Key benchmark indices continued to trade with small losses in a narrow range as weakness in Asian stocks weighed on sentiment. At 11:20 IST, the barometer index, the S&P BSE Sensex was down 64.66 points or 0.21% at 31,304.68. The Nifty 50 index was down 20.60 points or 0.21% at 9,653.95.
The S&P BSE Mid-Cap index rose 0.08%. The S&P BSE Small-Cap index gained 0.25%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,190 shares rose and 1,109 shares fell. A total of 110 shares were unchanged.
Most realty stocks extended recent gains. Sobha (up 0.73%), Unitech (up 7.52%), DLF (up 0.45%), and Oberoi Realty (up 0.97%) gained. Indiabulls Real Estate (down 0.63%) and Omaxe (down 0.05%) edged lower.
IT stocks were mixed. HCL Technologies (down 0.53%) and Wipro (down 0.04%) edged lower. TCS (up 0.11%) and Tech Mahindra (up 0.53%) gained.
Infosys dropped 0.51%. The company announced that it will open its next Technology and Innovation Hub in North Carolina and hire 2,000 American workers in the state by 2021. This investment reinforces Infosys' commitment, announced in May 2017, to open four Technology and Innovation Hubs in the US and hire 10,000 American technology workers over the next two years. The announcement was made after market hours yesterday, 6 July 2017.
The announcement of the new hub in North Carolina, marks the second key milestone in Infosys' strategy to help drive American innovation and create the next-generation of American innovators. The company plans to hire the first 500 of these 2,000 North Carolina workers by the end of two years, with the remainder to be hired in the state by 2021. The first hub, announced in Indiana, will hire 2,000 American workers by 2021 and help boost Indiana's economy.
These new hires will include recent graduates from the state's prestigious network of colleges, universitiesand community colleges, as well as local professionals who will benefit from upskilling through Infosys' world-class training curriculum. As part of Infosys' commitment to create 2,000 jobs in the state of North Carolina, Infosys is partnering with the North Carolina community college system to create a customized program designed to train the workforce of the future. North Carolina is also contributing a $3 million grant towards upskilling these workers.
Separately, Infosys said during market hours today, 7 July 2017, that it has fortified its partnership with Udacity, a global online education company, for the second consecutive year. The joint endeavor, aimed at accelerating the pace of skill adoption in new technologies and industry skills in the new batch of trainees of Infosys, offers a Nanodegree program online in an innovative curriculum. It also enables the learner to develop unique, in-demand skills through project-based and real-world scenarios.
HDFC dropped 1.48%. The company announced the issuance of senior, secured, non convertible debentures on private placement basis on 11 July 2017 worth Rs 3000 crore. The debentures carry coupon of 7.33% per annum and have tenor of 1 year 5 months. The announcement was made during market hours today, 7 July 2017. The object of the issue is to augment the long term resources of the company.
Navin Fluorine International rose 0.65% after the company's shareholders approved sale of unit located at Dahej in Gujarat. The announcement was made after market hours yesterday, 6 July 2017.
It may be recalled that Navin Fluorine International's board of directors at its meeting held on 28 April 2017 decided that the facility relating to manufacture and sale of specialty fluorochemicals set up at Dahej will be transferred to the joint venture company Convergence Chemicals.
Overseas, Asian stocks declined after negative close for US stocks overnight as investors become more cautious about the prospects of global central bank tightening.
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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