Key benchmark indices were hovering in negative terrain in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was down 58.48 points or 0.18% at 31,896.87. The Nifty 50 index was down 24 points or 0.24% at 9,875.60. The Sensex was trading below the psychologically important 32,000 mark after crossing that level in early trade.
The Sensex rose 101.77 points, or 0.32% at the day's high of 32,057.12 in early trade, its highest level since 17 July 2017. The index fell 95.85 points, or 0.30% at the day's low of 31,859.50 in afternoon trade. The Nifty rose 22.95 points, or 0.23% at the day's high of 9,922.55 in early trade, its highest level since 17 July 2017. The index fell 36.15 points, or 0.37% at the day's low of 9,863.45 in afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.43%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was up 0.19%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,350 shares declined and 1,241 shares rose. A total of 133 shares were unchanged.
Most auto stocks declined. Ashok Leyland (down 0.98%), Hero MotoCorp (down 0.96%), Maruti Suzuki India (down 0.74%), TVS Motor Company (down 0.36%), Eicher Motors (down 0.28%) and Tata Motors (down 0.2%), edged lower. Mahindra & Mahindra (up 0.36%) and Escorts (up 1.32%), edged higher.
Motorcycle maker Bajaj Auto was down 0.24% to Rs 2,818 amid intraday volatility after the company announced Q1 June 2017 results during market hours today, 20 July 2017. Bajaj Auto's consolidated net profit fell 19.52% to Rs 836.74 crore on 2.8% decline in total income to Rs 6177.66 crore in Q1 June 2017 over Q1 June 2016. The entire benefit on reduction in effective tax rates post GST has been passed on to the customers. This has resulted in a reduction in ex-showroom price of motorcycles, which were dependent on the Brand-State, varying from a low of Rs 200 to a high of Rs 6,500 per motorcycle, Bajaj Auto said.
Realty shares were mixed. Oberoi Realty (up 2.09%), DLF (up 1.24%), Godrej Properties (up 0.83%), Omaxe (up 0.81%), Unitech (up 0.59%), Housing Development and Infrastructure (HDIL) (up 0.23%), D B Realty (up 0.13%), Parsvnath Developers (up 0.12%), Mahindra Lifespace Developers (up 0.09%) and Indiabulls Real Estate (up 0.02%), edged higher. Prestige Estates Projects (down 0.06%), Sobha (down 0.53%), Phoenix Mills (down 0.79%), Anant Raj (down 1%) and Sunteck Realty (down 2.12%), edged lower.
Atlas Cycles (Haryana) was locked at 5% upper circuit at Rs 375.05 after the company said its board will meet on 4 August 2017, to consider sub-division of equity shares.
Overseas, European bourses were trading higher supported by a surge in global stocks, as investors awaited a rate decision by the European Central Bank (ECB) later in the session. As per reports, the ECB is not expected to adjust interest rates today, 20 July 2017, but it is projected to signal plans to slow down some of its asset purchases over the next few months.
Most Asian shares rose, bolstered by a surge in global stocks to a record high on strong US corporate earnings. Earlier in the day, the Bank of Japan kept its monetary policy unchanged after its two-day meeting. However, BoJ slashed its inflation forecasts for fiscal years 2017-2018 and 2018-2019.
US stock-market indices closed firmly higher yesterday, 19 July 2017, with all of the main equity benchmarks notching records, as investors digested better-than-expected earnings. The Dow Jones Industrial Average closed up 0.3% higher at 21,640. The S&P 500 index rose 0.5% at 2,473 and the Nasdaq Composite Index ended up 0.6% at 6,385. Market sentiment was aided partially by an early climb in shares of Morgan Stanley after it reported earnings and revenue that topped expectations.
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