Weakness persisted on the bourses in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 228.63 points or 0.73% at 31,302.70. The Nifty index was down 71.75 points or 0.73% at 9,748.50. Domestic stocks extended their four-day slide as global stocks dropped as investors continued to pare their riskier positions amid rise in geopolitical tensions between the US and North Korea.
Domestic stocks saw a gap-down opening on weak global cues as geopolitical tensions prompted investors to adopt a risk off approach. Stocks cut losses in morning trade. Stocks hovered with weakness in negative zone in mid-morning trade.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,374 shares fell and 972 shares rose. A total of 119 shares were unchanged.
Auto stocks declined. Maruti Suzuki India (down 1.08%), Mahindra & Mahindra (M&M) (down 0.98%), Eicher Motors (down 0.6%), Bajaj Auto (down 0.59%), Hero MotoCorp (down 1.66%) and TVS Motor Company (down 1.43%) edged lower. Escorts (up 1.64%) gained.
Ashok Leyland rose 1.5% after the company said it received an order worth over Rs 120 crore from a domestic logistics company. Ashok Leyland will supply 500 fully-built trucks to Rivigo, India's fastest growing logistics company. The announcement was made during trading hours today, 11 August 2017.
Tata Motors was down 1.04% after the company and Skoda ceased discussions around potential partnership. The announcement was made after market hours yesterday, 10 August 2017.
Tata Motors said that the company and Skoda ceased discussions around potential partnership. Tata Motors and Skoda Auto have performed a joint technical feasibility and commercial evaluation of a potential collaboration. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations.
Tata Motors will continue to pursue its standalone product strategy to bring exciting and world-class products to its customers.
Realty stocks gained. Housing Development and Infrastructure (up 6.24%), DLF (up 0.06%), Indiabulls Real Estate (up 0.29%), D B Realty (up 2.04%), Unitech (up 2.85%), Sobha (up 2.08%), Godrej Properties (up 0.03%), Prestige Estates Projects (up 2.76%) and Oberoi Realty (up 1.64%) rose.
Cochin Shipyard was trading at Rs 522, a premium of 20.83% over initial public offer price of Rs 432 per share on its debut today, 11 August 2017. The stock opened at Rs 435, a premium of 0.69% over issue price. The stock had a hit a high of Rs 522 and a low of Rs 435 so far. On the BSE, 32.32 lakh shares were traded on the counter so far. Cochin Shipyard is one of the leading shipbuilding and Shiprepairing companies in India.
63 Moons Technologies jumped 18.36% after net profit spurted 249.75% to Rs 28.47 crore on 264.88% increase in net sales to Rs 130.99 crore in Q1 June 2017 Over Q4 March 2017. The result was announced after market hours yesterday, 10 August 2017.
Overseas, Asian stocks were trading lower as investors continued to pare their riskier positions following escalating geopolitical tensions between the US and North Korea. Japan's markets were shut for a public holiday. US stocks finished sharply lower yesterday, 10 August 2017 amid a persistent war of words between the US and North Korea and a clutch of disappointing earnings reports.
Geopolitical tension gained momentum yesterday, 10 August 2017 after a North Korean army commander reportedly said that sound dialogue isn't possible with US President Donald Trump and only absolute force can work on him. North Korea also laid out detailed plans of how it would launch a missile strike on US military bases in Guam. Reports in media indicated that China would intervene if there is a first strike against North Korea.
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