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Mahindra Logistics shares fall 2.1 per cent on market debut

11 November 2017

In terms of the broader markets, the BSE mid-cap closed lower by 0.09 per cent, whereas the small-cap index closed higher by 0.07 per cent.

Heavyweights like SBI, M&M, Oil India, Nestle India, Allahabad Bank, BEML, Bank of India, BPCL, Bosch, DLF, Dena Bank, HSIL, Hindustan Copper, IL&FS Transportation among others are scheduled to report their quarterly earnings during the day.

The 30-share BSE Sensex was up 63.63 points at 33,314.56 and the 50-share NSE Nifty rose 12.80 points to 10,321.80.

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However, the BSE market breadth was bearish - 1,528 declines and 1,155 advances.

Sector-wise, the BSE metal index suffered the most by falling 1.55 per cent, followed by energy (1.50 per cent), telecom (1.49 per cent), oil & gas (1.30 per cent), PSU (1.21 per cent), realty (0.99 per cent), consumer durables (0.88 per cent), power (0.72 per cent), auto (0.67 per cent), bankex (0.52 per cent) and infrastructure (0.38 per cent).

"Crude oil prices slipped on Wednesday, but hovered near two-and-a-half year highs hit earlier this week, potentially stalling a record-setting share rally on concerns that India's central bank would hold off on cutting interest rates", Desai said.

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On Wall Street, the S&P 500 lost 0.38 per cent while the Nasdaq Composite dropped 0.58 per cent.

Vinod Nair, head of research, Geojit Financial Services, said: "Market showed signs of consolidation as investors took one step back from riskier assets due to rising oil price and the resultant impact on inflation and deficit". The rupee opened at 65.07 a dollar and was trading at 65.08 against the dollar. Domestic institutional investors (DIIs) sold shares worth net Rs 2,046.07 crore.

Nearly half of the stocks traded in green with Axis Bank, Asian Paints, Cipla and Sun Pharma posting gains to the tune of 3.41%, 2.51%, 2.07% and 1.89%, respectively.

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Other laggards included SBI, Bharti Airtel, RIL, Sun Pharma, ONGC, Tata Steel, Tata Motors, Bajaj Auto and Asian Paints.

Mahindra Logistics shares fall 2.1 per cent on market debut