Key benchmark indices extended intraday losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 182.13 points or 0.5% at 35,979.51. The Nifty 50 index was down 52.30 points or 0.47% at 11,033.70. The Sensex slipped below the psychological 36,000-mark. Weakness in Asian stocks caused profit booking after indices scaled record highs in the previous session.
Key indices opened almost flat and witnessed a bout of volatility near the flat line in early trade. Key indices gradually extended intraday losses as the day's trade progressed so far.
The Sensex rose 85.38 points, or 0.24% at the day's high of 36,247.02 in early trade. The index fell 188.57 points, or 0.52% at the day's low of 35,973.07 in afternoon trade, its lowest intraday level since 23 January 2018. The Nifty rose 9.60 points, or 0.09% at the day's high of 11,095.60 in early trade. The index fell 57.40 points, or 0.52% at the day's low of 11,028.60 in afternoon trade, its lowest intraday level since 23 January 2018.
Among secondary barometers, the BSE Mid-Cap index was down 0.4%. The BSE Small-Cap index was down 0.35%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,537 shares fell and 1,107 shares rose.
A total of 169 shares were unchanged.
Cement stocks traded mixed. Shree Cement (up 0.64%), Ambuja Cements (up 0.19%), and UltraTech Cement (up 0.83%) gained. ACC fell 0.97%.
Grasim Industries dropped 0.13%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Telecom stocks were also mixed. Reliance Communications (down 1.74%), Bharti Airtel (down 0.97%), and Tata Teleservices (Maharashtra) (down 1.44%) declined. Idea Cellular (up 2.5%) and MTNL (up 1.18%) gained.
Shares of Bharti Infratel rose 0.91%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Dr Reddy's Laboratories dropped 3.04% after consolidated net profit slumped 39.14% to Rs 294.2 crore on 3.01% rise in total income to Rs 3877.10 crore in Q3 December 2017 over Q3 December 2016. The announcement was made during market hours today, 25 January 2018.
Indiabulls Housing Finance gained 1.81% after the company said that it is contemplating subject to market conditions, to undertake the issue of bonds to overseas investors. The announcement was made after market hours yesterday, 24 January 2018.
The pricing of the bonds will be decided by the bond issue committee of the company on or after 30 January 2018. The proposed offering is of Rupee denominated dollar settled (bonds) under the Euro medium term note programme. In October 2017, the board of the company had approved the issue of bonds to foreign investors.
Overseas, most Asian shares declined after stocks wobbled on Wall Street. US stocks closed mixed yesterday, 24 January 2018, as markets focused on a mix of corporate earnings, trade war concerns and the broad decline in the US currency. The Dow Jones Industrial Average rose 0.16%. The S&P 500 index shed 1.59 points, while the Nasdaq Composite Index fell 0.6%.
German consumer morale rose heading into February to its highest level since 2001, lifted by shoppers' perceptions of a boom in Europe's largest economy, a survey released showed. The Nuremberg-based GfK institute said its consumer sentiment indicator, based on a survey of around 2,000 Germans, rose to 11 points going into February from 10.8 a month earlier. The indicator was last that high in October 2001.
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