Key benchmark indices further extended intraday losses and hit fresh intraday low in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, fell 353.64 points or 1.11% at 31,397.18. The Nifty 50 index shed 113.10 points or 1.14% at 9,799.70. Weakness in global stocks weighed on sentiment on the domestic bourses. Market sentiment was dull amid geopolitical tensions in the aftermath of North Korea firing a missile over northern Japan. The Sensex hit lowest level in almost a week while the Nifty hit one-week low.
The Sensex declined 386.65 points or 1.21% at the day's low of 31,364.17 in mid-afternoon trade, its lowest level since 23 August 2017. It fell 11.02 points or 0.03% at the day's high of 31,739.80 in early trade. The Nifty lost 129.05 points or 1.3% at the day's low of 9,783.75 in mid-afternoon trade, its lowest level since 22 August 2017. It fell 25.45 points or 0.25% at the day's high of 9,887.35 in early trade.
After opening lower on weak Asian stocks, key indices continued to extend intraday losses as the day's trade progressed.
The S&P BSE Mid-Cap index fell 0.81%. The S&P BSE Small-Cap index declined 0.95%. The losses in both the indices were lower than the Sensex's decline in percentage terms.
The broad market depicted weakness. There were more than two losers for every gainer on BSE. On the BSE, 1,708 shares fell and 753 shares rose. A total of 119 shares were unchanged.
Pharma stocks declined. Glenmark Pharmaceuticals (down 1.45%), Aurobindo Pharma (down 1.45%), Cipla (down 0.83%), Dr Reddy's Laboratories (down 0.01%), Cadila Healthcare (down 0.63%), Lupin (down 0.08%), Divi's Laboratories (down 0.84%), and Sun Pharmaceutical Industries (down 2.19%) declined.
Metal & mining stocks also declined. Bhushan Steel (down 1.85%), Jindal Steel & Power (down 2.25%), Vedanta (down 0.5%), Tata Steel (down 0.25%), NMDC (down 0.49%), Hindalco Industries (down 1.74%), Steel Authority of India (down 0.49%), Hindustan Zinc (down 0.54%) and National Aluminium Company (down 1.65%) edged lower. JSW Steel rose 0.67%.
NGL Fine Chem was locked in 20% lower circuit at Rs 317.25 after net profit dropped 61.17% to Rs 1.60 crore on 12.3% fall in net sales to Rs 21.11 crore in Q1 June 2017 over Q1 June 2016. The result was announced after trading hours yesterday, 28 August 2017.
Swan Energy rose 2.32% after the company said TOPL (Triumph Offshore), a 100% subsidiary of Swan Energy, has executed shipbuilding contract for the construction of one (1) 180000 CBM LNG FSRU (floating storage and re-gasification unit) with Hyundai Heavy Industries Company, South Korea in connection with its upcoming FSRU project at Jafrabad, Gujarat.The announcement was made after market hours yesterday, 28 August 2017.
Overseas, European and Asian stocks dropped after North Korea fired a missile over northern Japan. North Korea fired a missile early today, 29 August 2017 that flew over Japan and landed in the Pacific waters off the northern region of Hokkaido, South Korea and Japan, in a sharp escalation of tensions on the Korean peninsula.
In economic news, consumer confidence in Germany, Europe's largest economy, is set to improve further in September, reaching its highest level in almost 16 years, market research group GfK's monthly survey showed. GfK's forward-looking consumer sentiment index is set to rise to 10.9 points in September, from 10.8 points in August, GfK said.
French consumer spending rebounded in July after a contraction in June as households in the eurozone's second-largest economy spent more on food and manufactured goods, statistics agency Insee said. Consumer spending rose 0.7% month-on-month and 2.1% year-on-year in July, Insee reported.
US stocks closed on a mixed note yesterday, 28 August 2017, as investors tried to assess the flooding damage caused by Tropical Storm Harvey, powerful hurricane to strike Texas in more than 50 years when it came ashore last week.
In economic news, an early look at US trade patterns in July points to a wider deficit. The advanced trade gap in goods services are excluded widened by nearly 1.8% to $65.1 billion in July, the Commerce Department said. Both exports and imports declined, but exports dropped at a faster pace.
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