Key benchmark indices continued to trade in red in mid-morning trade amid weak global cues. At 11:15 IST, the barometer index, the S&P BSE Sensex lost 281.46 points or 0.87% at 32,088.58. The Nifty 50 index fell 110.45 points or 1.09% at 10,011.45. Market sentiment has taken a hit after North Korea's threat that it could consider testing a nuclear weapon in the Pacific.
North Korea's foreign minister reportedly warned yesterday, 21 September 2017 that Pyongyang could test a hydrogen bomb over the Pacific Ocean in response to US President Donald Trump's threats of military action.
Among other indices, the S&P BSE Mid-Cap index fell 1.42%. The S&P BSE Small-Cap index lost 1.39%. The losses in both the indices were higher than the Sensex's slide in percentage terms.
Broad market depicted weakness. There were more than three losers for every gainer on BSE. 1,728 shares declined and 517 shares advanced. A total of 110 shares were unchanged.
Cement stocks edged lower. Shree Cement (down 2.91%), UltraTech Cement (down 2.65%), ACC (down 1.87%), Ambuja Cements (down 1.83%) and Grasim Industries (down 0.85%) declined.
Telecom and telecom infrastructure stocks declined. Idea Cellular (down 1.49%), Bharti Airtel (down 1.1%) and Reliance Communications (down 0.24%) edged lower. Bharti Infratel (up 0.72%) advanced.
Ashapura Intimates Fashion advanced 2.3% at Rs 489.75 after the company said that it will soon launch the new brand 'TRICCI' for men, boys and toddlers. Through this brand, the company has taken a bold step to enter into the $25 billion plus menswear market in India with a new focused brand. The announcement was made before market hours today, 22 September 2017.
The India Meteorological Department (IMD) in its weekly weather report said that for the country as a whole, cumulative rainfall during this year's monsoon upto 20 September has been 5% below the normal rainfall. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, Asian stocks edged lower after North Korea's threat that it could consider testing a nuclear weapon in the Pacific. US stocks declined yesterday, 21 September 2017 as profit booking emerged after recent winning streak.
In the economic news, the US initial claims for state unemployment benefits declined 23,000 to a seasonally adjusted 259,000 for the week ended 16 September, the Labor Department said yesterday, 21 September 2017.
European Central Bank (ECB) President Mario Draghi said yesterday, 21 September 2017 that monetary policy is not the right instrument to address financial imbalances in the euro zone and macroprudential tools must be used to tackle local issues.
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