Market drifts lower on negative Asian stocks

Domestic stocks edged lower in early trade on negative Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 48.21 points or 0.14% at 33,676.23. The Nifty 50 index was down 12.35 points or 0.12% at 10,387.20.

The S&P BSE Mid-Cap index was up 0.04%. The S&P BSE Small-Cap index was up 0.33%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,067 shares rose and 607 shares fell. A total of 71 shares were unchanged.

Overseas, most Asian stocks were trading lower amid uncertainty over the US tax bill. US equities ended yesterday, 27 November 2017 little changed as declining oil prices pulled down energy stocks.

US President Donald Trump is scheduled to address Senate Republicans today, 28 November 2017 ahead of a potential vote on a tax overhaul. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing is due for her nominated successor, Jerome Powell.

Back home, NTPC (down 1.37%), ONGC (down 1.17%) and ITC (down 1.06%) edged lower from the Sensex pack.

Infosys fell 0.33%. Infosys announced a partnership with Hewlett Packard Enterprise (HPE) to offer a joint end-to-end mainframe modernization solution, which will provide global enterprise customers robust hardware and advanced software architecture. The announcement was made after market hours yesterday, 27 November 2017.

Separately, Infosys announced a multi-year partnership with the State of Rhode Island to establish an Infosys Design and Innovation hub. Infosys will also hire 500 American workers in Rhode Island over the next five years. The announcement was made after market hours yesterday, 27 November 2017.

Tata Power Company rose 0.42% after the company announced that its wholly-owned subsidiary, Tata Power Solar Systems commissioned a rooftop project in India - a solar carport on the rooftop of the sprawling 70,000 square meter Unity One mall, a Unity Group endeavor in Rohini. The unique rooftop carport is estimated to set off 438 Tons of carbon emission annually. Tata Power Solar won the bid in the open tender process fielded by Delhi Metro Rail Corporation (DMRC) for multi-level car parking. The announcement was made after market hours yesterday, 27 November 2017.

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