Markets trade flat after hitting fresh highs; broader markets fall 1%

In a volatile markets, benchmark indices were trading flat hitting fresh highs tracking global markets as S&P 500 and Nasdaq eked out record closing highs. Sensex gained as much as 127 points to hit new hit nre high of 31,155 while Nifty rose 27 points to hit new high of 9,622. The indices surpasseed their record highs hit on Friday.

The indices opened lower on stock specific moves as poor earnigs keep investors cautious. 699 companies will announced today including Bajaj Electricals, BHEL, BPCL, Coal India, Escorts, Jaiprakash Associates, L&T, Max India, NHPC, NTPC and Oil India among others 

The sentiment was also lifted as global markets remained in green tracking 

  

At 11:54 am, the S&P BSE Sensex was trading at 31,043, up 15 points, while the broader Nifty50 was ruling at 9,591 down 4 points.
 
The broader market underperformed benchmark indices with S&P BSE Midcap and the S&P BSE Smallcap indices down 0.7% and 1% respectively.

"Momentum is likely to ease a bit, but upsides should continue, as long as above 9,530. The flag pattern having matured, sets a target of 9,620 in the near term, with 10,000 also emerging prominent as possible medium term target. Alternatively, inability to float above 9,530 could be taken as an early sign towards weakness," said Geojit Financial Services in a note.

 
Buzzing Stocks

Sun Pharma fell over 12% on poor Q4 results as it reported a 13.6% year-on-year drop in its consolidated net profit to Rs1,223.71 crore, missing analysts’ estimates, because of lower sales in the US, its biggest market.

Tech Mahindra shed 11.46 % today after it reported a 30.2% sequential drop in net profit at Rs 589.6 cr for the March quarter, down 32.6% year-on- year as compared to Rs 876.1cr. The stock saw the biggest intra-day fall ever, falls to 2013 lows.
 
Reliance Communications fell 9% after the company reported loss of Rs 948 crore for the March quarter hurt by intense competition with Jio. The company had registered net profit of Rs 79 crore in the corresponding period of the previous year.

 
Indraprastha Gas shed 4.10 % even after it reported a 23% rise in net profit in Q4 at Rs 133.5 crore, buoyed by better turnover and sales. The company had posted a net profit of Rs 108.96 crore in corresponding period of 2016.
 
Global Markets
 
Asian stocks edged up on Monday, taking cues from Wall Street shares hovering around record highs, while the pound nursed losses after a poll showed a shrinking lead for Prime Minister Theresa May's party in Britain's upcoming elections. MSCI's broadest index of Asia-Pacific shares outside Japan was a touch higher.
 
Japan's Nikkei edged up 0.2% and Australian shares dipped 0.4% while China's markets are closed on Monday and Tuesday for a holiday.

                                                                                                            
Brushing aside a North Korean missile launch, South Korea's KOSPI added 0.4 percent to touch a record high. It was on track for its seventh straight day of gains.
 
On Friday, the S&P 500 and Nasdaq scraped to record closing highs on strength in consumer shares. The US markets are closed today on account of Memorial Day.