Key benchmark indices hovered in negative zone in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 67.13 points or 0.2% at 33,657.31. The Nifty 50 index was down 19.40 points or 0.19% at 10,380.15. Fall in index heavyweights Reliance Industries and ICICI Bank was mostly offset by rise in HDFC and HDFC Bank. Pharma stocks declined. FMCG stocks rose.
Domestic stocks edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices once again extended losses after staging an intraday recovery in morning trade.
The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.46%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,389 shares rose and 1,070 shares fell. A total of 138 shares were unchanged.
Index heavyweight Reliance Industries lost 1.25% to Rs 938.80
FMCG stocks gained. Tata Global Beverages (up 3.61%), Godrej Consumer Products (up 2.54%), Hindustan Unilever (up 0.48%), Britannia Industries (up 0.09%), Colgate-Palmolive (India) (up 0.47%), Dabur India (up 0.15%), Nestle India (up 0.08%), Procter & Gamble Hygiene and Health Care (up 0.58%), Jyothy Laboratories (up 1.43%) and Bajaj Corp (up 0.39%) rose. GlaxoSmithkline Consumer Healthcare (down 0.87%) and Marico (down 0.22%) fell.
Pharma shares fell. Glenmark Pharmaceuticals (down 2.57%), Cadila Healthcare (down 0.18%), Dr Reddy's Laboratories (down 0.27%), Sun Pharmaceutical Industries (down 0.57%), Alkem Laboratories (down 0.47%), GlaxoSmithKline Pharmaceuticals (down 0.09%), Aurobindo Pharma (down 0.99%) and Wockhardt (down 0.04%) declined. Lupin (up 0.54%) and Cipla (up 0.55%) rose.
Bhansali Engineering Polymers advanced 3.47% to Rs 175.85, with the stock extending six-day rally. Shares of Bhansali Engineering Polymers have rallied 26.96% in seven trading sessions to its ruling market price, from its closing of Rs 138.50 on 17 November 2017.
Donear Industries lost 3.12% to Rs 83.95, with the stock sliding on profit booking after recent stellar rally. Shares of Donear Industries had rallied 41.47% in the preceding six trading sessions to settle at Rs 86.65 yesterday, 27 November 2017, from its closing of Rs 61.25 on 17 November 2017.
Overseas, Asian stocks were trading mixed amid uncertainty over the US tax bill. US stocks closed mostly lower yesterday, 27 November 2017 after touching intraday records as an early rally in retail shares largely fizzled. However, the blue-chip Dow bucked the weak trend to eke out a gain.
US President Donald Trump is scheduled to address Senate Republicans today, 28 November 2017 ahead of a potential vote on a tax overhaul. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing is due for her nominated successor, Jerome Powell.
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