After a lower opening, key benchmark indices hovered near the flat line in morning trade amid weak global cues. At 10:16 IST, the barometer index, the S&P BSE Sensex was down 23.10 points or 0.07% at 33,010.46. The Nifty 50 index fell 13.50 points or 0.13% at 10,211.45. The Sensex briefly slipped below the 33,000 level in early trade. Data showing rise in India's retail inflation last month also weighed on sentiment.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.13%. The decline in this index was higher than the Sensex's slide in percentage terms. The S&P BSE Small-Cap index advanced 0.02%, outperforming the Sensex.
The breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,065 shares declined and 1,044 shares rose. A total of 102 shares were unchanged.
Shares of telecom and telecom tower infrastructure companies declined. Reliance Communications (down 3.7%), Idea Cellular (down 1.71%) and Bharti Infratel (down 2.42%) edged lower. Bharti Airtel (up 0.21%) edged higher.
Cement stocks were mixed. ACC (up 0.92%), Ambuja Cements (up 0.54%) and UltraTech Cement (up 0.83%) edged higher. Shree Cement (down 0.73%) and Grasim Industries (down 0.73%) edged lower.
Tata Motors was down 1% at Rs 414. The company said that P B Balaji, the Chief Financial Officer of the Tata Motors' Group and key managerial personnel has joined the company with effect from 14 November 2017. The announcement was made during market hours today, 14 November 2017.
On the macro front, data released by the government after market hours yesterday, 13 November 2017 showed that India's inflation based on consumer price index (CPI) has accelerated to 3.58% in October 2017, mainly driven by higher prices of food and fuel. In September, the CPI inflation was 3.28%.
Overseas, Asian stocks edged lower following a lackluster session on Wall Street and also as investors digested the release of a slew of Chinese economic data points. Industrial output in China was up 6.2% on year in October, the National Bureau of Statistics said today, 14 November 2017. It was down from 6.6% growth in September. Another data released today, 14 November 2017 showed China's retail sales of consumer goods grew 10% year on year in October, down from 10.3% registered in September.
US stocks closed slightly higher yesterday, 13 November 2017 as worries about tax reform, capped gains in the major indexes.
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