A bout of volatility was witnessed as key benchmark indices were trading near flat line after hitting fresh intraday high in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was up 15.54 points or 0.05% at 33,266.47. The Nifty 50 index was down 1.15 points or 0.01% at 10,307.80. Pharmaceutical shares were mixed. Most cement shares rose.
Indices opened lower on negative global cues and hit fresh intraday low in morning trade. Bargain hunting at lower levels boosted key indices to the day's high in mid-morning trade.
The Sensex rose 29.62 points, or 0.09% at the day's high of 33280.55 in mid-morning trade. The index fell 114.99 points, or 0.35% at the day's low of 33,135.94 in morning trade. The Nifty rose 6.45 points, or 0.06% at the day's high of 10,315.40 in mid-morning trade. The index fell 38.95 points, or 0.38% at the day's low of 10,270 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.29%. The BSE Small-Cap index was up 0.56%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 1,264 shares rose and 1,053 shares fell. A total of 111 shares were unchanged.
Pharmaceutical shares were mixed. Cadila Healthcare (down 1.38%), IPCA Laboratories (down 1.11%), Sun Pharmaceutical Industries (down 0.86%), Dr Reddy's Laboratories (down 0.65%), Alkem Laboratories (down 0.63%), Strides Shasun (down 0.54%) and Glenmark Pharmaceuticals (down 0.4%), edged lower. Piramal Enterprises (up 0.06%), GlaxoSmithKline Pharmaceuticals (up 0.30%), Wockhardt (up 0.57%), Cipla (up 0.90%), Lupin (up 1.23%) and Divi's Laboratories (up 1.83%), edged higher.
Aurobindo Pharma was down 2.79%. The company's consolidated net profit rise 29% to Rs 781.15 crore on 17.3% rise in net sales to Rs 4354.18 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 9 November 2017.
Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) margin rose to 25.2% in Q2 September 2017 from 24.6% in Q2 September 2016.
Most cement shares rose. UltraTech Cement (up 1.94%) and Ambuja Cements (up 1%), edged higher. ACC was down 0.01%.
Grasim Industries was up 0.25%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Shares of Mahindra Logistics were trading at Rs 426.70 at 11:00 IST on BSE, a discount of 0.54% over the issue price of Rs 429. Shares of Mahindra Logistics were listed on the bourses at Rs 432, a premium of 0.69% over the issue price of Rs 429. The stock had hit a high of Rs 432 and low of Rs 416.55 so far during the day. So far, 8.52 lakh shares were traded on the counter on the BSE. Mahindra Logistics' initial public offering (IPO) received bids for 10.71 crore shares compared with 1.93 crore shares on offer, data on NSE showed. The IPO was subscribed 5.54 times. The price band for the IPO was fixed at Rs 425-429 per share. The issue opened on 31 October 2017 and closed on 2 November 2017.
Esab India lost 4.74% after net profit fell 15% to Rs 9.29 crore on 3% decline in net sales to Rs 126.92 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 9 November 2017.
Overseas, Asian shares were mixed on uncertainty about US tax reforms after Senate Republicans unveiled a plan that differed from the House of Representatives' version in several key areas, including a delay in the timing of a corporate tax cut.
US Republican Senators said they want to slash the corporate tax rate in 2019, later than the House's proposed schedule of 2018, complicating a push for the biggest overhaul of US tax law since the 1980s.
US stocks closed lower Thursday with the Dow snapping a seven-day win streak on worries over a possible delay in much-anticipated corporate tax cut. The S&P 500 fell 0.38% and the Dow Jones Industrial Average fell 0.43%. Technology stocks were among the biggest losers with the Nasdaq Composite Index down 0.58%.
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