Markets Trade in Red, Sensex Down at 33359, Nifty at 10333

Jon Howard
November 9, 2017

About 1,711 shares declined against 1,037 advancing shares on the BSE.

At 10.15 AM: Markets traded flat during early morning trade on Wednesday.

"Major Asian markets ended on a mixed note".

A similar trend was witnessed in the broader markets as investors preferred to take away profits at record levels, pulling down the mid-cap index by 1.47 per cent and small-cap by 1.35 per cent.

The 30-share index rebounded by 52.74 points, or 0.15 per cent, to 33,423.50.

Finolex Cables lost 1 percent after the company reported a 5 percent drop in net profit in September quarter.

The index finally settled at 33,370.76 points, down by 360.43 points, or 1.07 per cent over its last close.

Globally, China's blue-chip CSI300 index slid 0.2 per cent to 4,048.01, before climbing to a 27-month high, while the Shanghai Composite Index added 0.1 per cent to 3,415.46.

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BSE metal and BSE oil and gas posted losses to the tune of 1.55% and 1.30%, respectively.

On the other hand, the S&P BSE IT index rose by 215.85 points and Teck index by 73.19 points.

"We don't expect the current liquidity to drain as rupee is more or less steady and the prevailing earnings season is providing positive vibe to the H2FY18E estimates".

On the currency front, the rupee strengthened by 7-8 paise to close at 64.95-96 against the USA dollar from its previous close at 65.03.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 576.27 crore yesterday, as per provisional data released by stock exchanges.

In the Sensex kitty, major gainers included Axis Bank, Cipla, Sun Pharma, Dr Reddy's, Lupin, Wipro, TCS, Asian Paint, Hindustan Unilever, Bajaj Auto, M&M, Hero MotoCorp, L&T, Maruti Suzuki and Infosys, gaining up to 3.90 per cent.

Bharti Airtel fell 3.7% after an investor sold shares in India's top mobile phone operator, while Reliance Industries shed 2% in its fifth consecutive day of decline amid concerns rising crude oil prices will hurt its refining margins.

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