Key benchmark indices were trading in negative terrain in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 49.22 points or 0.15% at 33,201.71. The Nifty 50 index was down 19.70 points or 0.19% at 10,289.25.
Indices opened lower on negative global cues and hit fresh intraday low in morning trade. Bargain hunting at lower levels boosted key indices to the day's high in mid-morning trade. Selling emerged at higher levels, which pushed the key indices once again into negative terrain.
The Sensex rose 29.62 points, or 0.09% at the day's high of 33280.55 in mid-morning trade. The index fell 114.99 points, or 0.35% at the day's low of 33,135.94 in morning trade. The Nifty rose 6.45 points, or 0.06% at the day's high of 10,315.40 in mid-morning trade. The index fell 38.95 points, or 0.38% at the day's low of 10,270 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.01%. The BSE Small-Cap index was up 0.32%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, once again turned negative from positive. On BSE, 1,279 shares fell and 1,169 shares rose. A total of 139 shares were unchanged.
Engineering and construction major L&T rose 4.31% to Rs 1,269 after the company announced that its construction division won orders worth Rs 4023 crore across various business segments. The announcement was made before market hours today, 10 November 2017. The company will announce its Q2 results on 11 November 2017.
Most telecom shares declined. Reliance Communications (RCom) (down 5%), Tata Teleservices (Maharashtra) (down 4.89%), MTNL (down 1.28%) and Idea Cellular (down 0.36%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was down 0.25%. Telecom major Bharti Airtel was up 0.12% to Rs 504.50.
Most auto stocks declined. Ashok Leyland (down 1.43%), Eicher Motors (down 1.04%), Escorts (down 0.88%), Mahindra & Mahindra (down 0.59%) and Hero MotoCorp (down 0.53%), edged lower. Maruti Suzuki India (up 0.16%), TVS Motor Company (up 0.60%) and Bajaj Auto (up 0.84%), edged higher.
Auto major Tata Motors lost 2.99% after the company reported a small rise in group's global wholesales for the month of October 2017. The announcement was made during market hours today, 10 November 2017.
Tata Motors' group global wholesales including Jaguar Land Rover (JLR) grew by 2.7% to 1.03 lakh units in October 2017 over October 2016. Sales of commercial vehicles and Tata Daewoo rose 1.3% while passenger vehicles grew by 3.5% last month.
Tata Motors had announced Q2 September 2017 results during market hours yesterday, 9 November 2017. Consolidated net profit jumped 195.04% to Rs 2502 crore on 10.34% growth in revenue (net of excise) to Rs 70156 crore in Q2 September 2017 over Q2 September 2016. Shares of Tata Motors had risen 0.36% to settle at Rs 440.30 yesterday, 9 November 2017.
Overseas, Asian shares were trading lower on uncertainty about US tax reforms after Senate Republicans unveiled a plan that differed from the House of Representatives' version in several key areas, including a delay in the timing of a corporate tax cut.
US Republican Senators said they want to slash the corporate tax rate in 2019, later than the House's proposed schedule of 2018, complicating a push for the biggest overhaul of US tax law since the 1980s.
US stocks closed lower Thursday with the Dow snapping a seven-day win streak on worries over a possible delay in much-anticipated corporate tax cut. The S&P 500 fell 0.38% and the Dow Jones Industrial Average fell 0.43%. Technology stocks were among the biggest losers with the Nasdaq Composite Index down 0.58%.
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