Market continued to languish in red in early afternoon trade amid weak global cues. At 12:20 IST, the barometer index, the S&P BSE Sensex lost 303.89 points or 0.94% at 32,066.15. The Nifty 50 index fell 114.75 points or 1.13% at 10,007.15. Market sentiment has taken a hit after North Korea's threat that it could consider testing a nuclear weapon in the Pacific.
North Korea's foreign minister reportedly warned yesterday, 21 September 2017 that Pyongyang could test a hydrogen bomb over the Pacific Ocean in response to US President Donald Trump's threats of military action.
The Sensex tumbled 311.23 points or 0.96% at the day's low of 32,058.81 in mid-morning trade, its lowest level since 12 September 2017. It fell 27.23 points or 0.08% at the day's high of 32,342.81 in early trade. The Nifty lost 121.65 points or 1.2% at the day's low of 10,000.25 in mid-morning trade, its lowest level since 11 September 2017. It fell 26.85 points or 0.26% at the day's high of 10,095.05 in early trade.
Among other indices, the S&P BSE Mid-Cap index fell 1.49%. The S&P BSE Small-Cap index lost 1.46%. The losses in both the indices were higher than the Sensex's slide in percentage terms.
Broad market depicted weakness. There were more than three losers for every gainer on BSE. 1,795 shares declined and 586 shares advanced. A total of 122 shares were unchanged.
IT stocks were mixed. Infosys (down 1.69%), Oracle Financial Services Software (down 1.29%), Tech Mahindra (down 0.88%) and TCS (down 0.43%) declined. HCL Technologies (up 2.21%), Wipro (up 0.39%) and Persistent Systems (up 0.27%) gained.
Auto stocks declined. Hero MotoCorp (down 1.81%), Eicher Motors (down 1.49%), Bajaj Auto (down 1.44%), Maruti Suzuki India (down 0.38%) and Mahindra & Mahindra (down 0.28%) edged lower. Tata Motors (up 1.57%) edged higher.
Trigyn Technologies rose 1.39% at Rs 102 after the company announced that the contract between the United Nations, OICT and its subsidiary has been extended to 30 June 2018. The announcement was made after market hours yesterday, 21 September 2017.
Trigyn Technologies announced that the contract between the United Nations, OICT (Office of Information and Communication Technology) and the company's subsidiary, Trigyn Technologies Inc., for provision of IT staffing and support services, has been extended to 30 June 2018. Currently, under this contract, Trigyn has around 150 resources in multiple engagements supporting the ICT infrastructure and systems at the United Nations Headquarters, New York City.
The India Meteorological Department (IMD) in its weekly weather report said that for the country as a whole, cumulative rainfall during this year's monsoon upto 20 September has been 5% below the normal rainfall. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, Asian stocks edged lower after North Korea's threat that it could consider testing a nuclear weapon in the Pacific. US stocks declined yesterday, 21 September 2017 as profit booking emerged after recent winning streak.
In the economic news, the US initial claims for state unemployment benefits declined 23,000 to a seasonally adjusted 259,000 for the week ended 16 September, the Labor Department said yesterday, 21 September 2017.
European Central Bank (ECB) President Mario Draghi said yesterday, 21 September 2017 that monetary policy is not the right instrument to address financial imbalances in the euro zone and macroprudential tools must be used to tackle local issues.
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