Market hovered in negative zone in morning trade after a weak start amid initial volatility. At 10:15 IST, the barometer index, the S&P BSE Sensex was down 120.98 points or 0.4% at 30,005.23. The Nifty 50 index declined 34.75 points or 0.37% at 9,325.15.
The Sensex was trading above 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.
Market sentiment was dull amid lacklustre trading sentiment on the global bourses.
The Sensex lost 158.10 points or 0.52% at the day's low of 29,968.11 in morning trade. 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 44.85 points or 0.47% at the day's low of 9,315.05 in morning trade. 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 0.11%. The decline in this index was lower than the Sensex's slide in percentage terms. The BSE Small-Cap index rose 0.01%, outperforming the Sensex.
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.
Back home, the breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,263 shares declined and 853 shares fell. A total of 89 shares were unchanged.
Metal and mining stocks declined. Vedanta (down 4.88%), Hindalco Industries (down 4.03%), Jindal Steel & Power (down 3.9%), Hindustan Zinc (down 1.88%), NMDC (down 1.52%), JSW Steel (down 1.21%), National Aluminium Company (down 1.03%), Steel Authority of India (down 0.97%) and Tata Steel (down 0.91%) edged lower.
Telecom stocks also edged lower. Reliance Communications (down 2.18%), Idea Cellular (down 1.2%) and Bharti Airtel (down 0.74%) declined. Bharti Infratel rose 1.35%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Astec Lifesciences fell 3.65% after consolidated net profit dropped 38.21% to Rs 3.46 crore on 8.28% rise in total income to Rs 90.50 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.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
