Key indices trade with small losses

Market extended losses in the morning trade on profit booking after the key indices hit record highs yesterday, 16 October 2017. At 10:18 IST, the barometer index, the S&P BSE Sensex lost 72.70 points or 0.22% at 32,560.94. The Nifty 50 index fell 12.70 points or 0.12% at 10,218.15.

The S&P BSE Mid-Cap index rose 0.32%. The S&P BSE Small-Cap index advanced 0.32%. Both the indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,110 shares rose and 919 shares declined. A total of 91 shares were unchanged.

Telecom stocks gained. Bharti Infratel (up 0.88%) and Idea Cellular (up 0.54%) edged higher. Reliance Communications was flat at Rs 17.05.

Bharti Airtel advanced 1.18% at Rs 458.35 after the company announced the launch of its latest digital innovation - the Online Store that will offer a range of premium smartphones with affordable down payments, instant credit verification and financing, and bundled monthly plans. The announcement was made after market hours yesterday, 16 October 2017.

Cement stocks advanced. Ambuja Cements (up 0.41%), UltraTech Cement (up 0.24%) and Grasim Industries (up 0.21%) edged higher.

ACC was up 0.04% at Rs 1,785.65 ahead of the company's September 2017 quarter results scheduled today, 17 October 2017.

Singer India gained 1.82% at Rs 249 after the company scheduled a board meeting on 6 November 2017, to consider stock-split of equity shares. The announcement was made after market hours yesterday, 16 October 2017.

Delta Corp rose 0.9% at Rs 229.45 after consolidated net profit surged 34.14% to Rs 43.26 crore on 13.47% rise in total income to Rs 153.89 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 16 October 2017.

Overseas, Asian stocks edged higher tracking record closing on the Wall Street overnight. US stocks hit record highs yesterday, 16 October 2017 as Wall Street bets on another strong earnings season.

Among global news, reports suggested that North Korea's deputy UN ambassador warned yesterday, 16 October 2017 that the situation on the Korean Peninsula has reached the touch-and-go point and a nuclear war may break out any moment.

At the International Monetary Fund's (IMF) annual meeting, deputy managing director of the fund Tao Zhang was quoted as saying that China and emerging markets have to stay vigilant to possible risks. Emerging markets have major development needs, but they need to pay attention to how to better use their money, Zhang reportedly said.

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