Broad market depicts weakness

Market languished in negative zone in the morning trade after a lower opening amid weak global cues. At 10:15 IST, the barometer index, the S&P BSE Sensex lost 285.68 points or 0.88% at 32,084.36. The Nifty 50 index fell 103.50 points or 1.02% at 10,018.40. Market sentiment has taken a hit after North Korea's threat that it could consider testing a nuclear weapon in the Pacific.

North Korea's foreign minister reportedly warned yesterday, 21 September 2017 that Pyongyang could test a hydrogen bomb over the Pacific Ocean in response to US President Donald Trump's threats of military action.

Among other indices, the S&P BSE Mid-Cap index fell 1.37%. The S&P BSE Small-Cap index lost 1.32%. The losses in both the indices were higher than the Sensex's slide in percentage terms.

Broad market depicted weakness. There were more than three losers for every gainer on BSE. 1,511 shares declined and 459 shares advanced. A total of 87 shares were unchanged.

Realty stocks declined. Unitech (down 3.52%), Sobha (down 2.49%), Indiabulls Real Estate (down 2.39%), DLF (down 1.6%), D B Realty (down 1.58%) and HDIL (down 0.9%) edged lower. Godrej Properties (up 1.04%), Prestige Estates Projects (up 0.26%) and Oberoi Realty (up 0.02%) advanced.

Shares of Tata group companies declined. Tata Global Beverages (down 1.98%), Tata Steel (down 1.73%), Tata Chemicals (down 1.31%) and TCS (down 0.87%) edged lower. Tata Motors (up 0.24%) advanced. Shareholders of Tata Sons, the holding company of the Tata group, yesterday, 21 September 2017 voted in favour of turning it into a private limited company despite vehement opposition from ousted chairman Cyrus Mistry's family firms that own a minority stake. The development implies that Mistry's Shapoorji Pallonji group won't be able to sell its minority stake in Tata Sons without board approval.

KNR Constructions rose 2.92% at Rs 218.25 after the company's joint venture bagged an order worth Rs 884.47 crore from Government of Telangana. The announcement was made after market hours yesterday, 21 September 2017.

The India Meteorological Department (IMD) in its weekly weather report said that for the country as a whole, cumulative rainfall during this year's monsoon upto 20 September has been 5% below the normal rainfall. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

Overseas, Asian stocks edged lower after North Korea's threat that it could consider testing a nuclear weapon in the Pacific. US stocks declined yesterday, 21 September 2017 as profit booking emerged after recent winning streak.

 

Powered by Capital Market - Live News