Stocks cut losses in mid-afternoon trade after hitting an intraday low in afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 34.17 points or 0.1% at 33,645.07. The Nifty 50 index was down 15.65 points or 0.15% at 10,374.05. Recovery was led by Axis Bank, NTPC and ONGC. Shares from auto and IT sectors saw mixed trend.
Domestic stocks edged lower in early trade on negative Asian stocks. Stocks hovered in negative zone in morning trade. Key benchmark indices gyrated in a small range amid negative bias in mid-morning trade. Equities extended fall and hit fresh intraday low in early afternoon trade. Stocks hovered near the day's low in afternoon trade. Indices had logged gains for prior seven trading days in a row to Friday, 24 November 2017. The Sensex had jumped 918.80 points or 2.8% in seven sessions, from a close of 32,760.44 on 15 November 2017.
The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.64%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,527 shares rose and 1,111 shares fell. A total of 169 shares were unchanged.
IT stocks saw mixed trend. Infosys (down 1.2%), Oracle Financial Services Software (down 0.93%) and Hexaware Technologies (down 0.75%) fell. MphasiS (up 1.11%), Tech Mahindra (up 0.21%), MindTree (up 6.09%), Wipro (up 0.67%) and HCL Technologies (up 0.07%) rose.
TCS was down 0.3%. The SMU-TCS iCity Lab announced that Singapore Management University (SMU) and TCS have extended their partnership for another three years until 2020 to focus on new initiatives in research and development. The ongoing partnership, launched in 2011 and renewed for a second time, will enhance and broaden multi-disciplinary academic research efforts in digital technology to create innovative, technology-enabled solutions to emerging urban challenges. TCS will invest a total of $1.5 million over the next three years in developing intelligent infrastructure, software and applications. SMU will leverage on its capabilities to generate leading-edge research and strategic linkages with business, government and the wider community to enable the most relevant and contextual ecosystem to deploy the technology solutions.
SMU-TCS iCity Lab is a joint initiative between TCS and Singapore Management University. The partnership combines TCS' IT services expertise and culture of innovation with SMU's globally recognized excellence in research and education in social sciences, management, analytics and computing in partnership with both the public and private sectors. The announcement was made during trading hours today, 27 November 2017.
Auto stocks saw mixed trend. Ashok Leyland (up 3.42%), Escorts (up 0.63%), Maruti Suzuki India (up 0.13%), Eicher Motors (up 0.25%) and TVS Motor Company (up 0.91%) gained. Tata Motors (down 1.06%), Bajaj Auto (down 0.52%), Hero MotoCorp (down 0.26%) and Mahindra & Mahindra (M&M) (down 0.4%) fell.
Cupid surged 5.76% after the company said it has received a new order worth Rs 1.36 crore. Cupid has received a new order from United Nation Population Fund (UNFPA) to supply female condoms for the first time to Malawi, Africa worth Rs 1.36 crore. The announcement was made after market hours on Friday, 24 November 2017.
Meanwhile, global ratings agency Standard & Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook remains stable. The ratings on India reflect the country's sound external profile and improved monetary credibility. The announcement was made after market hours on Friday, 24 November 2017.
Overseas, European stocks were trading lower on the back of weakness in Asian equities. Asian stocks were trading lower weighed by weakness in the Chinese and South Korean stocks. A drop in the Chinese industrial profits data also weighed down on the sentiment. China's industrial profits grew 25.1% in October compared to the year before, against a 27.7% rise seen in September.
In US, the S&P 500 and Nasdaq Composite finished at all-time highs on Friday, 24 November 2017 as retailers were in focus amid the Black Friday shopping holiday, a day after domestic markets were closed in observance of Thanksgiving.
On the data front, a survey of purchasing managers showed that businesses grew in November at the slowest pace in four months. The Markit flash manufacturing PMI fell to 53.8 from 54.6, while the flash services PMI fell to 54.3 from 54.6. A reading of 50 or better indicates improving conditions.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
