Key benchmark indices languished in the negative terrain with small losses in early afternoon trade as weakness in Asian stocks weighed on sentiment. At 12:20 IST, the barometer index, the S&P BSE Sensex was down 42.31 points or 0.13% at 31,327.03. The Nifty 50 index was down 15.45 points or 0.16% at 9,659.10.
The S&P BSE Mid-Cap index rose 0.14%. The S&P BSE Small-Cap index gained 0.34%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,302 shares rose and 1,108 shares fell. A total of 127 shares were unchanged.
Pharma stocks gained for the third straight day. Sun Pharmaceutical Industries (up 1.17%), Aurobindo Pharma (up 1.35%), Cipla (up 1.52%), Lupin (up 4.38%), Wockhardt (up 0.92%), Dr Reddy's Laboratories (up 1.99%), Divi's Laboratories (up 2.49%), Glenmark Pharmaceuticals (up 1.4%) and Cadila Healthcare (up 1.64%) gained.
Most capital goods stocks dropped in subdued market. BEML (down 1.25%), Bharat Heavy Electricals (Bhel) (down 0.48%), Havells India (down 0.87%), and Thermax (down 0.04%) declined. L&T (up 0.89%) and Siemens (up 0.24%) gained.
G M Breweries lost 1.86% after net profit fell 18.92% to Rs 10.20 crore on 6.14% rise in net sales to Rs 94.50 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 6 July 2017.
Balaji Amines rose 3.35% after the company said it received approval from Ministry of Environment, Forest and Climate Change, Government of India (GoI) for expansion project, which includes Acetonitrile (ACN), Morpholine (MOR) & Di Methyl Amine Hydrochloride (DMAHCL) products. The project is situated at Solapur in Maharashtra.
The approval was granted with a condition of acquiring no-objection certificate (NOC) from National Board for Wild Life for which the company has already applied to the GoI. The announcement was made after market hours yesterday, 6 July 2017.
Overseas, Asian stocks declined after negative close for US stocks overnight as investors become more cautious about the prospects of global central bank tightening.
German industrial output growth accelerated in May. Rising for the fifth month in a row, industrial output in Europe's largest economy increased by 1.2% in May from April, adjusted for seasonal swings and calendar effects, the economics ministry said.
US stocks closed lower yesterday, 6 July 2017 as investors continued to sell tech firms. A combination of geopolitical jitters and growing signs that global central banks are inching closer to unwinding policies that have helped to support both stocks and government bonds is also weighing on the broader market.
US private-sector employers added a seasonally-adjusted 153,000 jobs during June month, below the forecast. A closely watched US non-farm jobs report for June is due later in the day. The US service sector expanded at a healthy pace in June, according to a closely watched survey released. The Institute for Supply Management's nonmanufacturing index rose to 57.4% in June from 56.9% in May.
US trade deficit fell 2.3% in May. The deficit slipped to $46.5 billion in May from $47.6 billion in April, the Commerce Department said.
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