Key benchmark indices extended fall and hit fresh intraday low in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 117.38 points or 0.35% at 33,561.86. The Nifty 50 index was down 42.30 points or 0.41% at 10,347.40. Metal and mining stocks fell after weak Chinese economic data. Many FMCG stocks declined. Negative Asian stocks and profit booking after recent upmove weighed on the domestic stocks.
Domestic stocks edged lower in early trade on negative Asian stocks. Stocks hovered in negative zone in morning trade. Key benchmark indices gyrated in a small range amid negative bias in mid-morning trade. Indices had logged gains for prior seven trading days in a row to Friday, 24 November 2017. The Sensex had jumped 918.80 points or 2.8% in seven sessions, from a close of 32,760.44 on 15 November 2017.
The S&P BSE Mid-Cap index was up 0.19%. The S&P BSE Small-Cap index was up 0.44%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,417 shares rose and 1,084 shares fell. A total of 149 shares were unchanged.
Metal and mining stocks fell after a drop in the Chinese industrial profits data. China is the world's largest consumer of steel, copper and aluminum.
Tata Steel (down 1.1%), Steel Authority of India (Sail) (down 0.97%), National Aluminium Company (down 0.37%), Hindustan Zinc (down 1.81%), Jindal Steel & Power (down 0.26%), Hindalco Industries (down 1.03%), NMDC (down 0.04%), Hindustan Copper (down 0.26%), Vedanta (down 0.46%) and JSW Steel (down 1.04%) edged lower.
Copper edged lower in the global commodities market. High Grade Copper for December 2017 delivery was currently off 1.26% at $3.1285 per pound on the COMEX.
Many FMCG stocks declined. Dabur India (down 0.97%), Godrej Consumer Products (down 2.61%), Hindustan Unilever (down 0.92%), Nestle India (down 0.73%), Tata Global Beverages (down 1.2%), Procter & Gamble Hygiene and Health Care (down 0.65%) and Bajaj Corp (down 0.85%) fell. Britannia Industries (up 1.09%), GlaxoSmithkline Consumer Healthcare (up 0.37%), Colgate-Palmolive (India) (up 0.47%), Marico (up 0.16%) and Jyothy Laboratories (up 2.8%) rose.
Ramco Systems rose 3.23% after the company said it has won an order from Al Jazeera Support Services Company. The announcement was made during market hours today, 27 November 2017.
Ramco Systems said it has won an order from Al Jazeera Support Services Company, a closed joint stock company, providing rental manpower needed by government, business sectors and individuals, to implement Ramco ERP for services suite.
GPT Infraprojects jumped 10.25% after the company said its subsidiary has been awarded a claim of about Rs 62 crore in a dispute with the National Highways Authority of India. The announcement was made on Saturday, 25 November 2017.
GPT Infraprojects said that its subsidiary Jogbani Highway (JHPL) has been awarded a claim of about Rs 62 crore by the 3 member Arbitral Tribunal unanimously, in a dispute with the National Highways Authority of India (NHAI). The concession agreement was terminated by JHPL due to non availability of land from NHAI even after delay of about 30 months and also due to other local hindrances.
Meanwhile, global ratings agency Standard & Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook remains stable. The ratings on India reflect the country's sound external profile and improved monetary credibility. The announcement was made after market hours on Friday, 24 November 2017.
Overseas, Asian stocks were trading lower weighed by weakness in the Chinese and South Korean stocks. A drop in the Chinese industrial profits data also weighed down on the sentiment. China's industrial profits grew 25.1% in October compared to the year before, against a 27.7% rise seen in September.
In US, the S&P 500 and Nasdaq Composite finished at all-time highs on Friday, 24 November 2017 as retailers were in focus amid the Black Friday shopping holiday, a day after domestic markets were closed in observance of Thanksgiving.
On the data front, a survey of purchasing managers showed that businesses grew in November at the slowest pace in four months. The Markit flash manufacturing PMI fell to 53.8 from 54.6, while the flash services PMI fell to 54.3 from 54.6. A reading of 50 or better indicates improving conditions.
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