Key benchmark indices pared some losses in early afternoon trade after hitting intraday lows in mid-morning trade. At 12:26 IST, the barometer index, the S&P BSE Sensex, fell 77.70 points or 0.23% at 34,365.49. The Nifty 50 index declined 30.90 points or 0.29% at 10,606.10.
The Sensex had hit a record high in early trade. Later, the movement of key indices was confined to a narrow range around the flat line till mid-morning trade before extending losses amid weakness in Asian stocks.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.44%. The S&P BSE Small-Cap index also dropped 0.44%. Both these indices underperformed the Sensex.
Overseas, most Asian stocks edged lower. US equities rose to record highs yesterday, 9 January 2018 as investors remained optimistic about the market heading into the corporate earnings season.
Back home, the breadth, indicating the overall health of the market, was weak. On the BSE, 1,645 shares declined and 1,081 shares advanced. A total of 120 shares were unchanged.
Telecom stocks nudged higher. Reliance Communications (up 1.07%), Idea Cellular (up 0.32%) and Bharti Airtel (up 0.04%) gained.
Cement stocks dropped. Ambuja Cements (down 1.03%), UltraTech Cement (down 0.54%) and ACC (down 0.32%) edged lower. Shree Cement (up 0.29%) and Grasim Industries (up 0.17%) gained.
Shalby tumbled 5.02% at Rs 252.60 after net profit dropped 50.9% to Rs 10.9 crore on 33.8% growth in total income to Rs 102 crore in Q3 December 2017 over Q3 December 2016. The result was announced after trading hours yesterday, 9 January 2018.
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