Key benchmark indices extended initial losses and hit fresh intraday low in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 136.95 points or 0.46% at 29,892.79. The Nifty 50 index was currently down 43.90 points or 0.47% at 9,298.25. Weakness in other Asian indices spoiled investors sentiment. The Sensex was trading below the psychologically important 30,000 mark.
The Sensex rose 37.90 points, or 0.13% at the day's high of 30,067.64 in morning trade. The index fell 137.88 points, or 0.46% at the day's low of 29,891.86 in morning trade, its lowest intraday level since 25 April 2017. The Nifty rose 0.50 points, or 0.01% at the day's high of 9,342.65 in morning trade. The index fell 44.80 points, or 0.48% at the day's low of 9,297.35 in morning trade, its lowest intraday level since 25 April 2017.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.13%. The BSE Small-Cap index was currently up 0.16%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,125 shares rose and 1,022 shares fell. A total of 93 shares were unchanged.
Most IT shares edged higher. TCS (down 1.01%), Oracle Financial Services Software (down 0.78%), MphasiS (down 0.71%), Wipro (down 0.6%), MindTree (down 0.39%), HCL Technologies (down 0.15%), Infosys (down 0.11%) and Hexaware Technologies (down 0.09%), edged lower. Tech Mahindra (up 0.47%) and Persistent Systems (up 1.02%), edged higher.
HCL Infosystems was up 1.95% to Rs 57.55. The company announced that its board at a meeting held on 27 April 2017 has approved the slump sale of an undertaking-Digischool Business undertaking consisting of business of sale of software licenses to K-12 schools of HCL Learning, a wholly owned subsidiary, on a going concern basis to Everest Edusys and Solutions. The announcement was made after market hours yesterday, 27 April 2017.
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Pharmaceutical shares were mixed. Strides Shasun (down 1.64%), Cadila Healthcare (down 0.92%), GlaxoSmithKline Pharmaceuticals (down 0.71%), Cipla (down 0.59%), IPCA Laboratories (down 0.52%), Alkem Laboratories (down 0.31%), Wockhardt (down 0.27%), Lupin (down 0.25%) and Divi's Laboratories (down 0.02%), edged lower. Piramal Enterprises (up 0.20%), Dr Reddy's Laboratories (up 0.26%), Aurobindo Pharma (up 0.35%), Glenmark Pharmaceuticals (up 0.52%) and Sun Pharmaceutical Industries (up 0.56%), edged higher.
Jubilant Life Sciences was up 2.06% to Rs 780. The company announced that it issued commercial paper of Rs 75 crore on 27 April 2017. The announcement was made after market hours yesterday, 27 April 2017.
Overseas, Asian shares declined as geopolitical concerns continued to loom over the markets. US President Donald Trump threatened to terminate the US trade agreement with South Korea, declaring that the five-year-old accord with a key ally was "a horrible deal that has left America destroyed. Trump also warned that conflict with North Korea was possible, even though he said he preferred peaceful resolution more.
In Europe, the European Central Bank (ECB) left its monetary policy unchanged even as ECB President Mario Draghi acknowledged the economic recovery taking place in the Euro zone.
US stocks closed higher Thursday, 27 April 2017, ahead of major tech company earnings. The Dow Jones industrial average and the S&P 500 struggled to hold opening gains, while the tech-heavy Nasdaq composite closed at a record high. The Dow Jones industrial average closed 6.24 points higher, or 0.03% to 20,981.3. The S&P 500 rose 1.32 point, or 0.06%, to 2,388.77. The Nasdaq composite rose 23.71 points, or 0.39%, to 6,048.94.
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