Key benchmark indices hit fresh intraday low in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, fell 24.96 points or 0.08% at 32,220.91. The Nifty 50 index fell 12.45 points or 0.12% at 9,953.95. The Nifty was currently trading below the historic 10,000 mark after crossing that mark in early trade. Earlier, both the Sensex, and the Nifty, had hit record high in early trade. The market sentiment was dull amid lackluster trading on Asian bourses and subdued closing on Wall Street overnight.
The Sensex lost 49.01 points or 0.15% at the day's low of 32,196.86 in afternoon trade. It rose 128.43 points or 0.39% at the day's high of 32,374.30 in early trade, a record high.
The Nifty lost 17.30 points or 0.17% at the day's low of 9,949.10 in afternoon trade. It rose 44.90 points or 0.45% at the day's high of 10,011.30 in early trade, a record high.
Among other indices, the S&P BSE Mid-Cap index rose 0.43%. The S&P BSE Small-Cap index rose 0.01%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,406 shares declined and 1,111 shares rose. A total of 131 shares were unchanged.
Metal shares were in demand. Vedanta (up 1.87%), Bhushan Steel (up 1.55%), Hindustan Zinc (up 0.84%), National Aluminium Company (up 0.79%), Tata Steel (up 0.72%), Hindalco Industries (up 0.47%), Jindal Steel & Power (up 0.43%), JSW Steel (up 0.19%) and Steel Authority of India (up 0.16%), edged higher. NMDC was down 1.14%.
Hindustan Copper rose 1.61% to Rs 66.10 after the company announced signing a Memorandum of Understanding (MoU) with Mishra Dhatu Nigam (MIDHANI), a CPSE under the Ministry of Defence on 22 July 2017, for a joint collaboration in area of production of copper-nickel tubes and related items. This will promote Make in India initiative and create significant business synergy for Hindustan Copper and MIDHANI. The announcement was made after market hours yesterday, 24 July 2017.
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Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently up 1.63% at $2.781 per pound on the COMEX.
Most FMCG shares rose. Godrej Consumer Products (up 1.13%), Procter & Gamble Hygiene & Health Care (up 1.04%), Dabur India (up 0.88%), Tata Global Beverages (up 0.82%), Britannia Industries (up 0.69%), Colgate Palmolive (India) (up 0.08%), GlaxoSmithKline Consumer Healthcare (up 0.07%) and Marico (up 0.06%), edged higher. Nestle India (down 0.29%), Hindustan Unilever (down 0.74%), Jyothy Laboratories (down 1.39%) and Bajaj Corp (down 1.57%), edged lower.
Idea Cellular advanced 7.46% to Rs 98.70 after the company announced that the Competition Commission of India (CCI) approved to the proposed merger of Vodafone India, Vodafone Mobile Services and Idea Cellular. The transaction is expected to close during calendar year 2018 subject to customary approvals. The announcement was made after market hours yesterday, 24 July 2017.
Separately, Idea Cellular issued clarification after market hours yesterday, 24 July 2017 with regards to new article titled Six telcos understated revenues by Rs 61000 crore. The company clarified that the news is referring to the Comptroller and auditor general (CAG) report for adjusted gross revenue (AGR) and alleged short payment of revenue share thereon for the financial years 2010-11 to 2014-15. These matters pertaining to the interpretation of the definition of AGR are currently sub-judice and pending for adjudication before Supreme Court and Kerala High Court.
International Paper APPM jumped 3.79% to Rs 328.60 after net profit jumped 52.2% to Rs 23.85 crore on 6.78% increase in total income to Rs 327.22 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 25 July 2017.
Overseas, European stocks rose as strength among commodity firms and banking stocks as well as a string of solid updates boosted sentiment. Earnings season remains front and center for equities investors though focus will also be on the two-day US Federal Reserve meeting which gets underway later in the day.
Most Asian stocks declined amid subdued trading on Wall Street overnight. Bank of Japan (BOJ) policymakers contested how much information the BOJ should disclose about a possible exit from quantitative easing, minutes of the central bank's June 15-16 meeting showed yesterday, 24 July 2017. Several members said consumer prices were still far from the central bank's 2% inflation target, and disclosing information about a proposed exit too soon could cause market turbulence.
US equities closed mixed yesterday, 24 July 2017 as Wall Street geared up for a major week of earnings and Federal Reserve news. The US Federal Reserve will announce its interest rate decision tomorrow, 26 July 2017. The Federal Reserve 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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