Key benchmark indices were trading lower in mid-morning trade, tracking negative cues in other Asian stocks. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 107 points or 0.33% at 32,762.72. The Nifty 50 index was down 31.75 points or 0.31% at 10,096. Cement shares declined. Most pharmaceutical shares declined.
The key indices trimmed losses after hitting fresh intraday low in morning trade. The Sensex hit a six-week low and the Nifty hit its lowest intraday level in almost 8 weeks in morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.16%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was down 0.42%. The decline in this index was higher than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,504 shares fell and 815 shares rose. A total of 123 shares were unchanged.
Cement shares declined. Ambuja Cements (down 1.17%), ACC (down 0.81%) and UltraTech Cement (down 0.4%), edged lower.
Grasim Industries was down 1.72%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Most pharmaceutical shares declined. Divi's Laboratories (down 1.53%), Dr Reddy's Laboratories (down 1.25%), IPCA Laboratories (down 0.98%), Wockhardt (down 0.95%), Aurobindo Pharma (down 0.73%), Glenmark Pharmaceuticals (down 0.52%), Piramal Enterprises (down 0.36%), Lupin (down 0.27%), Cadila Healthcare (down 0.09%), Cipla (down 0.04%) and Strides Shasun (down 0.04%), edged lower. Sun Pharmaceutical Industries (up 0.36%), Alkem Laboratories (up 0.63%) and GlaxoSmithKline Pharmaceuticals (up 0.85%), edged higher.
Steel Strips Wheels rose 1.52% after the company announced that it has bagged another export order for supply of steel wheels for European Union caravan market. Steel Strips Wheels (SSWL) said that the order comprised of 18,500 newly developed steel wheels to be shipped from the company's Chennai plat from this month onwards. The announcement was made during market hours today, 5 December 2017.
Alphageo (India) fell 2.23% after the company reported consolidated net loss of Rs 3.37 crore in Q2 September 2017 compared with net loss of Rs 3.58 crore in Q2 September 2016. Net sales jumped 246.3% to Rs 21.3 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 4 December 2017.
On the macro front, data released today, 5 December 2017, showed that the Nikkei India services Purchasing Managers' Index, or PMI, dipped into negative territory in November. The seasonally adjusted business activity index stood at 48.5 in November, off from 51.7 in October. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
Overseas, most Asian shares were trading lower as technology shares mirrored a sell-off in US tech companies.
In US, the Dow closed at a record as investors cheered the weekend passage of the Senate version of a sweeping overhaul of the US tax code. However, the S&P 500 and the Nasdaq finished lower as large-capitalization technology stocks took a beating. The Dow Jones Industrial Average added 0.2%. The S&P 500 shed 0.1%. The Nasdaq Composite Index fell 1.1%.
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