply of materials on account of transportation, it added. The announcement was made after market hours yesterday, 13 November 2017.
Tata Motors was down 0.62% at Rs 415.60. The company said that P B Balaji, the Chief Financial Officer of the Tata Motors' Group and key managerial personnel has joined the company with effect from 14 November 2017. The announcement was made during market hours today, 14 November 2017.
Aviation stocks edged lower. SpiceJet (down 4.69%) and InterGlobe Aviation (down 0.08%) declined. Jet Airways (India) (up 0.55%) gained.
Bharti Airtel was up 0.22% at Rs 499.15. The company through its wholly owned subsidiary Nettle Infrastructure Investments (Nettle), announced the successful divestment of 8.30 crore shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market. The sale was for a total consideration of over Rs 3325 crore and was executed at a price of Rs 400.6 per share. Bharti Airtel will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 53.51% in Bharti Infratel. The announcement was made during market hours today, 14 November 2017.
Shares of Bharti Infratel were down 3.48% at Rs 396.80.
On the macro front, data released by the government during market hours today, 14 November 2017 showed that the annual rate of inflation, based on monthly wholesale price index (WPI), stood at 3.59% (provisional) for the month of October 2017 as compared to 2.6% (provisional) for the previous month and 1.27% during the corresponding month of the previous year.
Data released by the government after market hours yesterday, 13 November 2017 showed that India's inflation based on consumer price index (CPI) has accelerated to 3.58% in October 2017, mainly driven by higher prices of food and fuel. In September, the CPI inflation was 3.28%.
Overseas, Asian stocks edged lower following a lackluster session on Wall Street and also as investors digested the release of a slew of Chinese economic data points. Industrial output in China was up 6.2% on year in October, the National Bureau of Statistics said today, 14 November 2017. It was down from 6.6% growth in September. Another data released today, 14 November 2017 showed China's retail sales of consumer goods grew 10% year on year in October, down from 10.3% registered in September.
US stocks closed slightly higher yesterday, 13 November 2017 as worries about tax reform, capped gains in the major indexes.
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