A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, was trading slightly lower while the Nifty 50 index was trading a tad higher in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 8.39 points or 0.03% at 30,124.96. The Nifty 50 index was currently up 3.75 points or 0.04% at 9,355.60. The Sensex was hovering above the psychologically important 30,000 mark so far during the day.
The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month April 2017 series to May 2017 series. The near month April 2017 derivatives contract expires today, 27 April 2017.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.33%. The BSE Small-Cap index was currently up 0.18%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,435 shares fell and 1,268 shares rose. A total of 149 shares were unchanged.
Auto stocks saw mixed trend. Tata Motors (up 2.11%), Maruti Suzuki India (up 0.2%), Hero MotoCorp (up 0.92%), Eicher Motors (up 0.57%) and Ashok Leyland (down 0.91%) gained. Mahindra & Mahindra (M&M) (down 0.88%), Escorts (down 0.36%), Bajaj Auto (down 0.04%), and TVS Motor Company (down 0.29%) fell.
Realty stocks saw mixed trend. DLF (up 1.01%), Indiabulls Real Estate (up 0.71%), Housing Development and Infrastructure (up 2.39%), Unitech (up 0.7%), Godrej Properties (up 0.49%), and Parsvnath Developers (up 4.93%) rose.
D B Realty (down 1.43%), Sobha (down 1.46%), Peninsula Land (down 1.19%), Prestige Estates Projects (down 1.66%) and Oberoi Realty (down 2.02%) fell.
Foseco India was down 2.86% after net profit fell 14.2% to Rs 7.20 crore on 11.5% growth in net sales to Rs 87.69 crore in Q1 March 2017 over Q1 March 2016. The result was announced after market hours yesterday, 26 April 2017.
GIC Housing Finance rose 1.05% after net profit rose 29.94% to Rs 46.61 crore on 14.19% rise in total income to Rs 266.63 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017.
On the political front, the Bharatiya Janata Party (BJP) yesterday, 26 April 2017, returned to power in all three municipal corporations of Delhi, winning 183 of 270 wards that went to the polls on Sunday, 23 April 2017. Its main opponent Aam Aadmi Party (AAP), which rules the capital but contested municipal polls for the first time, came a distant second with 47 wards. The Congress, the main Opposition party in the outgoing civic bodies, was reduced to 29 from 77 wards. In 2012, the BJP had won 138 wards.
Overseas, European shares retreated from 20-month highs with financials and commodity-related stocks the main drag on the benchmark index although gains in other cyclicals sectors, particularly industrials, on the back of strong earnings kept losses in check.
Most Asian shares were trading higher. Japan's Nikkie 225 index ended lower by 0.20%. The Bank of Japan (BoJ) raised its economic forecasts at its policy meeting outcome today, 27 April 2017, but it kept policy steady, as was widely expected. The BOJ raised its economic assessment. It increased its real gross domestic product (GDP) forecast for the 2017-18 fiscal year to 1.6% from the 1.5% projected in January. But it lowered its core consumer price index (CPI) growth forecast to 1.4% from 1.5% in the same period.
In US, stocks ended lower as investors analysed details of US President Donald Trump's highly-anticipated tax reform plans. The Dow Jones Industrial Average ended 0.1% lower at 20,975.09, the S&P 500 index finished off 1.16 point, or less than 0.1%, at 2,387.45, while the Nasdaq Composite Index which touched a fresh intraday record of 6,040.89 before retreating, closed little-changed at 6,025.23.
The White House unveiled an ambitious tax overhaul plan yesterday, 26 April 2017, proposing deep cuts for individuals and businesses in what it called one of the biggest tax reforms in US history. Even though President Donald Trump's proposed changes in the tax system included a cut in the corporate tax rate from 35% to 15%, the plan left investors with questions on whether the changes would increase the budget deficit.
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