The key domestic benchmark indices were trading in a negative terrain in the morning trading session as lingering worries over the impact of demonetization of higher value currency notes by the government, on Asia’s third biggest economy continued to sour risk taking appetite.
Investors are worried that demonetization of Rs 500 and Rs 1000 notes to curb black money may severely hit small and medium sized businesses that mainly run on cash while also take a toll on short-term discretionary spending.
Shares of NBCC (India) Ltd and NHPC will be in focus as these companies reveal their September quarter earnings.
At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 26180.99 down by 46.63 points or by 0.18 per cent, while the NSE Nifty was at 8069.9 points, trading lower by 10.05 points or by 0.12 per cent.
The BSE Sensex touched an intraday high of 26272.84 and an intraday low of 26117.82 while the NSE Nifty touched an intraday high of 8104.65 and an intraday low of 8048.3
The top gainers of the BSE Sensex pack were NTPC Ltd. (Rs. 155.45,+2.51 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 682.20,+1.71 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 277.30,+1.58 per cent), Mahindra & Mahindra Ltd. (Rs. 1231.00,+0.93 per cent), Reliance Industries Ltd. (Rs. 989.30,+0.82 per cent), among others.
Meanwhile, Tata Motors Ltd. (Rs. 465.40,-1.52 per cent), Hindustan Unilever Ltd. (Rs. 801.00,-1.37 per cent), Tata Consultancy Services Ltd. (Rs. 2113.00,-1.36 per cent), Dr. Reddy’s Laboratories Ltd. (Rs. 3166.00,-1.28 per cent), Tata Steel Ltd. (Rs. 388.55,-1.12 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2099 shares traded, 846 shares advanced, 1160 shares declined while 93 were unchanged.
On the global front, Asian stocks were trading higher today even as traders weighed Yellen’s comments as the Fed Chair indicated that a rate hike was probably imminent.US stocks were trading higher in the previous trading session as financial firms rallied after Yellen signaled that the Fed was set to raise interest rates soon, raising speculation of December tightening.