The S&P BSE Sensex pared losses after hitting fresh intraday low, while the Nifty 50 index continued hovering in a narrow range in early afternoon trade. At 12:17 IST, the Sensex, was down 162.57 points or 0.53% at 30,408.40. The Nifty was down 47.35 points or 0.50% at 9,390.90. Broader market witnessed major selling pressure.
The Sensex fell 193.20 points, or 0.63% at the day's low of 30,377.77 in early afternoon trade, its lowest level since 19 May 2017. The index rose 39.67 points, or 0.13% at the day's high of 30,610.64 at the onset of trading session. The Nifty fell 64.05 points, or 0.68% at the day's low of 9,374.20 in early trade, its lowest level since 19 May 2017. The index rose 9.80 points, or 0.10% at the day's high of 9,448.05 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index was down 1.68%. The BSE Small-Cap index was down 2.12%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness. There were more than five losers against every gainer on BSE. 2,112 shares fell and 400 shares rose. A total of 109 shares were unchanged.
Most IT shares declined. Hexaware Technologies (down 2.81%), MphasiS (down 1.5%), MindTree (down 1.49%), Persistent Systems (down 1.25%), TCS (down 0.43%), Oracle Financial Services Software (down 0.38%) and Infosys (down 0.07%), edged lower. HCL Technologies (up 0.57%), Wipro (up 0.94%) and Tech Mahindra (up 1%), edged higher.
Realty shares declined. Housing Development and Infrastructure (HDIL) (down 4.57%), D B Realty (down 4.37%), Anant Raj (down 3.8%), Parsvnath Developers (down 3.45%), Peninsula Land (down 3.33%), Sunteck Realty (down 3.23%), Unitech (down 3.21%), Mahindra Lifespace Developers (down 2.98%), DLF (down 2.95%), Oberoi Realty (down 2.14%), Phoenix Mills (down 2.06%), Indiabulls Real Estate (down 1.17%), Omaxe (down 0.6%) and Sobha (down 0.43%), edged lower. Prestige Estates Projects (up 0.19%) and Godrej Properties (up 0.73%), edged higher.
RattanIndia Power was down 4.81% after the company reported net loss of Rs 215.25 crore in Q4 March 2017, compared with net profit of Rs 223.13 crore in Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.
Munjal Auto Industries gained 3.6% after net profit jumped 43% to Rs 9.11 crore on 6.2% drop in total income from operations to Rs 236.21 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.
State-run Bharat Heavy Electricals (Bhel) was down 2.47% to Rs 157.75. The company announced during trading hours today, 23 May 2017, that it commissioned 1980 megawatts (MW) Supercritical Thermal Power Plant in Uttar Pradesh. Bhel's scope of work in the project included design, engineering, manufacture, supply, erection and commissioning of the Boiler and Turbine-Generator (BTG) package. The key equipment for the project has been manufactured by BHEL at its Haridwar, Trichy, Hyderabad, Ranipet and Bengaluru works, while the construction of the plant was undertaken by the company's Power Sector - Northern Region.
Overseas, Asian shares were mixed after police said they were treating an explosion in Manchester, England, that killed at least 19 people as a terror attack.
The explosion struck an Ariana Grande concert in northern England late yesterday, 22 May 2017, killing at least 19 people and injuring dozens. Britain's terrorist threat level has been set at "severe" in recent years, indicating an attack is highly likely. Police said the explosion is being judged a terrorist attack unless new information proves otherwise.
In US, shares rose for the third straight day with technology companies closing in on all-time highs. Aerospace and defense companies rose after President Donald Trump presided over a $110 billion sale of military equipment to Saudi Arabia that could expand to $350 billion over 10 years. The Standard & Poor's 500 index jumped 0.5% to 2,394.02. The Dow Jones industrial average rose 0.4% to 20,894.83 and the Nasdaq composite gained 0.8% to 6,133.62.
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