Key benchmark indices reclaimed some gains in mid-afternoon trade after trimming intraday gains in afternoon trade weighed by marginal losses in European stocks. At 14:20 IST, the barometer index, the S&P BSE Sensex was up 64.09 points or 0.21% at 30,312.26. The Nifty 50 index was up 29.80 points or 0.32% at 9,437.10. FMCG stocks dropped. Most capital goods stocks declined.
After opening with small gains, key indices had extended gains and hit fresh record highs in mid-morning trade. Indices trimmed gains in afternoon trade.
The BSE Mid-Cap index rose 0.13%. The BSE Small-Cap index gained 0.02%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,495 shares declined and 1,209 shares advanced. A total of 156 shares were unchanged.
FMCG stocks dropped on profit booking after surging in the previous session triggered by good prospects for rains this year. Tata Global Beverages (down 0.68%), Nestle India (down 0.28%), Marico (down 0.55%), Britannia Industries (down 0.43%), Procter & Gamble Hygiene and Health Care (down 0.02%), Hindustan Unilever (HUL) (down 1.4%), Dabur India (down 0.78%), Colgate Palmolive India (down 0.51%), GlaxoSmithkline Consumer Healthcare (down 1.42%), Godrej Consumer Products (down 1.3%), and Bajaj Corp (down 1.75%) declined. Jyothy Laboratories rose 0.13%. FMCG companies derive substantial revenue from the rural sector.
Most capital goods stocks bucked positive market trend. Bharat Heavy Electricals (Bhel) (down 1.35%), L&T (down 0.65%), Thermax (down 0.28%), CG Power & Industries (down 0.45%) declined. BEML (up 1.48%) and Havells India (up 3.02%) gained.
Siemens lost 3.69% to Rs 1,407.05 after net profit fell 0.99% to Rs 186.27 crore on 6.34% growth in total income to Rs 2988.84 crore in Q2 March 2017 over Q2 March 2016. The result was announced at fag end of the day's trading session yesterday, 10 May 2017, when the stock rose 1% to settle at Rs 1,460.90.
Sical Logistics gained 1.3% after consolidated net profit increased 55.51% to Rs 14.12 crore on 16.81% growth in total income to Rs 263.48 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 10 May 2017.
IL&FS Transportation Networks rose 4.05% after IIPL Laos, Singapore, a wholly-owned subsidiary of the company entered into a contract of rehabilitation and development works of the National Road No 1 (section F) with a length of 165 km including construction of 33 new bridges in the People's Democratic Republic of Laos. The contract is awarded to a consortium in which IIPL Laos is the lead member having 90% stake.
The construction period for the project is 42 months at an estimated cost equivalent to $165 million (approx Rs 1100 crore). The payment for the contract is committed from the Government of Laos and payable based on milestones over a period of 7 years of which 60% is payable during the construction period. The announcement was made during trading hours today, 11 May 2017.
Overseas, European stocks were trading marginally lower. The European Commission raised its UK growth forecasts for the second time in six months, saying it doesn't now expect a slowdown this year in response to the country's June 2016 decision to leave the European Union. The commission, which is the EU's executive arm, said in its latest set of quarterly economic forecasts that it expected the UK economy to expand at an unchanged 1.8% rate this year, while slowing sharply to 1.3% in 2018.
Most Asian stocks advanced as global equities remained at record levels and a rebound in oil boosted energy producers.
Japan's current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years. The surplus of 2.91 trillion yen ($25.45 billion) marked the 33rd straight month in the black, finance ministry data showed.
Most US stocks finished only slightly higher to hit record highs yesterday, 10 May 2017 as a quiet week of trading continued.
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