Key benchmark indices hit fresh intraday low in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 62.28 points or 0.21% at 30,071.07. The Nifty 50 index was currently down 15.35 points or 0.16% at 9,336.50. Negative cues from the Asian market spoiled investors sentiment.
The Sensex reversed trend after hitting its record high level in early trade. The Sensex rose 50.87 points, or 0.17% at the day's high of 30,184.22 in early trade, its record high level. The index fell 88.58 points, or 0.29% at the day's low of 30,044.77 in morning trade. The Nifty rose 11.55 points, or 0.12% at the day's high of 9,363.40 in early trade. The index fell 22.60 points, or 0.24% at the day's low of 9,329.25 in morning trade.
The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month April 2017 series to May 2017 series. The near month April 2017 derivatives contract expires today, 27 April 2017.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.07%, outperforming the Sensex. The BSE Small-Cap index was currently down 0.04%. The decline in this index was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1175 shares fell and 1017 shares rose. A total of 95 shares were unchanged.
IT stocks were in demand. Hexaware Technologies (up 2.45%), Persistent Systems (up 2%), MindTree (up 1.91%), HCL Technologies (up 1.14%), MphasiS (up 0.45%), Oracle Financial Services Software (up 0.43%), TCS (up 0.35%) and Wipro (up 0.08%), edged higher. Tech Mahindra was down 0.28%.
IT major Infosys was up 0.98% at Rs 923.05 after the company announced that it has launched Infosys Nia-the next generation integrated artificial intelligence platform. The announcement was made after market hours yesterday, 26 April 2017.
The product was launched building on the success of the company's first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. Together, both these products have amassed 50 plus clients and 150 plus engagements across all industry sectors, within a year of operations.
Cement shares edged lower. Ambuja Cements (down 0.57%), ACC (down 0.22%) and UltraTech Cement (down 0.08%), edged lower.
Grasim Industries was down 0.95%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
On the political front, the Bharatiya Janata Party (BJP) yesterday, 26 April 2017, returned to power in all three municipal corporations of Delhi, winning 183 of 270 wards that went to the polls on Sunday, 23 April 2017. Its main opponent Aam Aadmi Party (AAP), which rules the capital but contested municipal polls for the first time, came a distant second with 47 wards. The Congress, the main Opposition party in the outgoing civic bodies, was reduced to 29 from 77 wards. In 2012, the BJP had won 138 wards.
Overseas, Asian shares were trading lower following the lower close on Wall Street as investors analysed details of US President Donald Trump's highly-anticipated tax reform plans.
In US, the Dow Jones Industrial Average ended 0.1% lower at 20,975.09, the S&P 500 index finished off 1.16 point, or less than 0.1%, at 2,387.45, while the Nasdaq Composite Index which touched a fresh intraday record of 6,040.89 before retreating, closed little-changed at 6,025.23.
The White House unveiled an ambitious tax overhaul plan yesterday, 26 April 2017, proposing deep cuts for individuals and businesses in what it called one of the biggest tax reforms in US history. Even though President Donald Trump's proposed changes in the tax system included a cut in the corporate tax rate from 35% to 15%, the plan left investors with questions on whether the changes would increase the budget deficit.
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