Market hovers in negative terrain

Key indices were trading near the day's low levels in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was down 83.08 points or 0.27% at 31,214.45. The Nifty 50 index was down 40.65 points or 0.42% at 9,612.85. Negative global cues spoiled investors sentiment.

Among secondary barometers, the BSE Mid-Cap index was down 0.01%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was up 0.31%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,117 shares fell and 1,107 shares rose. A total of 149 shares were unchanged.

Most realty shares rose. Sobha (up 3.65%), Indiabulls Real Estate (up 3.20%), Parsvnath Developers (up 2.76%), Peninsula Land (up 1.75%), Housing Development and Infrastructure (HDIL) (up 1.01%), DLF (up 0.85%), Anant Raj (up 0.72%), D B Realty (up 0.7%), Omaxe (up 0.69%), Godrej Properties (up 0.68%), Prestige Estates Projects (up 0.55%) and Phoenix Mills (up 0.02%), edged higher. Sunteck Realty (down 0.11%), Oberoi Realty (down 0.16%), Mahindra Lifespace Developers (down 0.44%) and Unitech (down 0.59%), edged lower.

Most IT shares declined. MphasiS (down 1.39%), HCL Technologies (down 1.32%), TCS (down 1.31%), Persistent Systems (down 0.46%), Wipro (down 0.22%), Infosys (down 0.19%) and MindTree (down 0.07%), edged lower. Oracle Financial Services Software (up 0.01%) and Hexaware Technologies (up 0.23%), edged higher.

Tech Mahindra was up 0.03% after the company said that one of its step down subsidiary, LCC Middle East FZ LLC agreed to sell its 100% shareholding in LCC Pakistan (Pvt) Ltd. to Talkpool AG, Switzerland. The announcement was made before market hours today, 21 June 2017.

SPML Infra advanced 2.79% to Rs 126.95 after the company said it has secured new orders worth Rs 642 crore. The new orders are for irrigation project in Gujarat & Madhya Pradesh, water supply scheme in Jharkhand & power infra development in West Bengal. The announcement was made during market hours today, 21 June 2017.

CG Power and Industrial Solutions gained 1.36% to Rs 85.95 after the company announced that it accepted a binding offer of WEG S.A. for acquisition of the company's power business in USA. The announcement was made during market hours today, 21 June 2017.

Overseas, Asian shares declined following a sell off in energy shares after oil prices slipped around 2% overnight.

China's Shanghai Composite was down 0.10%. MSCI said yesterday, 20 June 2017, it planned on adding China A-shares to its benchmark MSCI Emerging Markets Index. The index giant said it will add 222 China A Large Cap stocks in a phased manner beginning next year. The review is the fourth straight year MSCI has considered adding the mainland-traded stocks.

US stocks declined overnight as investors dumped energy shares after crude-oil prices sank into bear-market territory amid growing concerns that an uptick in global production would derail Opec's efforts to reduce supply. The Dow Jones Industrial Average fell 61.85 points, or 0.3%, to end at 21,467.14. The Nasdaq Composite Index slid 50.98 points, or 0.8%, to close at 6,188.03.

In the global commodities markets, Brent for August 2017 settlement was down 10 cents at $45.92 a barrel. The contract fell 89 cents, or 1.90% to settle at $46.02 a barrel during the previous trading session.

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