Key benchmark indices extended fall and hit fresh intraday low in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 181.18 points or 0.54% at 33,550.01. The Nifty 50 index was down 46.65 points or 0.45% at 10,405.15. Today's market slide was led by Reliance Industries, Lupin and ICICI Bank. Telecom stocks dropped. Realty stocks declined.
Indices opened higher on positive global cues. Trading turned volatile as key indices hit fresh intraday low in mid-morning trade, sharply reversing trend after hitting fresh intraday high in early trade. The Sensex reversed trend in morning trade after hitting record high level in early trade. Buying soon emerged at lower levels, helping key indices pare losses after hitting fresh intraday low in mid-morning trade. Key benchmark indices hovered in negative terrain in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.91%. The BSE Small-Cap index was down 0.59%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,580 shares fell and 1,005 shares rose. A total of 119 shares were unchanged. Breadth was strong in early trade.
Index heavyweight Reliance Industries dropped 2.83% to Rs 908.
Tata Motors fell 0.55% after the company announced that retail sales of its luxury car unit, Jaguar Land Rover rose 0.2% at 46,418 vehicles in October 2017 over October 2016. The results reflect growing sales of the Range Rover Velar and the new Discovery offset by lower sales of the Range Rover and Range Sport in advance of the 18 model year refresh, including PHEV models, as well as the Range Rover Evoque and Jaguar XE. The announcement was made during market hours today, 7 November 2017.
Jaguar retail sales fell 14.3% to 12,336 vehicles in October 2017 over October 2016, primarily reflecting lower sales of the Jaguar XE. Land Rover retailed 34,082 vehicles in October 2017, up 6.8% over October 2016, led by the introduction of the Range Rover Velar and the new Land Rover Discovery.
Andy Goss, Jaguar Land Rover Group Sales Operations Director, said that the global sales have been maintained year on year in October, despite facing increasingly challenging conditions in key UK, US and European markets.
Telecom stocks dropped. Bharti Airtel (down 1.01%), Idea Cellular (down 2.09%), MTNL (down 1.75%) and Tata Teleservices (Maharashtra) (down 4.97%) edged lower. Reliance Communications (up 0.32%) rose.
Shares of Bharti Infratel rose 2.14%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Realty stocks declined. Peninsula Land (down 2.69%), DLF (down 2%), Indiabulls Real Estate (down 0.09%), D B Realty (down 1.08%), Unitech (down 2.79%), Sobha (up 0.35%), Godrej Properties (down 1.17%), Prestige Estates Projects (down 0.35%) and Oberoi Realty (down 0.36%) fell. Housing Development and Infrastructure (up 0.33%) rose.
On macro front, the government announced on Monday, 6 November 2017, a multi-agency investigation headed by the Central Board of Direct Taxes (CBDT) chairman, after media reports leaked financial documents called the Paradise papers that show alleged offshore dealings of 714 Indian individuals and entities. The government said the multi-agency group would also have representatives from the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit.
A collective of international journalists obtained the Paradise Papers from Bermuda-based offshore law firm Appleby and Singapore's business consulting company Asiaciti. The Finance Ministry said that the investigation units of the Income Tax Department have been alerted to take note of revelations for immediate appropriate action.
Overseas, Asian shares were trading higher after Wall Street rose and turmoil in Saudi Arabia sent crude prices to two-year highs. Japan's Nikkei 225 ended with strong gains. Nikkei opened lower but later rose to the highest level since January 1992 as foreign investors chased the market higher on hopes for strong earnings from Japan Inc.
US stocks rose moderately Monday, helping the three main stock benchmarks to close at all-time highs. Healthy corporate earnings and merger talks between chip makers Broadcom and Qualcomm kept stocks in positive territory despite unsettling political developments in Saudi Arabia. The S&P 500 index rose 0.13%, the Dow Jones Industrial Average rose 0.04% and the Nasdaq Composite Index advanced 0.33%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
