Key benchmark indices continued to hover in small range in negative terrain in early afternoon trade amid mixed Asian stocks after British Prime Minister Theresa May's Conservative party has fallen short of an outright majority in the UK's general election. At 12:20 IST, the barometer index, the S&P BSE Sensex was down 58.59 points or 0.19% at 31,154.77. The Nifty 50 index was down 16.65 points or 0.17% at 9,630.60.
After opening slightly lower, key indices hovered in the negative terrain with small losses so far during the session.
The S&P BSE Mid-Cap index fell 0.02%. The decline in the index was lower than the Sensex's fall in percentage terms. The S&P BSE Small-Cap index up 0.44%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,223 shares rose and 1,193 shares fell. A total of 123 shares were unchanged.
Capital goods stocks were mixed. BEML (up 0.36%), Bharat Heavy Electricals (Bhel) (up 0.36%), and Havells India (up 0.58%) gained. L&T (down 0.37%), Thermax (down 0.81%), CG Power & Industries (down 0.41%) and Siemens (down 0.57%) declined.
Cement stocks dropped. ACC (down 0.81%), Ambuja Cements (down 0.94%), and UltraTech Cement (down 0.94%) declined. Shree Cement rose 0.24%.
Grasim Industries declined 1.55%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Infosys dropped 1.94% after the company issued clarification with regard to reports in the media speculating on plans of stake sale by the promoters. This speculation has already been categorically denied by the promoters. The company further reiterates that it has no information on any such development. The company appealed to the media not to fuel such speculative stories as they are likely to harm the interests of the company and all its stakeholders. The announcement was made during market hours today, 9 June 2017.
Overseas, Asian stocks were mixed after British Prime Minister Theresa May's Conservative party has fallen short of an outright majority in the UK's general election.
Prime Minister Theresa May was fighting to hold on to her job as British voters dealt her a punishing blow, denying her the stronger mandate she had sought to conduct Brexit talks and instead weakening her party's grip on power. May had unexpectedly called the snap election seven weeks ago, confident of sharply increasing the slim majority she had inherited from predecessor David Cameron before launching into the Brexit talks.
US stocks notched meager gains yesterday, 8 June 2017 but the Nasdaq Composite index closed at a record after former Federal Bureau of Investigation (FBI) Director James Comey's appearance in front of the US Senate Intelligence Committee concluded without any significant revelations.
Comey accused President Donald Trump of firing him to try to undermine the agency's investigation of possible collusion by Trump's campaign with Russia's alleged efforts to influence the 2016 presidential election. During more than two hours of testimony, Comey told the Senate Intelligence Committee he believed Trump had directed him in February to drop an FBI probe into the Republican president's former national security adviser, Michael Flynn, as part of the broader Russia investigation.
The European Central Bank (ECB) yesterday, 8 June 2017, as expected, left interest rates unchanged but said it continued to expect interest rates to remain at present levels for an extended period of time, and well past the horizon of its asset-buying program, which is set to run at least through December. In previous statements, the ECB had said it expected rates to remain at present or lower levels for an extended period of time.
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