Key benchmark indices extended early slide and hit fresh intraday low in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 249.61 points or 0.74% at 33,353.15. The Nifty 50 index was down 79.85 points or 0.77% at 10,281.45. Cement stocks dropped. Telecom stocks fell. Shares of index heavyweight Reliance Industries (RIL) declined.
Domestic stocks saw gap-down opening taking cues from negative Asian stocks.
The S&P BSE Mid-Cap index was down 0.39%. The S&P BSE Small-Cap index was down 0.25%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,319 shares fell and 880 shares rose. A total of 112 shares were unchanged.
Market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month November 2017 series to December 2017 series. The November 2017 derivatives contract expire today, 30 November 2017.
Overseas, Asian stocks fell as investors ponder the longevity of the global equity bull run. China's official nonmanufacturing purchasing managers' index, a measure of activity outside factory gates, rose to 54.8 in November from 54.3 in October, the National Bureau of Statistics said today, 30 November 2017. The official manufacturing PMI, also released today, 30 November 2017 rose to 51.8 in November from 51.6 in October.
Meanwhile, the Bank of Korea raised its benchmark interest rate for the first time since 2011. The bank raised its policy rate to 1.5% from a record low 1.25% as the economy's steady growth convinced the central bank to embark on policy normalisation.
In US, the Dow Jones Industrial Average closed at a new high yesterday, 29 November 2017 even as the Nasdaq Composite logged its worst day in three months as a selloff in megacap technology shares, such as Facebook Inc., Apple Inc., and Amazon.com Inc., weighed on the tech-heavy index.
The Federal Reserve released the Beige Book, a compilation of anecdotes on the US economy. In the report, the Fed said it detected a slight improvement in the outlook among contacts in its 12 districts with growth remaining at a modest to moderate pace. The central bank has also witnessed strengthening in inflation pressures over the past month with increases passed on the consumers.
In economic news, the US economy's pace of growth in the third quarter was raised to 3.3% from 3% under the government's latest revision to gross domestic product. Pending-home sales jumped 3.5% in October, but remained 0.6% lower than a year ago.
Back home, index heavyweight Reliance Industries (RIL) lost 1.29% to Rs 933.20.
Cement stocks dropped. Ambuja Cements (down 1.14%), ACC (down 0.76%), UltraTech Cement (down 1.39%) and Shree Cement (down 0.08%) declined.
Grasim Industries was off 0.28%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Telecom stocks fell. Reliance Communications (down 2.01%), Bharti Airtel (down 0.64%), Idea Cellular (down 0.69%), MTNL (down 0.93%) and Tata Teleservices (Maharashtra) (down 0.94%) edged lower.
Shares of Bharti Infratel rose 0.29%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Mukta Arts jumped 13.59% after the company reported consolidated net profit of Rs 9.40 crore in Q2 September 2017, compared with net loss of Rs 4.90 crore in Q2 September 2016. Mukta Arts' consolidated net sales rose 43.2% to Rs 37.11 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 29 November 2017.
Safari Industries (India) rose 4.8% after the net profit surged 265.6% to Rs 3.51 crore on 19.2% rise in net sales to Rs 88.16 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 29 November 2017.
On the macro front, the government will announce Q2 September 2017 gross domestic product (GDP) data after market hours today, 30 November 2017. India's GDP growth rate slowed to 5.7% in Q1 June 2017, on the back of destocking ahead of Goods and Services Tax (GST) implementation.
India's infrastructure output data for the month of October 2017 is also scheduled to be released after market hours today, 30 November 2017. India's eight core infrastructure sector, carrying 40.27% of the weight of items included in the index of industrial production (IIP), had shown a healthy 5.2% increase in its output in September 2017 over September 2016.
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