After trimming intraday gains in afternoon trade, key benchmark indices traded in a narrow range with modest gains in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex rose 152.22 points or 0.47% at 32,534.68. The Nifty 50 index advanced 52.40 points or 0.52% at 10,073.05. Both the Sensex, and the Nifty, had hit record high in mid-morning trade.
The market sentiment was positive amid a slew of domestic corporate earnings and gains in Asian stocks.
Global markets took note of dovish stance of US Federal Reserve which had kept its benchmark interest rate unchanged after the conclusion of a two-day policy meeting yesterday, 26 July 2017. Higher interest rates in the US is perceived as negative for emerging markets, including India, as it will drain liquidity from these markets and redirect it to developed economies.
Among other barometers, the S&P BSE Mid-Cap index declined 0.24%. The S&P BSE Small-Cap index lost 0.45%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was weak. On the BSE, 1,741 shares declined and 854 shares rose. A total of 150 shares were unchanged.
Index heavyweight and cigarette major ITC was down 0.07% at Rs 293.20. The company is scheduled to announce Q1 June 2017 results today, 27 July 2017.
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FMCG stocks were mixed. Godrej Consumer Products (up 2.84%), Hindustan Unilever (up 1.91%), Britannia Industries (up 0.48%), Dabur India (up 0.33%) and Colgate-Palmolive (India) (up 0.08%) gained. Tata Global Beverages (down 1.91%), Bajaj Corp (down 1.52%), Procter & Gamble Hygiene and Health Care (down 0.8%), Emami (down 0.71%), Nestle India (down 0.17%) and Marico (down 0.08%) declined.
Aviation stocks were mixed. InterGlobe Aviation (up 0.4%) gained. Jet Airways (India) (down 0.82%) declined. SpiceJet was flat at Rs 115.
Maruti Suzuki India fell 0.14%. The company's net profit rose 4.39% to Rs 1556.40 crore on 17.02% growth in total income to Rs 20460.10 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 27 July 2017.
Maruti's EBITDA (earnings before interest, taxes, depreciation and amortization) rose 5.3% to Rs 2331.20 crore in Q1 June 2017 over Q1 June 2016.
Maruti said growth in volumes, favourable product mix, higher non-operating income and cost reduction efforts contributed to rise in profit. However, costs were impacted by higher commodity prices and sales promotion & marketing expenses. During Q1 June 2017, there was a one-off impact of compensation given to dealers for the tax loss incurred on vehicles in the stock at the time of transitioning to GST.
Axis Bank rose 0.13% at Rs 529.55 after the bank said it has entered into a Share Purchase Agreement (SPA) with Jasper Infotech (Snapdeal), to acquire 100% equity capital of Accelyst Solutions (Accelyst) & Freecharge Payment Technologies (FPTPL) (Accelyst and FPTPL collectively referred to as Freecharge), subject to receipt of requisite regulatory approvals, including from the RBI, for a cash consideration of Rs 385 crore. The announcement was made during market hours today, 27 July 2017.
In a key political development, Nitish Kumar formed new government in Bihar with the Bharatiya Janata Party (BJP). He took oath as Chief Minister of Bihar at 10:00 IST today, 27 July 2017. With oath today, Nitish Kumar ended his party, JDU's mahagathbandhan or Grand Alliance with Lalu Yadav's RJD and the Congress last evening and joined hands with his former partner BJP.
Overseas, European stocks were mixed as investors were still digesting the Federal Reserve's latest policy decision amid a fresh batch of corporate earnings.
Asian stocks edged higher following the Federal Reserve's decision to leave interest rates unchanged and as a slew of corporate earnings began coming through.
US equities closed higher yesterday, 26 July 2017, on the back of strong earnings and following the Federal Reserve's decision to keep interest rates unchanged.
US Federal Reserve kept its benchmark interest rate unchanged after the conclusion of a two-day policy meeting yesterday, 26 July 2017. The Fed gave no clear signal about the chances for another increase this year or about any concerns about low inflation. But the central bank did confirm that it plans to begin to reduce its massive bond holdings relatively soon. The Fed had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.
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