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Capital goods, telecom stocks decline

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Key benchmark indices cut losses in morning trade after an initial setback caused due to weak global cues. At 10:25 IST, the barometer index, the S&P Sensex, was down 216.97 points or 0.69% at 31,314.36. The index was down 77.25 points or 0.79% at 9,743. from capital goods and telecom sectors declined.

Domestic stocks saw a gap-down opening on weak global cues as geopolitical tensions prompted investors to adopt a risk off approach.

The S&P Mid-Cap index was down 0.09%. The S&P Small-Cap index was down 0.55%. The fall in both these indices was lower than the Sensex's decline in percentage terms.

The broad market depicted weakness. There were more than two losers against every gainer on 1,531 declined and 607 rose. A total of 85 were unchanged.

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.

Back home, capital goods stocks edged lower. ABB India (down 2.79%), Bharat Heavy Electricals (Bhel) (down 2.65%), Bharat Electronics (down 0.99%), L&T (down 1.92%), Siemens (down 1.27%) and Thermax (down 0.44%) declined. Punj Lloyd (up 1.06%) and BEML (up 0.39%) rose.

Telecom stocks fell. Bharti Airtel (down 0.7%), MTNL (down 2.25%), Tata Teleservices (Maharashtra) (down 2.74%) and Reliance Communications (down 1.18%) declined. Idea Cellular (up 0.11%) rose.

of Bharti Infratel slipped 0.58%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Gujarat Gas rose 1.99% after net profit rose 39.4% to Rs 104.35 crore on 20.7% increase in net sales to Rs 1477.98 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 10 August 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 10:30 IST