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Market hits fresh intraday low

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Key benchmark indices hit fresh intraday low in early afternoon trade. At 12:23 IST, the barometer index, the S&P Sensex, was down 114.28 points or 0.35% at 32,688.16. The 50 index was down 45.90 points or 0.45% at 10,072.35.

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 (RBI)'s monetary policy decision later today, 6 December 2017. RBI is widely expected to hold rates for a second time in a row at the end of its two-day meeting later in the day.

Key indices opened lower and pared losses in morning trade. After some range bound trading in mid-morning trade, key indices tumbled in early afternoon trade on fresh selling pressure. The hit its lowest level in more than six weeks. The hit its lowest level in almost eight weeks.

The rose 2.31 points, or 0.01% at the day's high of 32,804.75 in morning trade. The index fell 181.34 points, or 0.55% at the day's low of 32,621.10 in early afternoon trade, its lowest intraday level since 24 October 2017. The fell 14.05 points, or 0.14% at the day's high of 10,104.20 in morning trade. The index fell 66.65 points, or 0.66% at the day's low of 10,051.60 in early afternoon trade, its lowest intraday level since 12 October 2017.

Among secondary barometers, the Mid-Cap index was down 0.37%, underperforming the The Small-Cap index was down 0.05%, outperforming the

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,239 shares fell and 1,156 shares rose. A total of 128 shares were unchanged.

Most realty shares declined. Parsvnath Developers (down 2.61%), Prestige Estates Projects (down 1.22%), Housing Development and Infrastructure (HDIL) (down 1.04%), Mahindra Lifespace Developers (down 0.89%), Indiabulls Real Estate (down 0.81%), Godrej Properties (down 0.65%), Omaxe (down 0.51%), Sunteck Realty (down 0.49%), Anant Raj (down 0.42%), Phoenix Mills (down 0.41%), Unitech (down 0.33%) and D B Realty (down 0.14%), edged lower. Oberoi Realty (up 0.06%), DLF (up 0.28%), Peninsula Land (up 0.87%) and Sobha (up 1.09%), edged higher.

Pharmaceutical shares declined. Cadila Healthcare (down 1.54%), Alkem Laboratories (down 1.44%), Aurobindo Pharma (down 1.37%), Sun Pharmaceutical Industries (down 1.27%), Glenmark Pharmaceuticals (down 1.24%), Piramal Enterprises (down 1.2%), Strides Shasun (down 1.04%), Wockhardt (down 0.7%), Divi's Laboratories (down 0.39%), GlaxoSmithKline Pharmaceuticals (down 0.36%), Dr Reddy's Laboratories (down 0.24%) and Cipla (down 0.04%), edged lower. Lupin was up 0.14%.

Punjab Chemicals & Crop Protection jumped 10.79% after the company said that its board of directors will meet on 8 December 2017 to consider the option to raise long term resources by way of further public offering/rights issue/global depository receipt/American depository receipts/foreign currency convertible bonds/qualified institutional placement/debt issue/preferential issue or any other method, as may be deliberated and decided by the board of directors of the company. The announcement was made 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 12:18 IST