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Market opens on a weak note on negative global cues

Capital Market 

Domestic stocks saw a gap-down opening on weak global cues as geopolitical tensions prompted investors to adopt a risk off approach. At 09:25 IST, the barometer index, the S&P Sensex, was down 285.89 points or 0.91% at 31,245.44. The index was down 89.10 points or 0.91% at 9,731.15.

The S&P Mid-Cap index was down 1.76%. The S&P Small-Cap index was down 2.43%. The fall in both these indices was higher than the Sensex's decline in percentage terms.

The broad market depicted weakness. On the BSE, 1,538 shares declined and just 201 shares rose. A total of 34 shares 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, L&T (down 2.01%), Cipla (down 2.2%) and ONGC (down 1.86%) edged lower from the pack.

GAIL (India) fell 0.36% after net profit declined 23.2% to Rs 1025.64 crore on 6.7% growth in net sales to Rs 11406.47 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 10 August 2017.

Tata Motors dropped 4.17%. The company and Skoda ceased discussions around potential partnership. The announcement was made after market hours yesterday, 10 August 2017. Tata Motors and Skoda Auto have performed a joint technical feasibility and commercial evaluation of a potential collaboration. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations.

Tata Motors will continue to pursue its standalone product strategy to bring exciting and world-class products to its customers.

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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. 09:29 IST
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