Market hits fresh intraday low

Key benchmark indices extended fall and hit fresh intraday low in mid-afternoon trade led by fall in index heavyweights Reliance Industries, ICICI Bank and Infosys. At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 133.79 points or 0.4% at 33,590.65. The Nifty 50 index was down 33.40 points or 0.32% at 10,366.15. Domestic stocks are trading lower today on profit booking after logging gains in prior eight trading days. Tyre stocks fell. Hotel stocks slipped.

Domestic stocks edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices once again extended losses after staging an intraday recovery in morning trade. Key benchmark indices hovered in negative zone in early afternoon trade. Indices were hovering near flat line in afternoon trade. The Sensex has risen 964 points or 2.94% in eight sessions from its close of 32,760.44 on 15 November 2017.

The S&P BSE Mid-Cap index was up 0.04%. The S&P BSE Small-Cap index was up 0.10%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in mid-afternoon trade. On the BSE, 1,328 shares fell and 1,312 shares rose. A total of 153 shares were unchanged.

Index heavyweight ICICI Bank fell 1.32% to Rs 312.80.

Index heavyweight Reliance Industries lost 1.05% to Rs 940.75.

Infosys dropped 0.93% to Rs 988.20. 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.

Tyre stocks fell. Apollo Tyres (down 0.21%), Balkrishana Industries (down 0.35%), CEAT (down 0.71%), Goodyear India (down 1.13%), JK Tyre & Industries (down 0.2%), MRF (down 0.82%) declined. TVS Srichakra (up 5.62%) rose.

Hotel stocks slipped. EIH (down 1.07%), ITDC (down 0.72%) and Indian Hotels Company (down 1.71%) declined. Hotel Leelaventure (up 0.46%) rose.

Overseas, European markets opened steady to higher as concerns over political tensions in German subsided and market sentiment improved. Political tensions in Germany eased after Social Democrats' agreed on Friday to hold talks with Chancellor Merkel on renewing their outgoing coalition government. Meanwhile, the Bank of England said that for the first time since 2014 none of the banks assessed in its latest stress tests need to raise extra capital.

Asian stocks finished broadly lower amid uncertainty over the US tax bill. US stocks closed mostly lower yesterday, 27 November 2017 after touching intraday records as an early rally in retail shares largely fizzled. However, the blue-chip Dow bucked the weak trend to eke out a gain.

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.

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