Key benchmark indices were trading lower in early trade, tracking negative leads from Asian markets and overnight fall on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 14.58 points or 0.04% at 39,735.15. The Nifty 50 index was down 11.45 points or 0.10% at 11,917.30.
Among secondary barometers,the BSE Mid-Cap index was down 0.22%. The BSE Small-Cap index was up 0.05%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 554 shares rose and 499 shares fell. A total of 50 shares were unchanged.
Overseas, Asian shares slipped on Wednesday as investors worried over the outlook for global growth with trade tensions between US and China showing no signs of fading.
In US, shares fell on Tuesday as investors watched for developments on the US-China trade front. President Donald Trump, speaking at a joint news conference Monday in Tokyo with Japanese Prime Minister Shinzo Abe, reportedly said the US was not ready to make a trade deal with China.
A decline in interest rates also sparked worries about a possible slowdown in the US economy. The yield on the benchmark 10-year note fell to around 2.26%, the lowest level since September 2017. That put it below the 2.35% yield on the three-month Treasury bill. Yields move inversely to prices.
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On US economic front, Home prices rose in March by 0.1% compared with February and 2.7% compared with last year, according to the S&P CoreLogic Case-Shiller 20-city index. Consumer confidence improved in May, according to the Conference Board's index, which rose to 134.1 from 129.2 in April.
Back home, Sun Pharmaceuticals Industries was up 0.41%. The company's consolidated net profit dropped 52.63% to Rs 635.88 crore on 2.27% rise in total income to Rs 7445.45 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 28 May 2019.
Aurobindo Pharma was up 1.32%. The company's consolidated net profit rose 10.76% to Rs 585.38 crore on 30.07% rise in total income to Rs 5324.47 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 28 May 2019.
NMDC was up 1.13%. The company's net profit rose 31.46% to Rs 1453.77 crore on 5.27% fall in total income to Rs 3839.40 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 28 May 2019.
Pfizer was down 1.35%. The company's net profit rose 4.75% to Rs 109.47 crore on 3.62% rise in total income to Rs 571.11 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 28 May 2019.
Galaxy Surfactants was up 6.97%. The company's consolidated net profit rose 42.64% to Rs 57.10 crore on 6.25% rise in total income to Rs 685.48 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 28 May 2019.
Great Eastern Shipping Company was up 4.50%. The company scheduled a board meeting on 1 June 2019 for considering the proposal of buyback of equity shares through open market. The announcement was made after market hours yesterday, 28 May 2019.
Meanwhile, the Indian Meteorological Department (IMD) noted in a weather outlook that conditions are likely to become favourable for further advance of Southwest Monsoon into some more parts of SouthBay of Bengal, Andaman Islands and north Andaman Sea during next 72 hours.
The Reserve Bank released the quarterly house price index (HPI)1 (base: 2010-11=100) for Q3:2018-19, based on transactions data received from housing registration authorities in ten major cities (viz., Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai).
The All-India HPI recorded a sequential increase of 1% in Q3:2018-19 over Q2:2018-19.Large variation in HPI growth across cities was observed, with Kochi recording the highest rise (8.5%) and Jaipur recording the maximum contraction [(-)3.1%]. On a year-on-year basis, the all-India HPI recorded a growth of 4.7% in Q3:2018-19 as against 5.7% in the previous quarter and 7.2% a year ago.
Except Kanpur, all other cities recorded a rise in housing prices on an annual basis.The annual growth/contraction in HPI ranged from 28.8% (in Kochi) to (-)6.5% (in Kanpur), indicating large divergences in city-wise housing price movements.
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