Negative market breadth

A bout of volatility was witnessed as key benchmark indices hit fresh intraday low in morning trade, sharply reversing trend after hitting fresh intraday high in early trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was down 64.64 points or 0.19% at 33,666.55. The Nifty 50 index was down 35.55 points or 0.34% at 10,416.25.

The Sensex reversed trend in morning trade after hitting record high level in early trade. The Sensex rose 134.76 points, or 0.40% at the day's high of 33,865.95 in early trade, its record high level. The index fell 85.43 points, or 0.25% at the day's low of 33,645.76 in morning trade. The Nifty rose 33.95 points, or 0.32% at the day's high of 10,485.75 in early trade. The index fell 37.75 points, or 0.36% at the day's low of 10,414.05 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was down 0.73%. The BSE Small-Cap index was down 0.57%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,286 shares fell and 941 shares rose. A total of 97 shares were unchanged. Breadth was strong in early trade.

IT shares were in demand. TCS (up 2.03%), HCL Technologies (up 1.89%), Infosys (up 1.69%), Tech Mahindra (up 1.25%), Wipro (up 1.17%), MphasiS (up 1.14%), Hexaware Technologies (up 0.70%), Oracle Financial Services Software (up 0.56%), MindTree (up 0.47%) and Persistent Systems (up 0.10%), edged higher.

Metal shares were mixed. Hindustan Copper (up 4.33%), NMDC (up 1.60%), National Aluminium Company (up 0.74%), Vedanta (up 0.44%), Steel Authority of India (up 0.42%), Hindustan Zinc (up 0.22%) and JSW Steel (up 0.09%), edged higher. Jindal Steel & Power (down 0.25%), Tata Steel (down 0.38%), Hindalco Industries (down 0.59%) and Bhushan Steel (down 2.08%), edged lower.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 0.22% at $3.15 per pound on the COMEX.

Gujarat Gas was down 2.23% after net profit fell 12.1% to Rs 61.08 crore on 12.5% growth in net sales to Rs 1391.41 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 6 November 2017.

On macro front, the government announced on Monday, 6 November 2017, a multi-agency investigation headed by the Central Board of Direct Taxes (CBDT) chairman, after media reports leaked financial documents called the Paradise papers that show alleged offshore dealings of 714 Indian individuals and entities. The government said the multi-agency group would also have representatives from the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit.

A collective of international journalists obtained the Paradise Papers from Bermuda-based offshore law firm Appleby and Singapore's business consulting company Asiaciti. The Finance Ministry said that the investigation units of the Income Tax Department have been alerted to take note of revelations for immediate appropriate action.

Overseas, Asian shares were trading higher after Wall Street rose and turmoil in Saudi Arabia sent crude prices to two-year highs. Japan's Nikkei 225 opened lower but later rose to the highest level since January 1992 as foreign investors chased the market higher on hopes for strong earnings from Japan Inc.

US stocks rose moderately Monday, helping the three main stock benchmarks to close at all-time highs. Healthy corporate earnings and merger talks between chip makers Broadcom and Qualcomm kept stocks in positive territory despite unsettling political developments in Saudi Arabia. The S&P 500 index rose 0.13%, the Dow Jones Industrial Average rose 0.04% and the Nasdaq Composite Index advanced 0.33%.

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