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Market breadth turns positive

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Key benchmark indices were trading lower in morning trade. At 10:25 IST, the barometer index, the S&P Sensex, was down 53.12 points or 0.16% at 32,749.32. The 50 index was down 31 points or 0.31% at 10,087.25. Negative leads from Asian markets and overnight fall on the spoiled investors sentiment. Cautiousness also prevailed ahead of the outcome of the Reserve of India's monetary policy decision later today, 6 December 2017.

The rose 2.31 points, or 0.01% at the day's high of 32,804.75 in morning trade. The index fell 109.24 points, or 0.33% at the day's low of 32,693.20 in early trade. The fell 14.05 points, or 0.14% at the day's high of 10,104.20 in morning trade. The index fell 43.80 points, or 0.43% at the day's low of 10,074.45 in early trade.

Among secondary barometers, the Mid-Cap index was up 0.04%. The Small-Cap index was up 0.37%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 1,227 shares rose and 843 shares fell. A total of 99 shares were unchanged.

Metal shares declined. Hindustan Zinc (down 2.83%), Vedanta (down 2.79%), Hindalco Industries (down 2.75%), Jindal Steel & Power (down 2.21%), Tata Steel (down 2.07%), Hindustan Copper (down 2%), JSW Steel (down 1.57%), National Aluminium Company (down 1.47%), Steel Authority of (down 1.41%) and NMDC (down 0.8%), edged lower.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2018 delivery was currently up 0.73% at $2.9675 per pound on the COMEX.

IT shares were mixed. MindTree (up 1.41%), MphasiS (up 0.83%), Tech Mahindra (up 0.79%), HCL Technologies (up 0.66%) and Infosys (up 0.37%), edged higher. Oracle Financial Services Software (down 0.39%), Persistent Systems (down 0.48%), Wipro (down 0.49%), TCS (down 0.5%) and Hexaware Technologies (down 2.38%), edged lower.

The Byke Hospitality was down 2.60% after net profit fell 9.72% to Rs 5.20 crore on 44.98% decline in total income from operations to Rs 29.59 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 5 December 2017.

Tata Communications rose 0.90% after the company said that Thai start-up DRVR has partnered with the company to revolutionise Asia's first smart fleet network. The announcement was made before market hours today, 6 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 (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 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 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 10:27 IST
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