Key benchmark indices hovered in the negative terrain after extending losses and hitting fresh intraday low in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex fell 132.04 points or 0.41% at 31,470.59. The Nifty 50 index dropped 42.60 points or 0.43% at 9,828.90. The Sensex and Nifty, both, hit their lowest level in more than four weeks. Federal Reserve Chairwoman Janet Yellen hinting at possible hike in US interest rates increased worries of pull out of money from risky assets in emerging markets like India.
The Sensex gained 197.70 points or 0.62% at the day's high of 31,797.46 in early trade, its highest level since 25 September 2017. The index dropped 203.26 points or 0.64% at the day's low of 31,396.50 in mid-morning trade, its lowest level since 29 August 2017. The Nifty gained 49.55 points or 0.5% at the day's high of 9,921.05 in early trade, its highest level since 25 September 2017. The index fell 59.60 points or 0.6% at the day's low of 9,804.80 in mid-morning trade, its lowest level since 29 August 2017.
The S&P BSE Mid-Cap index fell 0.3%. The S&P BSE Small-Cap index fell 0.05%. 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, turned negative from positive in mid-morning trade. On the BSE, 1,197 shares fell and 955 shares rose. A total of 112 shares were unchanged.
Cement stocks gained. ACC (up 1.06%), Ambuja Cements (up 2.05%) and Shree Cement (up 0.19%) gained. UltraTech Cement declined 0.22%.
Grasim Industries advanced 0.75%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Capital goods stocks were mixed. Havells India (down 0.37%), CG Power & Industries (down 0.71%) and Siemens (down 2.17%) declined. BEML (up 1.43%), Thermax (up 0.31%), and Bharat Heavy Electricals (Bhel) (up 0.55%) gained.
L&T fell 1.31%. The company announced that its construction division won orders valued at Rs 2170 crore across various business segments. The announcement was made during market hours today, 27 September 2017.
Shares of private-sector non-life insurer, ICICI Lombard General Insurance Company were trading at Rs 662.45 on BSE, a premium of 0.22% over the initial public offer price of Rs 661. The IPO of ICICI Lombard opened for subscription on 15 September 2017 and closed on 19 September 2017. The IPO had received bids for 18.35 crore shares and it was subscribed 2.98 times.
Overseas, Asian stocks were mixed amid positive economic data in China and as investors hoped for progress on major tax reform in the United States. Annual profits at China's industrial companies rose 24% in August, accelerating from the previous month in an indication economic growth remains in good heart even as signs emerge of fading momentum following a robust first half.
US stock-market indexes relinquished earlier gains to close little changed yesterday, 26 September 2017, with the Dow Industrials Average extending a losing streak to a fourth session. Investors appeared to shrug off comments from Federal Reserve Chairwoman Janet Yellen, who cautioned against moving too slowly on interest rates. Yellen said there is a risk that the labor market could become overheated, causing an inflation problem down the road.
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