Key benchmark indices trimmed losses in afternoon trade as select index pivotals recovered from intraday lows. At 13:15 IST, the Sensex, was down 75.60 points or 0.25% at 30,495.37. The Nifty was down 20.65 points or 0.22% at 9,417.60. Broader market witnessed major selling pressure. Capital goods stocks edged lower. Cement stocks fell.
The Sensex fell 193.20 points, or 0.63% at the day's low of 30,377.77 in early afternoon trade, its lowest level since 19 May 2017. The index rose 39.67 points, or 0.13% at the day's high of 30,610.64 at the onset of trading session. The Nifty fell 64.05 points, or 0.68% at the day's low of 9,374.20 in early trade, its lowest level since 19 May 2017. The index rose 9.80 points, or 0.10% at the day's high of 9,448.05 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index was down 1.24%. The BSE Small-Cap index was down 1.7%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness. There were almost five losers against every gainer on BSE. 2,119 shares fell and 425 shares rose. A total of 109 shares were unchanged.
Capital goods stocks edged lower. ABB India (down 2.32%), BEML (down 2.16%), Bharat Electronics (down 1.31%), L&T (down 0.34%), Punj Lloyd (down 4.46%) and Thermax (down 1.77%) fell. Siemens (up 0.45%) rose.
State-run Bharat Heavy Electricals (Bhel) was down 2.32%. The company announced during trading hours today, 23 May 2017, that it commissioned 1,980 megawatts (MW) Supercritical Thermal Power Plant in Uttar Pradesh. Bhel's scope of work in the project included design, engineering, manufacture, supply, erection and commissioning of the Boiler and Turbine-Generator (BTG) package. The key equipment for the project has been manufactured by Bhel at its Haridwar, Trichy, Hyderabad, Ranipet and Bengaluru works, while the construction of the plant was undertaken by the company's Power Sector - Northern Region.
Cement stocks fell. Ambuja Cements (down 1.29%), UltraTech Cement (down 0.25%) and Shree Cement (down 1.18%) declined. ACC (up 0.13%) rose.
Grasim Industries was off 0.5%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
SRF lost 4.39% as the company's bottom line growth in Q4 was boosted by a surge in non-operational income. The result was announced after market hours yesterday, 22 May 2017.
SRF's consolidated net profit rose 15.7% to Rs 129.22 crore on 19.7% growth in net sales to Rs 1306.08 crore in Q4 March 2017 over Q4 March 2016. A sharp surge in other income/non-operational income aided bottom line growth. Other income jumped 128.3% to Rs 25.93 crore in Q4 March 2017 over Q4 March 2016.
Banco Products (India) slumped 5.71% after consolidated net profit plunged 67.4% to Rs 7.03 crore on 6.16% rise in total revenue to Rs 320.30 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017.
Overseas, European stocks were trading lower while Asian stocks were trading mixed following another terrorist incident in the UK. At least 22 people have died and around 59 injured after a blast at a Ariana Grande concert in the north of the UK. The incident, which is being treated as a terrorist incident, has led Prime Minister Teresa May to suspend her election campaign ahead of the June 8 election.
Meanwhile, finance ministers of the euro zone failed to reach an agreement with the International Monetary Fund over debt relief for Greece. Eurogroup President Jeroen Dijsselbloem, who chaired the eight-hour meeting on Monday, reportedly said that an agreement is close and that they will return to it at their next scheduled meeting in June.
In US, shares rose for the third straight day with technology companies closing in on all-time highs. Aerospace and defense companies rose after President Donald Trump presided over a $110 billion sale of military equipment to Saudi Arabia that could expand to $350 billion over 10 years. The Standard & Poor's 500 index jumped 0.5% to 2,394.02. The Dow Jones industrial average rose 0.4% to 20,894.83 and the Nasdaq composite gained 0.8% to 6,133.62
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