Key benchmark indices cut losses in mid-afternoon trade after an intraday slide led by index heavyweights Reliance Industries (RIL), ICICI Bank and HDFC. At 14:23 IST, the barometer index, the S&P BSE Sensex, was down 212.83 points or 0.63% at 33,389.93. The Nifty 50 index was down 60.15 points or 0.58% at 10,301.15. Capital goods stocks edged lower.
Domestic stocks saw gap-down opening taking cues from negative Asian stocks. Key benchmark indices extended early slide in morning trade. Weakness persisted on the bourses in mid-morning trade. Stocks weakened further on fresh selling to hit intraday low in early afternoon trade. Key benchmark indices were hovering near the day's low in afternoon trade.
The S&P BSE Mid-Cap index was down 0.11%. The fall in this index was lower than the Sensex's decline in percentage terms. The S&P BSE Small-Cap index was up 0.24%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,307 shares fell and 1,296 shares rose. A total of 148 shares were unchanged.
Market may remain volatile for remaining part of the day as traders roll over positions in the futures & options (F&O) segment from the near month November 2017 series to December 2017 series. The November 2017 derivatives contract expire today, 30 November 2017.
Capital goods stocks edged lower. ABB India (down 1.5%), Bharat Heavy Electricals (Bhel) (down 1.01%), BEML (down 0.9%), Bharat Electronics (down 1.08%), Siemens (down 0.25%) and Thermax (down 1.89%) declined. L&T (up 0.22%) and Punj Lloyd (up 0.46%) rose.
Excel Realty N Infra rose 3.04% after net profit surged 1192.3% to Rs 1.68 crore on 50.85% decline in total revenue to Rs 3.73 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 30 November 2017.
Excel Realty N Infra's board at its meeting held today, 30 November 2017, approved 2:1 bonus issue of shares i.e. 2 bonus shares for every 1 existing share held on the record date, to be fixed later.
Renaissance Jewellery fell 1.67% to Rs 230, with the stock sliding on profit booking after an 8-day 37.83% rally. Shares of Renaissance Jewellery had rallied 37.83% in the preceding eight trading sessions to settle at Rs 233.90 yesterday, 29 November 2017, from its closing of Rs 169.70 on 17 November 2017.
Tara Jewels slumped 6.13% after the company reported net loss of Rs 166.79 crore in Q2 September 2017, compared with net profit of Rs 0.63 crore in Q2 September 2016. Tara Jewels' total revenue declined 72.89% to Rs 72.44 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 29 November 2017.
On the macro front, the government will announce Q2 September 2017 gross domestic product (GDP) data after market hours today, 30 November 2017. India's GDP growth rate slowed to 5.7% in Q1 June 2017, on the back of destocking ahead of Goods and Services Tax (GST) implementation.
India's infrastructure output data for the month of October 2017 is also scheduled to be released after market hours today, 30 November 2017. India's eight core infrastructure sector, carrying 40.27% of the weight of items included in the index of industrial production (IIP), had shown a healthy 5.2% increase in its output in September 2017 over September 2016.
Overseas, European stocks opened mostly higher as investors eyed the OPEC meeting later in the day. In the OPEC meeting in Vienna, oil producers are reportedly expected to extend a supply cut which has helped push crude prices higher this year. Asian stocks were trading lower as investors ponder the longevity of the global equity bull run.
China's official nonmanufacturing purchasing managers' index, a measure of activity outside factory gates, rose to 54.8 in November from 54.3 in October, the National Bureau of Statistics said today, 30 November 2017. The official manufacturing PMI, also released today, 30 November 2017 rose to 51.8 in November from 51.6 in October.
Meanwhile, the Bank of Korea raised its benchmark interest rate for the first time since 2011. The bank raised its policy rate to 1.5% from a record low 1.25% as the economy's steady growth convinced the central bank to embark on policy normalisation.
In US, the Dow Jones Industrial Average closed at a new high yesterday, 29 November 2017 even as the Nasdaq Composite logged its worst day in three months as a selloff in megacap technology shares, such as Facebook Inc., Apple Inc., and Amazon.com Inc., weighed on the tech-heavy index.
The Federal Reserve released the Beige Book, a compilation of anecdotes on the US economy. In the report, the Fed said it detected a slight improvement in the outlook among contacts in its 12 districts with growth remaining at a modest to moderate pace. The central bank has also witnessed strengthening in inflation pressures over the past month with increases passed on the consumers.
In economic news, the US economy's pace of growth in the third quarter was raised to 3.3% from 3% under the government's latest revision to gross domestic product. Pending-home sales jumped 3.5% in October, but remained 0.6% lower than a year ago.
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