Key benchmark indices were trading in a narrow range in negative terrain in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 67.64 points or 0.20% at 34,375.55. The Nifty 50 index declined 22.20 points or 0.21% at 10,614.80.
The Sensex had hit a record high in early trade. Later, the movement of key indices was confined to a narrow range around the flat line till mid-morning trade before extending losses amid weakness in Asian stocks. Key indices pared losses and were hovering in narrow range in negative terrain in afternoon trade.
Retail stocks were in demand as investors' sentiment towards the sector improved after media reports sugggested that the Union Cabinet today, 10 January 2018, approved 100% foreign direct investment (FDI) through automatic route in single-brand retail. Future Enterprises (up 5.53%), Provogue (India) (up 4.93%),V-Mart Retail (up 3.94%), V2 Retail (up 3.34%), Shoppers Stop (up 3.14%), Trent (up 2.09%) and Future Retail (up 0.38%), edged higher.
Most pharmaceuticals shares declined. Piramal Enterprises (down 1.41%), Dr Reddy's Laboratories (down 1.08%), Sun Pharmaceutical Industries (down 0.49%), Strides Shasun (down 0.44%), Lupin (down 0.28%), Cadila Healthcare (down 0.26%), GlaxoSmithKline Pharmaceuticals (down 0.22%), Alkem Laboratories (down 0.18%), Divi's Laboratories (down 0.17%), IPCA Laboratories (down 0.15%) and Aurobindo Pharma (down 0.07%), edged lower. Cipla (up 0.68%), Wockhardt (up 0.85%) and Glenmark Pharmaceuticals (up 2.87%), edged higher.
Overseas, Asian stocks were mixed as investors booked profits in shares while oil prices hit three-year highs due to production cuts and a fall in inventories. US equities rose to record highs yesterday, 9 January 2018 as investors remained optimistic about the market heading into the corporate earnings season.
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