Key indices continued to trade in a range with minor losses in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 77.81 points or 0.22% at 34,538.83. The Nifty 50 index was down 29.55 points or 0.28% at 10,584.80. Selling was triggered by weak global cues. Recent firmness in crude oil prices too worried investors. Investors were also cautious ahead of April derivatives expiry due on Thursday, 26 April 2018. IT shares rose across the board. Most pharmaceutical shares declined.
Among secondary barometers, the BSE Mid-Cap index was down 0.14%. The BSE Small-Cap index was up 0.06%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,397 shares fell and 978 shares rose. A total of 133 shares were unchanged.
Telecom major Bharti Airtel gained 4.22% after the company reported better-than-expected Q4 March 2018 result after market hours yesterday, 24 April 2018. Consolidated net profit fell 10.96% to Rs 419 crore on 10.52% rise in total income to Rs 19893.20 crore in Q4 March 2018 over Q4 March 2017. Consolidated EBITDA fell 12% to Rs 7034 crore in Q4 March 2018 over Q4 March 2017. Consolidated EBITDA margin decreased by 0.6% to 35.8% in the quarter as compared to 36.4% in the corresponding quarter last year. The consolidated net income after exceptional items for the quarter stands at Rs 83 crore compared to Rs 373 crore in corresponding quarter last year.
IT shares were in demand. MphasiS (up 4.66%), MindTree (up 3.49%), Hexaware Technologies (up 2.35%), Oracle Financial Services Software (up 1.89%), TCS (up 1.61%), Tech Mahindra (up 1.35%), HCL Technologies (up 1.25%) and Infosys (up 1.21%), edged higher.
IT major Wipro was up 1.62%. The company will announce Q4 results today, 25 April 2018.
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Persistent Systems was up 3.94%. The company's consolidated net profit fell 19.59% to Rs 73.71 crore on 4.97% decline in net sales to Rs 752.55 crore in Q4 March 2018 over Q3 December 2017. The result was announced after market hours yesterday, 24 April 2018.
Most pharmaceutical shares declined. IPCA Laboratories (down 3.2%), Aurobindo Pharma (down 1.76%), Cipla (down 1.57%), Dr Reddy's Laboratories (down 1.35%), Wockhardt (down 1.22%), Glenmark Pharmaceuticals (down 0.89%), Divi's Laboratories (down 0.87%), GlaxoSmithKline Pharmaceuticals (down 0.46%), Cadila Healthcare (down 0.32%), Sun Pharmaceutical Industries (down 0.18%) and Lupin (down 0.06%), edged lower. Strides Shasun (up 0.01%), Piramal Enterprises (up 0.76%) and Alkem Laboratories (up 1.09%), edged higher.
Overseas, Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields also worried investors. US stocks tumbled overnight, led by a selloff in industrials, materials and technology shares. The selling pressure came after the 10-year Treasury yield briefly touched the psychologically important 3% level for the first time in four years. Caterpillar, an industrial heavyweight, beat earnings estimates due to strong global demand but its shares slumped after management warned their results could cool in the near term.
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