Stocks hovered with weakness in negative zone led by slide in index pivotals Reliance Industries, HDFC Bank and L&T. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 213.59 points or 0.68% at 31,317.74. The Nifty index was down 71.35 points or 0.73% at 9,748.90. Global stocks dropped as investors continued to pare their riskier positions amid rise in geopolitical tensions between the US and North Korea.
Domestic stocks saw a gap-down opening on weak global cues as geopolitical tensions prompted investors to adopt a risk off approach. Stocks cut losses in morning trade.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,358 shares fell and 886 shares rose. A total of 106 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, index heavyweight Reliance Industries (RIL) dropped 1.08% to Rs 1,567.
Metal and mining stocks saw mixed trend. Vedanta (down 2.68%), Tata Steel (down 0.12%), Steel Authority of India (Sail) (down 0.93%), Hindalco Industries (down 2.38%) and Hindustan Copper (down 1.63%) edged lower. JSW Steel (up 1.26%), National Aluminium Company (up 0.62%), Hindustan Zinc (up 0.05%), Jindal Steel & Power (up 3.29%) and NMDC (up 0.86%) rose.
MOIL rose 4.88% after the company said its board recommended 1:1 bonus issue of shares. MOIL announced that its net profit surged 107.3% to Rs 97.73 crore on 82.7% increase in net sales to Rs 339.40 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 10 August 2017.
Cement stocks declined. Ambuja Cements (down 0.17%), ACC (down 0.27%), UltraTech Cement (down 0.52%) and Shree Cement (down 1.05%) fell.
Grasim Industries was up 0.48%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Manappuram Finance fell 7.16% after consolidated net profit fell 3.22% to Rs 155.17 crore on 11.35% increase in net sales to Rs 830.82 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 10 August 2017.
Rupa & Company dropped 5.19% after net profit fell 40.1% to Rs 9.28 crore on 24.8% decrease in net sales to Rs 162.23 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 10 August 2017.
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