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Weak market breadth

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Key benchmark indices trimmed losses after hitting fresh intraday low in morning trade. At 10:26 IST, the barometer index, the S&P Sensex, was down 85.94 points or 0.26% at 32,783.78. The 50 index was down 27.05 points or 0.27% at 10,100.70.

The hit a six-week low in morning trade. The hit its lowest intraday level in almost 8 weeks in morning trade. The fell 38.81 points, or 0.12% at the day's high of 32,830.91 at the onset of trading session. 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 fell 8.55 points, or 0.08% at the day's high of 10,119.20 at the onset of trading session. 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 Mid-Cap index was down 0.09%. The decline in this index was lower than the Sensex's decline in percentage terms. The Small-Cap index was down 0.45%. The decline in this index was higher than the Sensex's decline in percentage terms.

The broad market depicted weakness. There were two losers against every gainer on 1,441 shares fell and 719 shares rose. A total of 101 shares were unchanged.

IT major TCS was up 0.25% to Rs 2,640. The company during trading hours today, 5 December 2017, announced a new partnership with Cornell Tech, the first university campus designed for the digital age, to collaborate on technology research and expand K-12 digital literacy programs in New York City. As part of the new partnership, Cornell Tech has inaugurated the Tata Innovation Center on its campus following a $50 million investment in the University from TCS. The center, formerly known as The Bridge, brings academia and industry together under one roof to share ideas and research on next-generation digital technologies and how to commercialize new areas of collaboration.

Power generation stocks witnessed selling pressure. Adani Power (down 3.12%), JSW Energy (down 2.86%), Jaiprakash Power Ventures (down 2.82%), GMR Infrastructure (down 2.31%), Torrent Power (down 1.8%), Tata Power (down 1.67%), Reliance Infrastructure (down 1.63%), NHPC (down 1.23%), Reliance Power (down 1.09%), NTPC (down 1.03%) and CESC (down 0.48%), edged lower.

State-run Coal India was down 0.92%. State-run Power Grid Corporation of India was down 1.77%.

Most FMCG shares declined. Jyothy Laboratories (down 3.08%), Hindustan Unilever (down 0.65%), Godrej Consumer Products (down 0.56%), Procter & Gamble Hygiene & Health Care (down 0.46%), Bajaj Corp (down 0.4%), Marico (down 0.35%), Colgate Palmolive (India) (down 0.33%), Britannia Industries (down 0.19%) and Nestle India (down 0.05%), edged lower. GlaxoSmithKline Consumer Healthcare (up 0.40%), Tata Global Beverages (up 0.63%) and Dabur India (up 1%), edged hgiher.

Shree Pushkar Chemicals & Fertilisers was up 1.05% after the company announced that an additional capacity of 3,000 MTA of the dyes plant has been created at its unit no. III at B-97, MIDC Lote Parshuram and the plant has commenced trial runs by end November 2017. The announcement was made after market hours yesterday, 4 December 2017.

Balaji Amines rose 3.40% after the company said that the Department of Industries, Energy and Labour, Mantralya, Mumbai has conferred 'Mega Project' status to the expansion project being under taken by the company at an project outlay of Rs 296 crore at MIDC Chincholi, Solapur, Maharashtra. The status of mega project entitles the company to various incentives, subject to compliance of conditions of Package Scheme Incentives (PSI) 2013. The company had said that it had been allotted 3.6 lakh square meters (90 acres) Land in MIDC Chincholi, Solapur, Maharastra. The announcement was made after market hours yesterday, 4 December 2017. The stock had jumped 6.27% to Rs 632.60 yesterday, 4 December 2017, ahead of the announcement.

Overseas, Asian shares were mixed as technology shares mirrored a sell-off in US tech companies.

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 05 2017. 10:27 IST