Market extended losses in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex was down 228.75 points or 0.76% at 29,897.46. The Nifty 50 index declined 63.50 points or 0.68% at 9,296.40.
Key indices opened the session on a weaker note amid initial volatility on subdued global cues. Indices further extended slide in early afternoon trade. Software pivotals Infosys, Tech Mahindra, TCS and Wipro were in red. Auto stocks also dropped with Tata Motors leading the pack.
The Sensex was trading below the psychological 30,000 level after alternately moving above and below that level so far. It had settled above that level during the previous trading session.
The Sensex lost 256.49 points or 0.85% at the day's low of 29,869.72 in early afternoon trade, its lowest level since 3 May 2017. It rose 50.34 points or 0.16% at 30,176.55 in early trade, its highest level since 27 April 2017.
The Nifty lost 77.35 points or 0.82% at the day's low of 9,282.55 in early afternoon trade, its lowest level since 2 May 2017. It rose 17.20 points or 0.18% at the day's high of 9,377.10 in early trade, a record high.
Among other indices, the BSE Mid-Cap index fell 0.78%. The decline in this index was higher than the Sensex's slide in percentage terms. The BSE Small-Cap index lost 0.51%. The decline in this index was lower than the Sensex's slide in percentage terms.
The breadth, indicating the overall health of the market, was weak. On the BSE, 1,764 shares declined and 776 shares rose. A total of 123 shares were unchanged.
IT stocks declined. Oracle Financial Services Software (down 1.56%), Infosys (down 1.16%), Tech Mahindra (down 0.74%), Wipro (down 0.39%) and TCS (down 0.35%) edged lower. HCL Technologies (up 0.57%) edged higher.
Auto stocks also edged lower. Mahindra & Mahindra (down 1.61%), Bajaj Auto (down 0.69%), Hero MotoCorp (down 0.34%), Ashok Leyland (down 0.18%) and Maruti Suzuki India (down 0.05%) declined. TVS Motor Company (up 0.12%) gained.
Eicher Motors was up 0.53% ahead of the company's March 2017 quarterly earnings today, 5 May 2017.
Tata Motors declined 4.01% after the company's British luxury car unit Jaguar Land Rover (JLR) reported a 2.3% fall in retail sales at 40,385 units in April 2017 over April 2016. The announcement was made during market hours today, 5 May 2017.
Multi Commodity Exchange of India (MCX) lost 2.19% after net profit dropped 50.78% to Rs 21.88 crore on 19.46% fall in total income to Rs 86.90 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 4 May 2017.
Among macro developments, a press release issued by the government after market hours yesterday, 4 May 2017 stated that eight states have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month's time. The states include Telangana, Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh and Haryana.
The next GST Council meeting is scheduled to be held at Srinagar, J&K on 18 and 19 May 2017. The central government has already informed that GST will be rolled-out from 1 July 2017.
Overseas, Asian stocks witnessed a mixed trend. US stocks closed almost flat yesterday, 4 May 2017, as energy stocks put a lid on the broader market amid slide in crude oil prices.
Among global developments, European Central Bank (ECB) President Mario Draghi reportedly stated yesterday, 4 May 2017 that the European Union is being wrongly held responsible for decisions that belong to individual countries.
Draghi has warned that Europe risks losing some of its status as a global power unless it pursues more economic and political integration.
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