Markets

News Details

( 07 Nov 2017)
Markets pare early gains; RIL, Bharti Airtel shares dip

The key domestic benchmark indices pared early gains in the morning trading session as investors focussed on corporate earnings and developments related to PSUs.

On the economy front, the government has formed a multi-agency panel led by the chairman of the income tax (I-T) department to carry out a probe into the Paradise Papers leak of financial documents.

On the earnings front, big companies like BHEL, Cipla, Indian Overseas Bank, Jindal SAW, Balrampur Chini, Manappuram Finance Jyothy Labs, Finolex Cables, Tata Coffee and VIP Industries, will release their quarterly results this week. Shares of Biocon added 1.5 percent in morning as its partner Mylan has resubmitted marketing authorization applications to European Medicines Agency (EMA).

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 33674.65 down by 56.54 points or by 0.17 per cent, while the NSE Nifty was at 10423.70 down by 28.10 points or by 0.27 per cent.

The BSE Sensex touched an intraday high of 33865.95 and an intraday low of 33721.83 while the NSE Nifty touched an intraday high of 10485.75 and an intraday low of 10436.4.

The top gainers of the BSE Sensex pack were Tata Consultancy Services Ltd. (Rs. 2723.00,+2.10 per cent), Infosys Ltd. (Rs. 946.75,+1.95 per cent), Wipro Ltd. (Rs. 303.05,+1.19 per cent), Kotak Mahindra Bank Ltd. (Rs. 1017.55,+0.88 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 199.85,+0.60 per cent), among others.

Meanwhile, Reliance Industries Ltd. (Rs. 916.90,-1.88 per cent), Bharti Airtel Ltd. (Rs. 523.90,-1.66 per cent), Axis Bank Ltd. (Rs. 527.45,-1.14 per cent), Tata Motors Ltd. (Rs. 256.30,-1.14 per cent), Cipla Ltd. (Rs. 649.30,-0.93 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 2345 shares traded, 1054 shares advanced, 1195 shares declined while 96 were unchanged.

On the global front, Asian stocks were trading higher after the Wall Street ended at record high in overnight trade led by rally in energy stocks, while the Wall Street closed higher in the previous trading session helped by optimism about merger activity and as investors bet that a Republican plan to cut corporate taxes would bolster earnings.