Key benchmark indices ended the volatile sessions with small losses. The barometer index, the S&P BSE Sensex, fell 67.28 points or 0.20% to 32,802.44, as per the provisional closing data. The Nifty 50 index fell 9.50 points or 0.09% to 10,118.25, as per the provisional closing data.
Negative global stocks and a private gauge showing contraction in India's services activity in November dampened investors' sentiment. Investors were also cautious ahead of the Reserve Bank of India's monetary policy decision tomorrow, 6 December 2017.
Key indices traded lower for most part of the session after hitting fresh intraday low in early trade. The Sensex hit a six-week low and the Nifty hit its lowest intraday level in almost 8 weeks in early trade. Indices sharply recovered in mid-afternoon trade on fresh buying. However, the recovery was short lived as key indices declined once again in late trade.
The Sensex rose 23.33 points, or 0.07% at the day's high of 32,893.05 in mid-afternoon trade. The index fell 187.20 points, or 0.57% at the day's low of 32,682.52 in early trade, its lowest level since 24 October 2017. The Nifty rose 20.20 points, or 0.20% at the day's high of 10,147.95 in mid-afternoon trade. The index fell 58.65 points, or 0.58% at the day's low of 10,069.10 in early trade, its lowest level since 12 October 2017.
Among secondary barometers, the BSE Mid-Cap index provisionally rose 0.41%, outperforming the Sensex. The BSE Small-Cap index provisionally fell 0.03%. The decline in this index was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,547 shares fell and 1,110 shares rose. A total of 146 shares were unchanged.
The total turnover on BSE amounted to Rs 4175.92 crore, higher than turnover of Rs 3733.06 crore registered during the previous trading session.
Most metal shares declined. Jindal Steel & Power (down 2.4%), National Aluminium Company (down 2.38%), JSW Steel (down 1.83%), Tata Steel (down 1.73%), Hindustan Zinc (down 1.27%), Vedanta (down 0.74%), NMDC (down 0.56%), Bhushan Steel (down 0.3%) and Hindalco Industries (down 0.02%), edged lower. Steel Authority of India (up 0.64%) and Hindustan Copper (up 1.59%), edged higher.
Meanwhile, copper price declined in the global commodities markets. High Grade Copper for March 2018 delivery was currently down 2.06% at $3.0265 per pound on the COMEX.
Bank of Baroda was up 0.06%. The bank said that it kept marginal cost of funds based lending rates across the various tenors at the exiting level from 7 December 2017 after the review. The bank's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.05%, the rate for one month will be 8.1% and for three months it will be 8.15%. The MCLR on 6-month loans will be 8.25% and for one-year loans the rate will be 8.3%, the bank said. MCLR on three-year loans will be 8.45% and for five-year loans the rate will be 8.6%. The announcement was made during market hours today, 5 December 2017.
HOV Services rose 0.44% after the company's net profit surged 88% to Rs 0.47 crore on 1.37% growth in total income to Rs 3.69 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 5 December 2017.
Shriram Transport Finance Company gained 5.83% after the company said that it allotted 350 unsecured, redeemable, rated non-convertible subordinated debt of face value of Rs 10 lakh each, aggregating to Rs 35 crore on private placement basis. The announcement was made during market hours today, 5 December 2017.
On the macro front, data released today, 5 December 2017, showed that the Nikkei India services Purchasing Managers' Index, or PMI, dipped into negative territory in November. The seasonally adjusted business activity index stood at 48.5 in November, off from 51.7 in October. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
Overseas, most European shares declined as investors digested the latest news surrounding Brexit talks and monitored fresh economic data. On the macro front, UK services PMI was reported at 53.8 in November compared with 55 in October. Eurozone final November composite PMI was reported at 57.5 compared with 56 in October. A reading above 50 indicates an expansion in activity while a level below that points to a contraction.
Most Asian shares fell as technology shares mirrored a sell-off in US tech companies.
Activity in China's service sector expanded at a faster pace in November, a private gauge showed Tuesday, the latest indication of strength in the sector following official data released last week. The Caixin China services purchasing managers' index rose to 51.9 in November from 51.2 in October, Caixin Media Co. and research firm Markit said. A reading above 50 indicates an expansion in activity while a level below that points to a contraction.
In US, the Dow closed at a record as investors cheered the weekend passage of the Senate version of a sweeping overhaul of the US tax code. However, the S&P 500 and the Nasdaq finished lower as large-capitalization technology stocks took a beating. The Dow Jones Industrial Average added 0.2%. The S&P 500 shed 0.1%. The Nasdaq Composite Index fell 1.1%.
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