Stocks regained strength in afternoon trade amid volatility soon after trimming intraday gains. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 41.27 points or 0.12% at 34,542.54. The Nifty 50 index was up 1.25 points or 0.01% at 10,571.80. Shares of index heavyweights ITC and Infosys gained while shares of another heavyweight L&T dropped.
Domestic stocks drifted higher in early trade. Stocks hovered in positive zone in morning trade. Key equity benchmarks traded with modest gains in mid-morning trade. Stocks trimmed gains in early afternoon trade.
The S&P BSE Mid-Cap index was off 0.25%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.25%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,426 shares fell and 1,046 shares rose. A total of 137 shares were unchanged.
IndusInd Bank (up 1.65%), TCS (up 1.61%) and Hindustan Unilever (up 1.37%) edged higher from the Sensex pack.
Bharti Airtel (down 1.89%), L&T (down 1.32%) and Axis Bank (down 1.29%) edged lower from the Sensex pack.
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Index heavyweight and cigarette major ITC rose 0.8% to Rs 276.10.
Index heavyweight and IT major Infosys rose 0.91% to Rs 1,171.50.
Wipro lost 2.65% after consolidated net profit fell 6.69% to Rs 1800.80 crore on 0.04% rise in total income to Rs 14304.60 crore in Q4 March 2018 over Q3 December 2017. The result was announced after market hours yesterday, 25 April 2018.
Wipro's board of directors considered and approved a scheme of amalgamation (Scheme) providing for the merger of its wholly owned subsidiaries, Wipro Technologies Austria GmbH, Wipro Information Technology Austria GmbH, Newlogic Technologies SARL and Appirio India Cloud Solutions (Transferor Companies) with Wipro (Transferee Company).
Kitex Garments rose 0.37%. The board of directors of Kitex Garments decided to incorporate two wholly owned subsidiary companies, increasing the manufacturing capacities of the company to meet rising future demand and investing Rs 400 crore (Rs 200 crore each) in these companies from internal accruals and borrowings. The announcement was made after market hours yesterday, 25 April 2018.
Overseas, Asian stocks were mostly higher on optimism over earnings after Samsung Electronics posted a record quarterly profit. Meanwhile, the Bank of Japan is reportedly likely to keep its policy unchanged when it ends a two-day rate review tomorrow, 27 April 2018.
US stocks fluctuated yesterday, 25 April 2018 before closing mixed as strong earnings from the likes of Boeing and Texas Instruments helped investors shrug off worries about higher interest rates.
The Dow Jones Industrial Average rose 0.3% to snap a five-day losing streak and the S&P 500 inched up 0.2% while the tech-heavy Nasdaq Composite slid 0.1%.
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