Markets

News Details

( 07 Nov 2017)
Markets trade lower; RIL, Bharti Airtel top losers

The key domestic benchmark indices were trading in a negative terrain in the late morning trading session as investors focussed on corporate earnings and developments related to PSUs.

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).

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.

At 11:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 33665.42 down by 65.77 points or by 0.19 per cent, while the NSE Nifty was at 10424.95 down by 26.85 points or by 0.26 per cent.

The BSE Sensex touched an intraday high of 33865.95 and an intraday low of 33582.38 while the NSE Nifty touched an intraday high of 10485.75 and an intraday low of 10394.65.

The top gainers of the BSE Sensex pack were Infosys Ltd. (Rs. 957.40,+3.10 per cent), Wipro Ltd. (Rs. 308.00,+2.84 per cent), Tata Consultancy Services Ltd. (Rs. 2730.60,+2.38 per cent), Kotak Mahindra Bank Ltd. (Rs. 1020.65,+1.18 per cent), Tata Motors Ltd. (Rs. 463.90,+0.51 per cent), among others.

Meanwhile, Reliance Industries Ltd. (Rs. 912.25,-2.38 per cent), Bharti Airtel Ltd. (Rs. 525.50,-1.36 per cent), Asian Paints Ltd. (Rs. 1147.00,-1.32 per cent), ICICI Bank Ltd. (Rs. 312.25,-1.23 per cent), Power Grid Corporation of India Ltd. (Rs. 208.50,-1.07 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 2601 shares traded, 943 shares advanced, 1552 shares declined while 106 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.