Key benchmark indices pared losses after hitting fresh intraday low in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was down 45.79 points or 0.14% at 33,205.14. The Nifty 50 index was down 20.35 points or 0.20% at 10,288.60.
The Sensex rose 3.07 points, or 0.01% at the day's high of 33,254 in early trade. The index fell 114.99 points, or 0.35% at the day's low of 33,135.94 in morning trade. The Nifty fell 4.40 points, or 0.04% at the day's high of 10,304.55 in early trade. The index fell 38.95 points, or 0.38% at the day's low of 10,270 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.04%. The BSE Small-Cap index was up 0.11%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,055 shares fell and 1,021 shares rose. A total of 106 shares were unchanged.
Most metal shares declined. National Aluminium Company (down 1.52%), Vedanta (down 1.11%), JSW Steel (down 0.89%), Jindal Steel & Power (down 0.67%), Tata Steel (down 0.28%), Hindalco Industries (down 0.19%) and NMDC (down 0.16%), edged lower. Hindustan Zinc (up 0.03%), Steel Authority of India (up 1.15%), Bhushan Steel (up 1.33%) and Hindustan Copper (up 2.44%), edged higher.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for December 2017 delivery was currently up 0.02% at $3.0865 per pound on the COMEX.
IT stocks declined. HCL Technologies (down 1.12%), TCS (down 0.95%), Hexaware Technologies (down 0.83%), MindTree (down 0.58%), Wipro (down 0.5%), Tech Mahindra (down 0.44%), Infosys (down 0.26%), Oracle Financial Services Software (down 0.1%) and Persistent Systems (down 0.08%), edged lower. MphasiS was up 5.27%.
Heritage Foods was down 1.52% after consolidated net profit fell 55.1% to Rs 7.42 crore on 31.7% growth in net sales to Rs 616.08 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 9 November 2017.
Overseas, Asian shares were trading lower on uncertainty about US tax reforms after Senate Republicans unveiled a plan that differed from the House of Representatives' version in several key areas, including a delay in the timing of a corporate tax cut.
US Republican Senators said they want to slash the corporate tax rate in 2019, later than the House's proposed schedule of 2018, complicating a push for the biggest overhaul of US tax law since the 1980s.
US stocks closed lower Thursday with the Dow snapping a seven-day win streak on worries over a possible delay in much-anticipated corporate tax cut. The S&P 500 fell 0.38% and the Dow Jones Industrial Average fell 0.43%. Technology stocks were among the biggest losers with the Nasdaq Composite Index down 0.58%.
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