Key benchmark indices turned negative and hit fresh intraday low in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was down 14.73 points or 0.04% at 33,204.08. The Nifty 50 index was down 3.60 points or 0.03% at 10,299.55. Sudden reversal of trend in other Asian stocks triggered profit booking in Indian shares.
Indices opened with modest gains, backed by positive global cues. After hitting day's high, key indices hovered in positive terrain in morning trade. Indices were unable to sustain at higher levels as a sudden reversal of trend in other Asian stocks triggered profit booking in Indian shares.
The Sensex rose 244.99 points, or 0.74% at the day's high of 33,463.80 in early trade. The index fell 40.53 points, or 0.12% at the day's low of 33,178.28 in early afternoon trade. The Nifty rose 65.30 points, or 0.63% at the day's high of 10,368.45 in early trade. The index fell 13.05 points, or 0.13% at the day's low of 10,290.10 in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.13%. The BSE Small-Cap index was up 0.05%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,237 shares fell and 1,226 shares rose. A total of 161 shares were unchanged.
Cement shares were mixed. Ambuja Cements (up 0.53%) and UltraTech Cement (up 0.03%), edged higher.
ACC was down 0.91%. Grasim Industries was down 1.25%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom shares were mixed. Bharti Airtel (up 0.64%) and MTNL (up 0.43%), edged higher. Idea Cellular (down 1.12%), Reliance Communications (down 1.28%) and Tata Teleservices (Maharashtra) (down 4.97%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was up 1.78%
Pidilite Industries gained 2.65% after consolidated net profit rose 9.4% to Rs 252.92 crore on 7.9% increase in net sales to Rs 1529.87 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 8 November 2017.
Commenting on Q2 results, Bharat Puri, Managing Director of the company said that in a challenging business environment, the company delivered strong overall performance. Q2 September 2017 saw double digit growth in underlying volume and mix. The company remains cautiously optimistic for the future and remain focused on driving profitable volume growth, he added.
Meanwhile, the board of directors of Pidilite Industries approved the appointment of P Ganesh as Chief Financial Officer of the company with effect from 16 November 2017 and accordingly A N Parekh, whole time director will cease to be the interim CFO.
Bombay Dyeing & Manufacturing Company gained 4.77% after the company reported net profit of Rs 52.79 crore in Q2 September 2017 compared with net loss of Rs 36.56 crore in Q2 September 2016. The result was announced after market hours yesterday, 8 November 2017. The stock had dropped 4.3% to Rs 196 ahead of the results yesterday, 8 November 2017.
Snowman Logistics lost 4.03% after the company posted a net loss of Rs 3.60 crore in Q2 September 2017, compared with net loss of Rs 8.30 crore in Q2 September 2016. Sales declined 5.44% to Rs 45 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 8 November 2017.
On the political front, polling began at 8:00 IST in Himachal Pradesh's 68 assembly constituencies. Results will be announced 40 days later on 18 December 2017, along with those for Gujarat, which votes next month. While the BJP has named Prem Kumar Dhumal as its chief ministerial candidate, the Congress is banking on Virbhadra Singh to retain power in the state.
Overseas, Asian stocks were trading lower after hovering in positive terrain earlier. China's consumer inflation accelerated in October, rising to a nine-month high, as smaller declines in food prices weighed less on overall inflation, official data showed Thursday. China's consumer price index increased 1.9% in October from a year earlier, compared with a 1.6% gain in September, the National Bureau of Statistics said.
US stocks ended higher on Wednesday as investors awaited updates on efforts to pass tax reform in Washington and as President Donald Trump toured Asia, highlighting lingering tensions with North Korea in a speech. The Dow Jones Industrial Average rose 0.03%, the S&P 500 index rose 0.14%, and the tech-oriented Nasdaq Composite Index advanced 0.32%.
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