Key benchmark indices were trading in a narrow range in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 65.26 points or 0.20% at 32,737.18. The Nifty 50 index was down 28.65 points or 0.28% at 10,089.60.
Negative leads from Asian markets and overnight fall on the Wall Street spoiled investors sentiment. Cautiousness also prevailed ahead of the outcome of the Reserve Bank of India's monetary policy decision later today, 6 December 2017.
Key indices opened lower and pared losses in morning trade. After a brief recovery, selling pressure dragged the indices lower once again in morning trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,334 shares rose and 934 shares fell. A total of 115 shares were unchanged.
IT major TCS was down 0.28%. The company during trading hours today, 6 December 2017, announced that Panasonic Corporation, global leaders in electronics and white goods manufacture, headquartered in Kadoma, Osaka, Japan, has successfully transformed its global indirect procurement function using TCS' ERP on Cloud solution. The ERP on Cloud platform, along with TCS' business process operations, enables Panasonic to enhance process compliance and standardize business processes for group companies across multiple geographies throughout the Asian region.
TVS Motor Company was up 0.64%. The company during trading hours today, 6 December 2017, announced the launch of TVS Apache RR 310. The motorcycle marks the company's entry into the super-premium segment, both in domestic and international markets.
Most cement shares rose. Ambuja Cements (up 0.15%) and ACC (up 0.06%), edged higher. UltraTech Cement was down 1.02%.
Grasim Industries was up 0.04%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Most telecom shares declined. Tata Teleservices (Maharashtra) (down 1.19%), Reliance Communications (down 0.79%) and Bharti Airtel (down 0.34%), edged lower. MTNL (up 0.24%) and Idea Cellular (up 0.48%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was down 0.81%.
Suven Life Sciences gained 3.54% after the company announced the grant of one product patent from Eurasia and one product patent from Norway corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2034 and 2026 respectively. The announcement was made during market hours today, 6 December 2017.
Plastiblends India tanked 7.39% after net profit fell 64.7% to Rs 2.80 crore on 11.2% growth in net sales to Rs 144.12 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 5 December 2017.
On the macro front, the government yesterday, 5 December 2017, announced incentives worth a total Rs 8450 crore to boost exports and employment in labour-intensive sectors in the mid-term review of the five-year foreign trade policy (FTP) that was rolled out in 2015.
Export incentives under Merchandise Exports from India (MEIS) have been increased by 2% across the board for labour intensive MSME sectors leading to additional annual incentive of Rs 4567 crore. This is in addition to the already announced increase in MEIS incentives from 2% to 4% for ready-made garments and made ups in the labour intensive textiles sector with an additional annual incentive of Rs 2743 crore.
Further, incentives under Services Exports from India Scheme (SEIS) have also been increases by 2% leading to additional annual incentive of Rs 1140 crore. The FTP will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports, an official statement said.
Overseas, Asian shares were trading lower, mirroring losses on the Wall Street. US stock ended lower Tuesday, driven by losses in utilities, telecoms and industrials sectors. The S&P 500 index fell 0.37%. The Nasdaq Composite ended 0.19% lower. The Dow Jones Industrial Average ended 0.45% lower.
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