IT stocks decline

Market continued to hover with modest losses in the mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, fell 149.07 points or 0.46% at 32,234.23. The Nifty 50 index declined 36.05 points or 0.36% at 9,984.50. The Nifty was trading below the 10,000 mark after slipping below that level in early trade.

Key indices declined in early trade on weak global cues. Later, indices hovered with modest losses so far.

The Sensex lost 219.14 points or 0.67% at the day's low of 32,164.16 in early trade, its lowest level since 24 July 2017. It fell 1.94 points at the day's high of 32,381.36 at the onset of trading.

The Nifty lost 57.50 points or 0.57% at the day's low of 9,963.05 in early trade, its lowest level since 25 July 2017. It fell 21.20 points or 0.21% at the day's high of 9,999.35 in mid-morning trade.

Overseas, Asian stocks edged lower after US tech shares retreated from recent rallies, though optimism about US corporate earnings and the global economy underpinned overall sentiment. US equities closed mixed yesterday, 27 July 2017 after the technology sector rolled over.

Closer home, the S&P BSE Mid-Cap index rose 0.4%. The S&P BSE Small-Cap index advanced 0.38%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,194 shares rose and 1,025 shares declined. A total of 123 shares were unchanged.

Cement stocks gained. ACC (up 0.84%), Shree Cement (up 0.8%), Grasim Industries (up 0.52%) and Ambuja Cements (up 0.28%) edged higher. UltraTech Cement (down 0.03%) edged lower.

IT stocks declined. TCS (down 0.98%), HCL Technologies (down 0.72%), Wipro (down 0.31%), Persistent Systems (down 0.26%) and Tech Mahindra (down 0.12%) edged lower. Oracle Financial Services Software (up 0.43%) and Infosys (up 0.12%) edged higher.

ONGC dropped 1.25% after net profit fell 8.21% to Rs 3885 crore on 7.2% increase in gross revenue to Rs 19073 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

ONGC's net nominated crude oil realisation rose to $51.03 per barrel in Q1 June 2017 from $46.10 per barrel in Q1 June 2016.

Among other news, the Lok Sabha yesterday, 27 July 2017, passed the Companies Act (Amendment) Bill, 2016 that seeks to make significant changes to the 2013 law to remove complexities and improve ease of doing business, strengthen corporate governance standards and prescribes strict action against defaulting companies. The bill will now go to the Rajya Sabha.

The India Meteorological Department (IMD) in its weather report yesterday, 27 July 2017 said that for the country as a whole, cumulative rainfall during this year's southwest monsoon season has so far upto 26 July is 5% above the long period average (LPA).

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