Key benchmark indices erased intraday gains and hit fresh intraday low in negative zone in early afternoon trade. At 12:26 IST, the barometer index, the S&P BSE Sensex, was down 21.51 points or 0.06% at 34,283.92. The Nifty 50 index was down 12.75 points or 0.12% at 10,515.60. IT stocks declined. Cement stocks rose.
Stocks opened higher as sentiment was boosted after the India Meteorological Department (IMD) forecasted normal monsoon this year. However, after an initial volatility, the key benchmark indices drifted higher and hit fresh intraday high in morning trade. Stocks trimmed gains in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index was up 0.1%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,241 shares rose and 1,152 shares fell. A total of 123 shares were unchanged.
Axis Bank (down 1.35%), Sun Pharmaceutical Industries (down 1.29%) and Tata Motors (down 1.28%) edged lower from the Sensex pack.
IT stocks declined. Infosys (down 1.04%), Wipro (down 1.6%), TCS (down 1.02%), Oracle Financial Services Software (down 0.25%), Tech Mahindra (down 1.08%) and Hexaware Technologies (down 0.82%) fell. HCL Technologies (up 0.51%) and Mphasis (up 1.03%) rose.
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Cement stocks rose. Ambuja Cements (up 0.66%), ACC (up 0.57%), UltraTech Cement (up 0.1%) and Shree Cement (up 0.47%) gained.
Grasim Industries was off 1.13%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
The Indian Meteorological Department (IMD) predicted the south-west monsoon (June to September) to be at 97% of the long period average (LPA) with a margin of error of +/- 5%. Rainfall between 96% and 104% of LPA during the June-September monsoon period is considered normal. The forecast was made after market hours yesterday, 16 April 2018.
India Meteorological Department (IMD) issues operational forecast for the southwest monsoon seasonal rainfall for the country as a whole in two stages. The first stage forecast is issued in April and the second stage forecast is issued in June.
Overseas, most Asian stocks fell as investors sought fresh leads after weeks of volatility sparked by trade frictions and geopolitical conflict.
China's gross domestic product rose 6.8% from a year earlier in the first quarter, holding steady from the 6.8% growth in the fourth quarter of last year, China's National Bureau of Statistics said today, 17 April 2018.
Meanwhile, industrial production grew just 6% in March, compared with 7.2% in the first two months of the year, and 6.8% overall for the quarter. In other data, January to March fixed asset investment growth slowed to 7.5% from a year ago, down from 7.9% in the first two months of the year.
US stocks closed sharply higher yesterday, 16 April 2018 with major indexes rallying in a broad advance as the first-quarter earnings season pointed to strong growth and geopolitical tensions showed signs of easing.
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