Market hovers in red

Key benchmark indices came off day's low and were hovering in negative terrain in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 30.31 points or 0.09% at 33,188.50. The Nifty 50 index was down 11.10 points or 0.11% at 10,292.05. Negative global cues spoiled investors sentiment.

Indices opened with modest gains, backed by positive global cues. After hitting day's high, key indices hovered in positive terrain in morning trade. Indices were unable to sustain at higher levels as a sudden reversal of trend in other Asian stocks triggered profit booking in Indian shares in mid-morning trade.

The Sensex declined to its lowest level in almost two weeks. The Nifty declined to its lowest level in more than two weeks. The Sensex rose 244.99 points, or 0.74% at the day's high of 33,463.80 in early trade. The index fell 107.27 points, or 0.32% at the day's low of 33,111.54 in afternoon trade, its lowest level since 27 October 2017. The Nifty rose 65.30 points, or 0.63% at the day's high of 10,368.45 in early trade. The index fell 36.20 points, or 0.35% at the day's low of 10,266.95 in afternoon trade, its lowest level since 25 October 2017.

Among secondary barometers, the BSE Mid-Cap index was up 0.40%. The BSE Small-Cap index was up 0.20%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,351 shares fell and 1,254 shares rose. A total of 158 shares were unchanged.

Auto major Tata Motors was down 0.91%, with the stock witnessing high intraday volatility after announcing Q2 September 2017 results during market hours today, 9 November 2017. Consolidated net profit jumped 195.04% to Rs 2502 crore on 10.34% growth in revenue (net of excise) to Rs 70156 crore in Q2 September 2017 over Q2 September 2016.

Guenter Butschek, MD & CEO, Tata Motors, said that after a challenging first quarter, Tata Motors has demonstrated impressive results with month-on-month growth in sales and market share, enabled by a slew of new product launches and customer centric initiatives. With the company's turnaround plan in full action, it is seeing encouraging results and it will continue to drive sustainable profitable growth to meet its future aspirations, Butschek said.

Capital goods shares were mixed. Thermax (down 2.38%), AIA Engineering (down 1.37%), Praj Industries (down 1.3%), Siemens (down 1.19%), GE T&D India (down 1.18%), Lakshmi Machine Works (down 1.09%), Suzlon Energy (down 0.65%), Reliance Defence and Engineering (down 0.6%), Punj Lloyd (down 0.47%), BEML (down 0.27%) and SKF India (down 0.13%), edged lower. Bharat Heavy Electricals (up 0.89%), Crompton Greaves (up 0.93%), GE Power India (up 1.03%), Havells India (up 1.24%), ABB India (up 1.38%), Jindal Saw (up 1.60%) and Bharat Electronics (up 2.74%), edged higher.

Engineering and construction company Larsen & Toubro (L&T) was down 0.76% to Rs 1,209.

Realty shares were mixed. Housing Development and Infrastructure (HDIL) (up 2.54%), Phoenix Mills (up 2.47%), Peninsula Land (up 1.16%), Prestige Estates Projects (up 1.03%), Anant Raj (up 0.53%), Sobha (up 0.51%), D B Realty (up 0.28%) and Oberoi Realty (up 0.07%), edged higher. Godrej Properties (down 0.17%), Sunteck Realty (down 0.32%), Mahindra Lifespace Developers (down 0.47%), Omaxe (down 0.48%), Parsvnath Developers (down 0.84%), DLF (down 1.36%) and Indiabulls Real Estate (down 1.65%), edged lower.

Kalyani Steels dropped 3.23% after net profit fell 29.09% to Rs 26.66 crore on 2.94% decline in total income to Rs 317.26 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 9 November 2017. Post introduction of GST from 1 July 2017, revenue from operations for the quarter is not comparable with the previous periods.

On the political front, polling began at 8:00 IST in Himachal Pradesh's 68 assembly constituencies. Results will be announced 40 days later on 18 December 2017, along with those for Gujarat, which votes next month. While the BJP has named Prem Kumar Dhumal as its chief ministerial candidate, the Congress is banking on Virbhadra Singh to retain power in the state.

Overseas, European stocks were trading lower as investors monitored a slew of corporate earnings.

Asian stocks were trading lower after hovering in positive terrain earlier. China's consumer inflation accelerated in October, rising to a nine-month high, as smaller declines in food prices weighed less on overall inflation, official data showed Thursday. China's consumer price index increased 1.9% in October from a year earlier, compared with a 1.6% gain in September, the National Bureau of Statistics said.

US stocks ended higher on Wednesday as investors awaited updates on efforts to pass tax reform in Washington and as President Donald Trump toured Asia, highlighting lingering tensions with North Korea in a speech. The Dow Jones Industrial Average rose 0.03%, the S&P 500 index rose 0.14%, and the tech-oriented Nasdaq Composite Index advanced 0.32%.

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