Key indices settled with moderate losses as weakness in global stocks weighed on sentiment. The barometer index, the S&P BSE Sensex fell 118.93 points or 0.38% at 31,190.56, as per the provisional closing data. The Nifty 50 index declined 38.30 points or 0.4% at 9,636.80, as per the provisional closing data. Investors also maintained caution ahead of the Reserve Bank of India's monetary policy review tomorrow, 7 June 2017. Earlier, both the Sensex, and the Nifty, had hit record high in early trade. Key indices snapped two-day winning streak today, 6 June 2017.
The Sensex lost 136.94 points or 0.43% at the day's low of 31,172.55 in late trade, its lowest level since 1 June 2017. It rose 120.83 points or 0.38% at the day's high of 31,430.32 in early trade, a record high.
The Nifty lost 44.90 points or 0.46% at the day's low of 9,630.20 in late trade, its lowest level since 1 June 2017. It rose 34.20 points or 0.35% at the day's high of 9,709.30 in early trade, a record high.
After the last two-day gains, key indices witnessed a gap-up opening and hit scale fresh record highs at the onset of the session. The market soon slipped into the red in early trade only to regain positive terrain in morning trade. Indices extended losses later during the session weighed by subdued global stocks after once again slipping into the red in mid-morning trade.
The S&P BSE Mid-Cap index provisionally fell 0.62%. The S&P BSE Small-Cap index provisionally declined 0.65%. The decline in both the indices was higher than the Sensex's fall in percentage terms.
The broad market depicted weakness. There were almost two losers for every gainer on the BSE. 1,760 shares fell and 936 shares rose. A total of 152 shares were unchanged.
The total turnover on BSE amounted to Rs 3401.80 crore, higher than turnover of Rs 3012.89 crore registered during the previous trading session.
Realty stocks declined on profit booking. Indiabulls Real Estate (down 3.79%), Godrej Properties (down 2.12%), Oberoi Realty (down 1.22%), DLF (down 0.59%), and Anant Raj (down 3.17%) edged lower. Sobha (up 0.81%) and Unitech (up 0.19%) gained.
The S&P BSE Realty index fell 1.36%, underperforming the Sensex. The index snapped five-day gains on profit booking.
Bharat Forge fell 1.33% after decline in May 2017 orders for North America Class 8 trucks on month-on-month basis. As per FTR release, preliminary North America Class 8 truck orders plunged 31% to 16,300 units in May 2017 over April 2017. May orders, however, were still higher by 29% compared with May 2016. About 30% of Bharat Forge's revenue reportedly comes from North America truck market.
Overseas, European stocks edged lower amid geopolitical worries. Investors took a cautious approach ahead of a general election in the UK and a European Central Bank (ECB) meeting.
Most Asian stocks dropped following the lower close on Wall Street yesterday, 5 June 2017, and as markets digested the impact of diplomatic tensions between Qatar and other Middle Eastern nations. South Korean markets are closed for Memorial Day.
Saudi Arabia, Egypt, Bahrain, and the United Arab Emirates all severed diplomatic ties with Doha, accusing it of meddling in their internal affairs and backing terrorism, which the country denies.
Stocks in the US closed the session lower yesterday, 5 June 2017 after hitting record highs before the weekend as investors grapple with a variety of geopolitical issues, both domestic and abroad.
On the data front, the latest read on US first-quarter output was raised to 1.7% from 1%, while a read on productivity was raised from a -0.6% read to an unchanged level. The Institute for Supply Management's index on the services sector fell 0.6 points in May, though it remains in solidly positive territory.
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