Key benchmark indices logged modest losses as investors booked profits amid weakness in global stock markets. The barometer index, the S&P BSE Sensex, fell 115.37 points or 0.33% to settle at 34,501.27. The Nifty 50 index fell 43.80 points or 0.41% to settle at 10,570.55. Recent firmness in crude oil prices too worried investors.
After a negative opening, market slipped further in morning trade. Indices staged a recovery in afternoon trade. However, fresh selling pressure dragged indices lower in mid-afternoon trade.
The barometer index, the S&P BSE Sensex, fell 115.37 points or 0.33% to settle at 34,501.27. The Sensex rose 14.63 points, or 0.04% at the day's high of 34,631.27 in afternoon trade. The index fell 216.08 points, or 0.62% at the day's low of 34,400.56 in late trade.
The Nifty 50 index fell 43.80 points or 0.41% to settle at 10,570.55. The Nifty fell 1.75 points, or 0.02% at the day's high of 10,612.60 in early trade. The index fell 77.90 points, or 0.73% at the day's low of 10,536.45 in mid-afternoon trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,750 shares fell and 898 shares rose. A total of 141 shares were unchanged.
Among secondary barometers, the BSE Mid-Cap index fell 0.52%. The BSE Small-Cap index fell 0.72%. Both these indices underperformed the Sensex.
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Among the sectoral indices on BSE, the S&P BSE IT index (up 1.24%), the S&P BSE Teck index (up 1.03%), the S&P BSE Realty index (up 0.3%) outperformed the Sensex. The S&P BSE Metal index (down 1.43%), the S&P BSE Oil & Gas index (down 1.33%), the S&P BSE Capital Goods index (down 1.2%) underperformed the Sensex.
Tata Steel (down 2.01%), ICICI Bank (down 1.86%), ONGC (down 1.67%), Dr Reddy's Laboratories (down 1.46%) and Maruti Suzuki India (down 1.44%) were the major losers in the Sensex pack.
Mahindra & Mahindra (up 1.88%), Power Grid Corporation of India (up 0.58%) and Yes Bank (up 0.56%) were the top gainers in the Sensex pack.
IT shares were in demand as the rupee weakened against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Larsen & Toubro Infotech (up 11.55%), MphasiS (up 2.74%), MindTree (up 3.42%), Hexaware Technologies (up 1.19%), Oracle Financial Services Software (up 0.62%), Wipro (up 0.05%), TCS (up 2.43%), Tech Mahindra (up 0.43%), HCL Technologies (up 0.46%) and Infosys (up 0.61%) edged higher.
Persistent Systems rose 6.08%. 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.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 66.76, compared with closing of 66.38 during the previous trading session.
Telecom major Bharti Airtel gained 3.37% 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.
DCM Shriram slumped 15.95% after consolidated net profit dropped 67.57% to Rs 50.71 crore on 3.3% fall in total income to Rs 1575.96 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 24 April 2018.
Raymond rose 6.27% after the company's board of directors has taken a decision to monetize land at Thane and foray into real estate development. The announcement was made after market hours yesterday, 24 April 2018.
Raymond said that the company's board of directors has approved development of 20 acres of land for residential purposes. The project is expected to be developed over a period of 5/6 years. The estimated project expenditure in FY19 will be in the range of Rs 300 crore. The company has secured major regulatory approvals and other construction related approvals are in process.
Supreme Petrochem lost 5.2% after net profit dropped 41.11% to Rs 41.16 crore on 2.61% rise in total income to Rs 890.55 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 24 April 2018.
Overseas, European markets were trading lower as rising yields in the bond markets offset positive sentiment surrounding corporate earnings. Asian shares fell across the board, following an overnight drop in US stocks. Rising 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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