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Market corrects on negative global cues

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Key benchmark indices were trading lower in early trade on negative Asian cues. At 9:20 IST, the barometer index, the S&P Sensex, was down 248.06 points or 0.77% at 31,826.72. The 50 index was down 62 points or 0.63% at 9,853.95. Investors booked profits after a recent rally. The slipped below the psychologically important 32,000 mark.

Among secondary barometers,the Mid-Cap index was down 0.01%. The Small-Cap index was down 0.31%. The decline in both these indices was lower than the Sensex's decline in percentage terms.

The market breadth, indicating the overall health of the market, was weak. On BSE, 759 shares fell and 468 shares rose. A total of 63 shares were unchanged.

Overseas, Asian shares edged lower on growing expectations that the Federal Reserve will take a more cautious approach to raising interest rates.

US market ended little changed yesterday, 17 July 2017, as investors braced for a flood of second-quarter earnings reports later this week. The Dow Jones Industrial Average declined 8.02 points to close at 21,629.72. The S&P 500 declined 0.13 points to close at 2,459.14. The Nasdaq Composite Index rose 1.97 points to close at 6,314.43.

Back home, cement major ACC was up 1.88% at Rs 1,784.15. The company's consolidated net profit rose 32.65% to Rs 326.23 crore on 20.32% rise in total income to Rs 3985.40 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 17 July 2017. ACC said that cement sales volume rose 10.1% to 6.74 million tonnes in Q2 June 2017 over Q2 June 2016. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose 38% to Rs 637 crore in Q2 June 2017 over Q2 June 2016. Operating EBITDA margin improved to 19% in Q2 June 2017 from 16% in Q2 June 2016.

Dr Reddy's Laboratories was up 0.29% at Rs 2,701. The stock turned ex-dividend today, 18 July 2017 for dividend of Rs 20 per share for the year ended 31 March 2017.

Indiabulls Real Estate was down 0.83% at Rs 202.95. The company scheduled a board meeting on 24 July 2017, to consider issuance of Non-Convertible Redeemable Debentures, on private placement basis. The announcement was made after market hours yesterday, 17 July 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: Tue, July 18 2017. 09:22 IST