Key benchmark indices provisionally settled with tiny losses after movement of indices was restricted within a narrow range around the flat line. The barometer index, the S&P BSE Sensex fell 11.83 points or 0.04% at 31,209.79, as per the provisional closing data. The Nifty 50 index declined 5.85 points or 0.06% at 9,609.15, as per the provisional closing data. Drop in global stocks weighed on sentiment. While, gains in index heavyweight Reliance Industries (RIL) kept fall under check. Key indices snapped three-day gaining streak.
After opening with moderate gains, key indices hovered near the flat line with a positive bias till morning trade. Later, indices slipped into the negative terrain and hovered between gains and losses till early afternoon trade. Key indices recovered in afternoon trade but slipped once again into the red in late trade.
The S&P BSE Mid-Cap index provisionally fell 0.34%. The decline in the index was higher than the Sensex's fall in percentage terms. The S&P BSE Small-Cap index dropped 0.04%. The decline in the index matched with Sensex's fall in percentage terms.
The breadth, indicating overall health of the market is slightly positive. On BSE, 1,338 shares rose and 1,320 shares fell. A total of 135 shares were unchanged.
The total turnover on BSE amounted to Rs 3829.52 crore, higher than turnover of Rs 3189.86 crore registered during the previous trading session.
The Sensex gained 131.84 points or 0.42% at the day's high of 31,353.46, its highest level since 23 June 2017. The index fell 55.25 points or 0.17% at the day's low of 31,166.37. The Nifty gained 35.65 points or 0.37% at the day's high of 9,650.65, its highest level since 22 June 2017. The index fell 19.50 points or 0.2% at the day's low of 9,595.50.
Index heavyweight Reliance Industries (RIL) gained 2.75% after the recent rise in crude oil prices.
Most IT stocks gained on positive economic data in the US. HCL Technologies (up 0.14%), Wipro (up 0.25%) and Infosys (up 0.69%) gained. TCS (down 0.4%) and Tech Mahindra (down 1.15%) edged lower. US is the biggest IT outsourcing market for the Indian IT firms.
Hero MotoCorp lost 2.28% to Rs 3,690.90 after a bulk deal of 15.86 lakh shares was executed on the scrip at Rs 3,729.50 per share in opening bell on BSE.
Power Mech Projects rose 1.79% after the company said it has secured orders worth Rs 624 crore. The announcement was made during market hours today, 4 July 2017.
Welspun Enterprises jumped 6.26% after the company clarified that no material findings came to notice after recent income tax raid on its premises. Media reports on 3 July 2017 suggested that IT department conducted raids at Welspun Group's Mumbai office since Friday, 30 July 2017.
In its clarification, Welspun Enterprises confirmed during trading hours today, 4 July 2017, that a search under section 132 of the Income Tax Act, 1961 was conducted by income tax authorities at various locations of Welspun Group from 30 June 2017 to 3 July 2017. Welspun extended its full co-operation to the authorities. As the search was in progress, it could not inform the bourses earlier. No material findings have come to the company's notice.
Overseas, European stocks were trading lower, pulling back after its biggest rally in two months as a North Korean missile launch rattled investors.
The prices of goods leaving the eurozone's factory gates fell in May at the fastest pace in over a year. The European Union's statistics agency said that producer prices fell 0.4% from April, although they were up 3.3% from May 2016.
Asian stocks declined after North Korea launched a missile. North Korea reportedly said it successfully test-launched an intercontinental ballistic missile, claiming a major advance in its attempt to threaten the US with a nuclear-tipped weapon.
Most US stocks rose yesterday, 3 July 2017 as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on US factories also boosted stocks.
On macro economic data front, American manufacturers are growing at the fastest pace in almost three years. The Institute for Supply Management said its manufacturing index rose to 57.8% in June from 54.9%. That's the highest reading since mid-2014.
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