Markets trade lower; Sun Pharma, ITC shares dip
15/11/2017 10:16
The key domestic benchmark indices were trading in a negative terrain in the morning trading session tracking weak cues and mixed trend across global peers following correction in metals and crude oil prices.

On the economy front, the Government of India launched the BHARAT-22 Exchange Traded Fund (ETF), targeting an initial amount of about Rs 8,000 crore, which received an overwhelming response from investors and was subscribed six times on the opening day. This New Fund Offer is open till November 17, 2017.

On the corporate front, investors reacted to earnings report of Sun Pharma which posted lower-than-expected earnings for the second quarter ended Sepetmber 30, 2017 as its price fell 2 percent in morning trade. On the earnings front, companies including, Care Ratings, Somani Ceramics, HMT, Automotive Axles, Digjam and Golden Tobacco, will release their quarterly results today. Also, share price of Indiabulls Housing Finance advanced 2 percent in morning on the back partial stake sale in OakNorth Bank.

At 10:15 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 32888.4 down by 53.47 points or by 0.16 per cent, while the NSE Nifty was at 10165.2 down by 21.4 points or by 0.21 per cent.

The BSE Sensex touched an intraday high of 32944.94 and an intraday low of 32828.87 while the NSE Nifty touched an intraday high of 10175.45 and an intraday low of 10147.45.

The top gainers of the BSE Sensex pack were Asian Paints Ltd. (Rs. 1164.45,+0.88 per cent), Larsen & Toubro Ltd. (Rs. 1219.45,+0.79 per cent), Housing Development Finance Corporation Ltd. (Rs. 1674.15,+0.69 per cent), Tata Consultancy Services Ltd. (Rs. 2735.10,+0.68 per cent), Hero MotoCorp Ltd. (Rs. 3675.00,+0.58 per cent), among others.

Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 515.95,-1.94 per cent), ITC Ltd. (Rs. 252.25,-1.68 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 178.95,-1.68 per cent), NTPC Ltd. (Rs. 174.00,-1.67 per cent), Tata Steel Ltd. (Rs. 673.95,-1.64 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2202 shares traded, 850 shares advanced, 1271 shares declined while 81 were unchanged.

On the global front, Asian stocks were trading lower after weaker crude oil prices took a toll on Wall Street, while the Wall Street closed lower in the previous trading session as General Electric shares plunged for a second straight day and a drop in crude oil prices hit energy stocks.