Key benchmark indices extended intraday losses in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 125.40 points or 0.42% at 29,518.08. The Nifty 50 index was down 28.60 points or 0.31% at 9,174.85.
Sentiment was subdued after domestic data showed that industrial production contracted in February and consumer price inflation edged up in March. Weak global cues also weighed on market sentiment.
The Sensex lost 140.19 points or 0.47% at the day's low of 29,503.29 in afternoon trade, its lowest level since 29 March 2017. It rose 17 points or 0.05% at the day's high of 29,660.48 in early trade. The Nifty lost 39.90 points or 0.43% at the day's low of 9,163.55 in afternoon trade. It fell 0.8 points at the day's high of 9,202.65 in early trade.
The BSE Mid-Cap index was up 0.13%. The BSE Small-Cap index was up 0.42%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,452 shares rose and 1,262 shares fell. A total of 147 shares were unchanged.
Auto stocks declined. Tata Motors (down 1.88%), TVS Motor Company (down 1%), Eicher Motors (down 0.41%), Maruti Suzuki India (down 0.3%) and Mahindra & Mahindra (down 0.25%) edged lower. Escorts (up 1.11%), Bajaj Auto (up 0.83%), Ashok Leyland (up 0.61%) and Hero MotoCorp (up 0.01%) edged higher.
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Aviation stocks edged higher. SpiceJet (up 1.41%), Jet Airways (India) (up 0.7%) and InterGlobe Aviation (up 0.19%) gained.
Bharti Infratel was down 2.52%. The company issued clarification with regard to news item titled "Indus Tower-Bharti Infratel: Worlds Biggest Tower Operator In Making?". Bharti Infratel said that in the ordinary course of business it evaluates various opportunities from time to time. The company, as a matter of policy, does not comment on speculative reports and therefore in case of the present news item, does not wish to comment on it. The company said it will make necessary disclosures if required, at the appropriate time. The announcement was made during market hours today, 13 April 2017.
Kamdhenu rose 0.37% after the company said its board will meet on 20 April 2017, to consider issue of warrants convertible into equity shares on preferential basis. The announcement was made after market hours yesterday, 12 April 2017.
On macroeconomic data front, industrial production declined 1.2% in February 2017 over February 2016, snapping 3.3% growth recorded in January 2017. The manufacturing sector's production dipped 2% in February 2017, mainly contributing to the dip in industrial production.
The inflation based on consumer price index (CPI) increased to 3.81% in March 2017 (new base 2012=100), compared with 3.65% in February 2017. The corresponding provisional inflation rate for rural area was 3.75% and urban area 3.88% in March 2017 as against 3.67% and 3.55% in February 2017. The core CPI inflation rose marginally to 4.79% in March 2017 from 4.75% in February 2017. The CPI and IIP data was announced after market hours yesterday, 12 April 2017.
Overseas, European stocks edged lower as investors digested US President Donald Trump's comments that he would prefer the Federal Reserve to keep interest rates low and suggested the dollar is too strong.
Asian stocks were mixed. China's exports rose 14.8% in the first quarter from a year earlier in yuan terms, extending an 11% increase in the first two months, official data showed. Imports in the January to March period increased 31.1% in yuan terms from a year earlier, compared with a 34.2% rise in the first two months, the General Administration of Customs said in a release.
China's trade balance returned to a surplus in March, helped by renewed strength in exports after a surprise deficit in February. The balance between exports and imports came to a surplus of $23.93 billion in March, compared with a deficit of $9.15 billion in February, the General Administration of Customs said. Exports rose 16.4% in March from a year earlier, following a 1.3% drop in February. Imports continued to expand rapidly, growing 20.3% in March compared with February's 38.1% increase.
US stocks closed modestly lower yesterday, 12 April 2017 led by industrial and materials companies on another day of subdued trading ahead of the long Easter holiday weekend.
Meanwhile, US Secretary of State Rex Tillerson met with the Russian counterpart Sergei Lavrov to discuss the civil war in Syria and nuclear capabilities of North Korea. In recent days, the trading mood has been dented by heightened geopolitical tensions.
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