Market hovers in negative terrain

Key benchmark indices hovered in negative zone in morning trade amid weak global cues. At 10:15 IST, the barometer index, the S&P BSE Sensex was down 60.34 points or 0.19% at 32,181.59. The Nifty 50 index fell 28.55 points or 0.28% at 10,058.05. Market sentiment was lacklustre amid geopolitical tensions in the wake of North Korea's missile launch in the direction of the east of Japan.

Among other indices, the S&P BSE Mid-Cap index fell 0.48%. The S&P BSE Small-Cap index lost 0.36%. The losses for both the indices were higher than the Sensex's decline in percentage terms.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,317 shares declined and 704 shares advanced. A total of 88 shares were unchanged.

Major telecom and telecom infra related stocks advanced. Bharti Infratel (up 3.07%), Bharti Airtel (up 1.08%) and Idea Cellular (up 0.18%) gained. Reliance Communications (down 0.7%) declined.

Cement stocks declined. Shree Cement (down 1.88%), ACC (down 0.84%), Ambuja Cements (down 0.62%) and UltraTech Cement (down 0.07%) edged lower. Grasim Industries (up 0.92%) gained.

Ujaas Energy surged 8.01% at Rs 26.30 after the company announced that it won various contracts. The announcements were made after market hours yesterday, 14 September 2017.

Separately, Ujaas Energy announced that it has received letter of award of contract from Oil India for engineering, procurement and construction contract for Solar Energy Generation project of 500KW at pump station of Oil India at Jorhat in Assam.

Separately, the company said that it has received letter of allocation from SECI for an aggregate capacity of 20.03 megawatts (MW) for implementation of grid connected rooftop solar photovoltaic system scheme for government building in different states/union territory of India.

The India Meteorological Department (IMD) in its weekly weather report said that for the country as a whole, cumulative rainfall during this year's monsoon upto 13 September has been 6% below the normal rainfall. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

Overseas, Asian stocks were mixed after North Korea launched a missile in the direction of the east. As per reports, the unidentified missile flew over Japan before landing 2,000 km east of Hokkaido. US equities closed mostly lower yesterday, 14 September 2017 after strong inflation data raised the possibility of tighter monetary policy from the Federal Reserve. However, the Dow index closed at its record high.

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