Key indices pared losses after hitting fresh intraday low in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 98.26 points or 0.29% at 33,632.93. The Nifty 50 index was down 31.45 points or 0.30% at 10,420.35.
Indices opened higher on positive global cues. Trading turned volatile as key indices hit fresh intraday low in mid-morning trade, sharply reversing trend after hitting fresh intraday high in early trade. The Sensex reversed trend in morning trade after hitting record high level in early trade.
The Sensex rose 134.76 points, or 0.40% at the day's high of 33,865.95 in early trade, its record high level. The index fell 148.81 points, or 0.44% at the day's low of 33,582.38 in mid-morning trade. The Nifty rose 33.95 points, or 0.32% at the day's high of 10,485.75 in early trade. The index fell 57.15 points, or 0.55% at the day's low of 10,394.65 in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.52%. The BSE Small-Cap index was down 0.48%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,539 shares fell and 905 shares rose. A total of 94 shares were unchanged. Breadth was strong in early trade.
Tata Motors was down 0.21%. The company announced that retail sales for Jaguar Land Rover (JLR) totalled 46,418 vehicles in October 2017, up 0.2% over October 2016. Jaguar retail sales were 12,336 vehicles in October, down 14.3% compared to October 2016, primarily reflecting lower sales of the Jaguar XE. Land Rover retailed 34,082 vehicles in October, up 6.8% compared to October of last year, led by the introduction of the Range Rover Velar and the new Land Rover Discovery. The announcement was made during trading hours today, 7 Novembr 2017.
Most cement shares rose. Ambuja Cements (up 0.64%), UltraTech Cement (up 0.56%) and ACC (up 0.48%), edged higher.
Grasim Industries was down 1.75%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
FMCG shares were mixed. Tata Global Beverages (down 1.92%), Marico (down 0.81%), Procter & Gamble Hygiene & Health Care (down 0.58%), GlaxoSmithKline Consumer Healthcare (down 0.51%), Colgate Palmolive (India) (down 0.38%), Hindustan Unilever (down 0.18%) and Godrej Consumer Products (down 0.06%), edged lower. Dabur India (up 0.01%), Bajaj Corp (up 0.04%), Britannia Industries (up 0.05%), Nestle India (up 0.52%) and Jyothy Laboratories (up 1.15%), edged higher.
Biocon rose 1% after the company announced that its partner Mylan has resubmitted the biosimilar trastuzumab and pegfilgrastim dossiers with the European Medicines Agency. The announcement was made before market hours today, 7 November 2017.
Biocon said that its partner Mylan has resubmitted the marketing authorization applications for their proposed biosimilar trastuzumab and pegfilgrastim with the European Medicines Agency as per the administrative protocol. This follows the earlier withdrawal of both applications in response to the audit of the company's aseptic drug product facility by the designated European authority. Biocon has completed the corrective and preventive actions, including the facility modifications, in response to the audit observations and expects these to be verified during re-inspection.
Bharat Seats surged 10.66% after net profit jumped 190.9% to Rs 10.24 crore on 18.4% growth in net sales to Rs 259.05 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 6 November 2017.
On macro front, the government announced on Monday, 6 November 2017, a multi-agency investigation headed by the Central Board of Direct Taxes (CBDT) chairman, after media reports leaked financial documents called the Paradise papers that show alleged offshore dealings of 714 Indian individuals and entities. The government said the multi-agency group would also have representatives from the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit.
A collective of international journalists obtained the Paradise Papers from Bermuda-based offshore law firm Appleby and Singapore's business consulting company Asiaciti. The Finance Ministry said that the investigation units of the Income Tax Department have been alerted to take note of revelations for immediate appropriate action.
Overseas, Asian shares were trading higher after Wall Street rose and turmoil in Saudi Arabia sent crude prices to two-year highs. Japan's Nikkei 225 opened lower but later rose to the highest level since January 1992 as foreign investors chased the market higher on hopes for strong earnings from Japan Inc.
US stocks rose moderately Monday, helping the three main stock benchmarks to close at all-time highs. Healthy corporate earnings and merger talks between chip makers Broadcom and Qualcomm kept stocks in positive territory despite unsettling political developments in Saudi Arabia. The S&P 500 index rose 0.13%, the Dow Jones Industrial Average rose 0.04% and the Nasdaq Composite Index advanced 0.33%.
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