Key benchmark indices hovered in negative zone in early afternoon session of trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 22.70 points or 0.08% at 29,296.40. The Nifty 50 index was down 9.65 points or 0.11% at 9,095.50. Stocks hovered in a small range so far during the trading session in a quiet session of trade amid divergent trend in various index constituents.
Domestic stocks struggled for direction in early trade. Key benchmark indices regained positive zone in morning trade soon after hitting intraday low in negative zone in early trade. Key benchmark indices regained positive zone in morning trade. Key benchmark indices once again dipped in negative zone in a quiet mid-morning session of trade.
The BSE Mid-Cap index was up 0.48%. The BSE Small-Cap index was up 0.47%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,380 shares rose and 1,189 shares fell. A total of 154 shares were unchanged.
Most IT stocks fell after US President Donald Trump signed an executive order yesterday, 18 April 2017 titled Buy American, Hire American calling on federal agencies to overhaul the H-1B visa program. The order addresses to take prompt action to crack down on fraud and abuse within the US immigration system in order to protect workers. US is the biggest outsourcing market for Indian IT services firms.
Infosys (down 0.83%), Wipro (down 0.03%), Oracle Financial Services Software (down 5.13%), Tech Mahindra (down 0.25%), and MphasiS (down 1.13%) fell. MindTree (up 0.56%), Hexaware Technologies (up 3.08%) and HCL Technologies (up 0.66%) rose.
More From This Section
TCS fell 0.94% after consolidated net profit fell 2.5% to Rs 6608 crore on 0.3% decline in revenue to Rs 29642 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 18 April 2017.
Commenting on the company's performance in FY 2017, Rajesh Gopinathan, CEO and MD, TCS, said, FY 2017 was a year of broad-based growth amidst economic and political turbulence in the company's key markets. The company has added $1.4 billion dollars in constant currency revenues during the year and increased its digital revenues sharply as it helped its customers leverage the digital economy, he said.
Gopinathan added that on the back of digital adoption, Agile, Automation and Cloud are the themes that the company is going to market to drive efficiencies and predictable outcomes across its clients infrastructure, applications and business operations.
V. Ramakrishnan, Chief Financial Officer, TCS, said, despite headwinds from currencies, the company has ended FY 2017 with an industry-leading financial performance while generating strong cash flows. It continues to invest to support organic growth of its digital business, build new market segments and drive profitability in its targeted range, he said.
TCS' consolidated net profit rose 8.6% to Rs 26289 crore on 8.6% growth in revenue to Rs 117966 crore in FY 2017 over FY 2016. TCS' board approved final dividend of Rs 27.50 per share for the year ended 31 March 2017 (FY 2017).
Realty stocks rose. DLF (up 1.6%), Indiabulls Real Estate (up 0.56%), Housing Development and Infrastructure (up 2.96%), D B Realty (up 4.3%), Unitech (up 2.31%), Godrej Properties (up 1.56%), Prestige Estates Projects (up 0.37%), Oberoi Realty (up 2.53%) and Parsvnath Developers (up 2.64%) gained. Sobha (down 1.78%) fell.
Hindustan Oil Exploration Company rose 1.51% after the company reported net profit of Rs 9.82 crore in Q4 March 2017 as against net loss of Rs 1.83 crore in Q4 March 2016. Net sales rose 37.41% to Rs 7.97 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 18 April 2017.
Omax Autos fell 2.85% to Rs 85.15 after the company reported net loss of Rs 0.59 crore in Q4 March 2017, compared with net profit of Rs 4.61 crore in Q4 March 2016. Omax Autos' total revenue fell 0.94% to Rs 259.76 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 18 April 2017.
Meanwhile, India Meteorological Department (IMD) in its first stage forecast of southwest monsoon for 2017, yesterday, 18 April 2017, said that quantitatively, the monsoon seasonal rainfall is likely to be 96% of the long period average (LPA) with an error of 5%. Forecast assessment suggests 38% of probability for near normal monsoon rainfall, it added. IMD will issue the update forecasts in early June 2017, as a part of the second stage long range forecast of monsoon rainfall.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, most Asian stocks were trading lower after British Prime Minister Theresa May's surprise decision to hold early elections. May called for an early general election in June, reversing her earlier stance, in hopes of securing a stronger parliamentary mandate for Britain's formal exit from the European Union. Meanwhile, Theresa May will today, 19 April 2017 ask the House of Commons to support her call for a June general election.
US stocks declined yesterday, 18 April 2017 as investors unloaded stocks following disappointing financial reports from Johnson & Johnson and Goldman Sachs. Meanwhile, US President Donald Trump signed an executive order yesterday, 18 April 2017 titled Buy American, Hire American while on a trip to Kenosha, Wisconsin, where he called on federal agencies to overhaul the H-1B visa program. The order addresses to take prompt action to crack down on fraud and abuse within the US immigration system in order to protect workers.
In US economic news, manufacturing output fell in March for the first time since last August, according to a batch of industrial-production data released yesterday, 18 April 2017. Also, a reading on housing starts, which measure the number of new-home construction projects that broke ground during a given month, was slightly weaker than expected in March.
Powered by Capital Market - Live News