Trading for the week started on a sour note as key benchmark indices settled with modest losses as subdued global markets weighed on domestic equities. The barometer index, the S&P BSE Sensex, shed 135.61 points or 0.46% at 29,571, as per the provisional closing data. The Nifty 50 index declined 21.15 points or 0.23% at 9,177.15, as per the provisional closing data. IT stocks led losses on the bourses. The Sensex and Nifty, both, hit more than one-week low in intraday trade. Key indices dropped for the third day in a row today, 10 April 2017.
The Sensex lost 153.57 points or 0.51% at the day's low of 29,553.04 in late trade, its lowest level since 31 March 2017. It rose 124.71 points or 0.41% at the day's high of 29,831.32 in early trade. The Nifty lost 23.45 points or 0.25% at the day's low of 9,174.85 in afternoon trade, its lowest level since 31 March 2017. It rose 27.35 points or 0.29% at the day's high of 9,225.65 in early trade.
Key indices extended losses towards the end of the session after slipping into the red in early afternoon trade. Indices hovered near the flat line with positive bias till mid-morning trade.
The BSE Mid-Cap index fell 0.08%. The decline in this index was smaller than the Sensex's drop in percentage terms. The BSE Small-Cap index advanced 0.63%, outperforming the Sensex.
The breadth, indicating the health of the market was positive. On BSE, 1,764 shares rose and 1,142 shares fell. A total of 163 shares were unchanged.
The total turnover on BSE amounted to Rs 4000.62 crore, lower than turnover of Rs 4361.80 crore registered during the previous trading session.
IT stocks dropped in weak market on lower than expected economic data in the US, the biggest outsourcing market for the Indian IT firms. Tech Mahindra (down 0.5%), TCS (down 0.7%), Wipro (down 2.1%) and HCL Technologies (down 1.89%) declined.
Infosys dropped 3%. The company will announce its Q4 results on Thursday, 13 April 2017.
NIIT slumped 5.61% after the company said that its chief executive officer (CEO), Rahul Keshav Patwardhan, tendered his resignation due to compelling family reasons and has requested to be relieved from the close of business hours of 31 July 2017. The board has accepted his resignation at a meeting held on 7 April 2017.
Further, the board of directors approved the appointment of Sapnesh Lalla as chief executive officer designate of the company from 7 April 2017 and as chief executive officer of the company with effect from 1 August 2017. The announcement was made after market hours on Friday, 7 April 2017.
Sterling Tools gained 4.5% to Rs 231.15 on BSE, after a bulk deal of 3 lakh shares was executed on the scrip at Rs 233 per share at 13:03 IST on BSE.
Overseas, most European and Asian equities dropped amid caution as increased geopolitical risks prompted investors to favour safe-haven bets such as government debt.
Top aides to US President Donald Trump differed on Sunday, 9 April 2017. on where US policy on Syria was headed after last week's attack on a Syrian air base, while US Secretary of State Rex Tillerson warned the strikes were a warning to other nations, including North Korea.
The Bank of France trimmed its first-quarter economic growth forecast, based on monthly business activity indicators in March. French gross domestic product will rise 0.3% on quarter in the first quarter of the year instead of 0.4% forecast in February, the central bank said. The Bank of France said the revision isn't significant enough to compromise full-year growth forecasts.
On economic data front in Asia, Japan's current account surplus stood at 2.81 trillion yen ($25.26 billion) in February, finance ministry data showed, the biggest surplus since March 2016. The result is the 32nd straight month of current account surpluses. This February's current account surplus was the largest on record for February.
US stocks closed with small losses on Friday, 7 April 2017, after increased geopolitical concerns amid US air strikes against Syria and weaker than expected nonfarm payrolls data weighed on sentiment.
The Bureau of Labor Statistics reported Friday, 7 April 2017, nonfarm payrolls grew by just 98,000 in March, well below expectations, but the unemployment rate fell to a 10-year low of 4.5%.
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