Key benchmark indices were range bound in negative terrain in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex was down 73.73 points or 0.22% at 33,240.83. The Nifty 50 index fell 41.20 points or 0.40% at 10,280.55.
Key indices started the session with small gains amid initial volatility. Later, market sentiment remained lackluster as indices languished in negative zone so far amid weakness in Asian markets and lower closing on the Wall Street on Friday.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.30%. The S&P BSE Small-Cap index advanced 0.18%. Both the indices outperformed the Sensex.
Closer home, the breadth, indicating the overall health of the market, was negative. On BSE, 1,391 shares dropped and 1,206 shares rose. A total of 149 shares were unchanged.
Most metal shares declined. Vedanta (down 2.13%), Tata Steel (down 1.72%), Hindalco Industries (down 1.27%), Steel Authority of India (down 1.23%), JSW Steel (down 0.97%), Bhushan Steel (down 0.77%) and Hindustan Zinc (down 0.46%), edged lower. NMDC (up 0.36%), National Aluminium Company (up 0.75%), Hindustan Copper (up 1.46%) and Jindal Steel & Power (up 5.17%), edged higher.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for December 2017 delivery was currently up 0.47% at $3.0905 per pound on the COMEX.
Most pharmaceutical shares declined. Cadila Healthcare (down 2.99%), Aurobindo Pharma (down 1.77%), Strides Shasun (down 1.56%), Divi's Laboratories (down 1.37%), IPCA Laboratories (down 1.35%), Cipla (down 0.58%), Glenmark Pharmaceuticals (down 0.58%), GlaxoSmithKline Pharmaceuticals (down 0.36%) and Lupin (down 0.06%), edged lower. Piramal Enterprises (up 0.34%), Dr Reddy's Laboratories (up 0.84%), Alkem Laboratories (up 1.39%), Sun Pharmaceutical Industries (up 1.56%) and Wockhardt (up 3.91%), edged higher.
Rashtriya Chemicals & Fertilizers lost 3.83% after net profit dropped 74.94% to Rs 10.79 crore on 1.4% rise in net sales to Rs 1802.36 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 10 November 2017.
On the macro front, data released by the government after market hours on Friday, 10 November 2017 showed that India's index of industrial production (IIP) rose 3.8% in September 2017 over September 2016. The IIP growth in August 2017 was at 4.5%.
The Goods and Services Tax (GST) Council, at its meeting held on Friday, 10 November 2017 at Guwahati, announced rationalization of the tax structure. With regard to recommendations on the composition scheme, a uniform rate of tax of 1% under composition scheme is recommended for manufacturers and traders (for traders, turnover will be counted only for supply of taxable goods). No change for composition scheme for restaurants. Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rs 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs 1.5 crore per annum.
The Council has recommended major relief in GST rates on certain goods and services. These recommendations spread across many sectors and across commodities. As per these recommendations, the list of 28% GST rated goods is recommended to be pruned substantially, from 224 tariff headings to only 50 tariff headings including 4 headings which have been partially reduced to 18%.
Further, the Council has recommended changes in GST rates on a number of goods, so as to rationalise the rate structure with a view to minimise classification disputes.
Overseas, most Asian stocks edged lower tracking weaker finish on the Wall Street. US stocks closed mostly lower on Friday, 10 November 2017, as they snapped multi-week winning streaks while some of the largest tech stocks pulled back.
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