Domestic stocks cut almost entire intraday losses and were hovering a tad below the flat line in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 7.58 points or 0.02% at 33,243.35. The Nifty 50 index was down 7.40 points or 0.07% at 10,301.55. Capital goods stocks rose. Realty stocks gained.
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. Selling emerged at higher levels, which pushed the key indices once again into negative terrain. Key benchmark indices were trading in negative terrain in early afternoon trade.
The Sensex rose 29.62 points, or 0.09% at the day's high of 33,280.55 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 0.18%. The BSE Small-Cap index was up 0.43%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,294 shares fell and 1,253 shares rose. A total of 146 shares were unchanged. The breadth alternately swung between positive and negative so far during the day.
State Bank of India surged 4.38% to Rs 327.50 after the bank reported a drop in bad loans on sequential basis in Q2 September 2017. The bank reported 37.69% slide in net profit to Rs 1581.55 crore on 28.94% rise in total income to Rs 65429.63 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 10 November 2017.
The bank's gross non-performing assets (NPAs) stood at Rs 186114.60 crore as on 30 September 2017 as against Rs 188068.49 crore as on 30 June 2017 and Rs 105782.96 crore as on 30 September 2016. The bank's provisions and contingencies surged 142.34% to Rs 19137.43 crore in Q2 September 2017 over Q2 September 2016.
The ratio of gross NPAs to gross advances stood at 9.83% as on 30 September 2017 as against 9.97% as on 30 June 2017 and 7.14% as on 30 September 2016. The ratio of net NPAs to net advances stood at 5.43% as on 30 September 2017 as against 5.97% as on 30 June 2017 and 4.19% as on 30 September 2016.
Capital goods stocks rose. ABB India (up 0.52%), Bharat Heavy Electricals (Bhel) (up 0.27%), BEML (down 0.61%), Punj Lloyd (up 0.23%), Siemens (up 0.22%) and Thermax (up 1.52%) gained. Bharat Electronics (down 0.71%) fell.
Engineering and construction major L&T surged 4.2% to Rs 1,267.70 after the company announced that its construction division won orders worth Rs 4023 crore across various business segments. The announcement was made before market hours today, 10 November 2017. The company will announce its Q2 results on 11 November 2017.
Realty stocks gained. Sobha (up 7.75%), Sunteck Realty (up 1.88%), Indiabulls Real Estate (up 2.16%), Unitech (up 2.52%), Godrej Properties (up 1.25%), Prestige Estates Projects (up 3.4%) and Oberoi Realty (up 0.29%) rose. DLF (down 1.98%), Housing Development and Infrastructure (down 0.98%) and D B Realty (down 0.56%) fell.
Sundaram Brake Linings was locked at 5% lower circuit at Rs 650.75 after net profit fell 56.8% to Rs 0.54 crore on 1.5% decline in net sales to Rs 61.70 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 9 November 2017.
CG Power and Industrial Solutions declined 3.32% after the company reported consolidated net loss of Rs 469.87 crore in Q2 September 2017 higher than net loss of Rs 11.09 crore in Q2 September 2016. CG Power and Industrial Solutions' net sales rose 18.4% to Rs 1557.61 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 9 November 2017.
Overseas, Asian shares were trading lower 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%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
