Markets trade lower; Power Grid, TCS top losers
14/11/2017 11:17
The key domestic benchmark indices were trading in a negative terrain in the late morning trading session tracking weak cues and mixed trend across global peers.

On the corporate front, shares of Bharti Airtel remained in focus after media report suggested that the company will raise Rs 2,617 crore by selling 3.5 per cent stake in listed tower unit Bharti Infratel. Reliance Industries also saw some movement after media report suggested that Mukesh Ambani-led company is looking to buy stake in Alok Industries to boost the polyester yarn production.

On the earnings front, big companies like Sun Pharma, Eicher, GAIL, Bank of Baroda, Reliance Capial, Religare Enterprises and Cadila Healthcare, will release their quarterly results today. Shares of Apollo Hospitals Enterprises touched 52-week low of Rs 981, slipping 1.5 percent on the back dismal Q2 (July-September) numbers. Also, Repco Home Finance shares rallied nearly 14 percent intraday after strong set of earnings for July-September quarter.

On the economy front, the investors reacted to retail inflation which rose to 7-month high of 3.58 per cent in October due to rate of price rise in the food and vegetable segments. Meanwhile, Finance minister Arun Jaitley hinted at further rationalisation of the Goods and Services Tax, a move that would boost investor’s sentiments.

At 11:15 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 33001.15 down by 32.41 points or by 0.1 per cent, while the NSE Nifty was at 10214.9 down by 10.05 points or by 0.1per cent.

The BSE Sensex touched an intraday high of 33126.55 and an intraday low of 32972.58 while the NSE Nifty touched an intraday high of 10248 and an intraday low of 10208.4.

The top gainers of the BSE Sensex pack were Bajaj Auto Ltd. (Rs. 3263.95,+1.63 per cent), Hero MotoCorp Ltd. (Rs. 3631.95,+1.35 per cent), Lupin Ltd. (Rs. 839.55,+1.32 per cent), NTPC Ltd. (Rs. 179.25,+1.30 per cent), Cipla Ltd. (Rs. 608.75,+1.10 per cent), among others.

Meanwhile, Power Grid Corporation of India Ltd. (Rs. 208.20,-1.51 per cent), Tata Consultancy Services Ltd. (Rs. 2717.45,-1.50 per cent), Larsen & Toubro Ltd. (Rs. 1224.55,-1.27 per cent), ICICI Bank Ltd. (Rs. 310.20,-1.26 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 409.45,-1.11 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2470 shares traded, 1194 shares advanced, 1158 shares declined while 118 were unchanged.

On the global front, Asian stocks were trading mixed as traders remained wary over whether the US government will get tax reform done at all this year, while the Wall Street closed mixed in the previous trading session as gains in consumer and household goods stocks were offset by losses in industrial and energy stocks.