Key benchmark indices sharply pared gains and hit fresh intraday low in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was up 29.08 points or 0.09% at 33,247.89. The Nifty 50 index was up 6.20 points or 0.06% at 10,309.35. Sudden reversal of trend in other Asian stocks triggered profit booking in Indian shares.
Indices opened with modest gains, backed by positive global cues. After hitting day's high, key indices hovered in positive terrain in morning trade. Indices were unable to sustain at higher levels as a sudden reversal of trend in other Asian stocks triggered profit booking in Indian shares.
The Sensex rose 244.99 points, or 0.74% at the day's high of 33,463.80 in early trade. The index rose 12.07 points, or 0.04% at the day's low of 33,230.88 in mid-morning trade. The Nifty rose 65.30 points, or 0.63% at the day's high of 10,368.45 in early trade. The index rose 1.30 points, or 0.01% at the day's low of 10,304.45 in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.44%. The BSE Small-Cap index was up 0.28%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,397 shares rose and 952 shares fell. A total of 143 shares were unchanged.
Most pharmaceutical shares were trading higher. Alkem Laboratories (up 1.26%), Piramal Enterprises (up 0.82%), Sun Pharmaceutical Industries (up 0.66%), Dr Reddy's Laboratories (up 0.61%), Aurobindo Pharma (up 0.57%), IPCA Laboratories (up 0.54%), GlaxoSmithKline Pharmaceuticals (up 0.53%), Divi's Laboratories (up 0.32%), Glenmark Pharmaceuticals (up 0.12%) and Wockhardt (up 0.11%), edged higher. Lupin (down 0.02%), Cipla (down 0.31%), Strides Shasun (down 1.4%) and Cadila Healthcare (down 2.26%), edged lower.
Most IT shares rose. Hexaware Technologies (up 1.13%), Tech Mahindra (up 0.97%), HCL Technologies (up 0.71%), Oracle Financial Services Software (up 0.53%), Persistent Systems (up 0.45%), Wipro (up 0.41%), Infosys (up 0.40%) and MphasiS (up 0.33%), edged higher. MindTree (down 0.16%), edged lower.
IT major TCS was down 0.20%. The company and Cisco have deployed the Cisco' Application Centric Infrastructure (Cisco ACITM) architecture for the TCS Enterprise Cloud Platform. The announcement was made before market hours today, 9 November 2017.
Navneet Education lost 3.62% after net profit fell 10.49% to Rs 16.63 crore on 6.27% growth in revenue from operations to Rs 183.35 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 8 November 2017.
Revenue from operations in Q2 September 2016 is inclusive of excise duty which is discontinued effective 1 July 2017 upon implementation of Goods and Services Tax (GST). For the purpose of comparability, revenue from operations excluding excise duty rose 6.64% year on year (YoY) in the current quarter (Q2 September 2017).
Petronet LNG gained 2.84% after net profit rose 28.1% to Rs 588.78 crore on 17.5% rise in net sales to Rs 7770.23 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 8 November 2017.
On the political front, polling began at 8:00 IST in Himachal Pradesh's 68 assembly constituencies. Results will be announced 40 days later on 18 December 2017, along with those for Gujarat, which votes next month. While the BJP has named Prem Kumar Dhumal as its chief ministerial candidate, the Congress is banking on Virbhadra Singh to retain power in the state.
Overseas, Asian stocks were trading lower after hovering in positive terrain earlier. China's consumer inflation accelerated in October, rising to a nine-month high, as smaller declines in food prices weighed less on overall inflation, official data showed Thursday. China's consumer price index increased 1.9% in October from a year earlier, compared with a 1.6% gain in September, the National Bureau of Statistics said.
US stocks ended higher on Wednesday as investors awaited updates on efforts to pass tax reform in Washington and as President Donald Trump toured Asia, highlighting lingering tensions with North Korea in a speech. The Dow Jones Industrial Average rose 0.03%, the S&P 500 index rose 0.14%, and the tech-oriented Nasdaq Composite Index advanced 0.32%.
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