Key indices provisionally settled with tiny gains after hovering around the flat line in a rangebound and listless session of trade. The barometer index, the S&P BSE Sensex rose 9.07 points or 0.03% at 29,935.22, as per the provisional closing data. The Nifty 50 index gained 2.90 points or 0.03% at 9,316.95, as per the provisional closing data. Mostly positive global cues supported gains on the bourses. The Sensex settled below the psychological 30,000 mark after regaining that mark intermittently in intraday trade.
Earlier, the movement of indices was restricted within a small range in positive terrain till afternoon trade tracking quiet trade in Asian stocks and tiny gains in US stocks overnight. Indices trimmed gains after regaining strength and hitting fresh intraday high in mid-afternoon trade tracking positive European cues. They swung between gains and losses in late trade.
Capital goods stocks spurted. Bharti Infratel edged higher after announcing Q4 results.
The Sensex gained 91.67 points or 0.3% at the day's high of 30,017.82 in mid-afternoon trade, its highest level since 5 May 2017. The index fell 14.71 points or 0.05% at the day's low of 29,911.44 in late trade. The Nifty gained 24.90 points or 0.26% at the day's high of 9,338.95 in mid-afternoon trade, its highest level since 5 May 2017. The index fell 6.35 points or 0.06% at the day's low of 9,307.70 in early trade.
The BSE Mid-Cap index provisionally rose 0.19%. The BSE Small-Cap index provisionally gained 0.53%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,477 shares rose and 1,355 shares fell. A total of 166 shares were unchanged.
The total turnover on BSE amounted to Rs 3942.03 crore, higher than turnover of Rs 3208.30 crore registered during the previous trading session.
Capital goods stocks rose. Bharat Heavy Electricals (Bhel) (up 0.43%), Havells India (up 0.83%), Bharat Electronics (up 0.33%), L&T (up 1.91%), CG Power & Industries (up 9.34%) and Siemens (up 7.55%) gained.
ABB India jumped 9.3% after net profit rose 3.2% to Rs 88.17 crore on 8.4% increase in net sales to Rs 2146.04 crore in Q1 March 2017 over Q1 March 2016. The result was announced after market hours yesterday, 9 May 2017.
The orders received in Q1 March 2017 was Rs 2342 crore. An order backlog of Rs 12023 crore, as on 31 March 2017, provides solid visibility for future revenue, ABB India said in a statement.
ABB India said its operational EBITA rose 8.2% to Rs 132 crore in Q1 March 2017 over Q1 March 2016.
Bharti Infratel rose 0.11%. The consolidated net profit fell 16.95% to Rs 596.60 crore on 13.20% increase in net sales to Rs 1605.30 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 8 May 2017. Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) rose 8% to Rs 1585 crore in Q4 March 2017 over Q4 March 2016.
Lupin fell 2.07% after media reports suggested that the US Food and Drug Administration (FDA) issued eight observations for Lupin's Aurangabad unit, which was inspected between 17th and 26th April 2017.
Titan Company lost 3.17% to Rs 468.35 after a large bulk deal of 30.53 lakh shares was executed on the scrip at Rs 480 per share at 09:41 IST on BSE.
Dena Bank slumped 5.82% after the bank reported net loss of Rs 575.26 crore in Q4 March 2017, higher than net loss of Rs 326.38 crore in Q4 March 2016. The result was announced during trading hours today, 9 May 2017.
The bank's gross non-performing assets (NPAs) stood at Rs 12618.73 crore as on 31 March 2017 as against Rs 11301.78 crore as on 30 December 2016 and Rs 8560.49 crore as on 31 March 2016.
The ratio of gross NPAs to gross advances stood at 16.27% as on 31 March 2017 as against 14.79% as on 31 December 2016 and 9.98% as on 31 March 2016. The ratio of net NPAs to net advances stood at 10.66% as on 31 March 2017 as against 9.52% as on 31 December 2016 and 6.35% as on 31 March 2016. The bank's provisions and contingencies (excluding tax provisions) rose 7.89% to Rs 972.04 crore in Q4 March 2017 over Q4 March 2016.
Meanwhile, Finance Minister Arun Jaitley reportedly said yesterday, 8 May 2017 that the Goods and Services Tax (GST) is on schedule for implementation from 1 July 2017 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike.
Overseas, European stocks edged higher as investors searched for the next catalyst following the French election.
German industrial production fell by less than expected in March and trade proved resilient, data showed, supporting expectations for a robust performance of Europe's biggest economy in the first quarter. Industrial output edged down by 0.4% on the month, data from the Economy Ministry showed.
Asian stocks witnessed a mixed trend. Markets in Korea are closed as voters there elect a new president after former President Park Geun-hye was removed from office over a corruption scandal.
Meanwhile, the International Monetary Fund said Asia's economic outlook faces "significant" uncertainty and downside growth risks from any sudden tightening in global financial conditions or rise in protectionist trade policies. The IMF, which in April raised its 2017 Asia-Pacific growth forecast to 5.5% from its previous October forecast of 5.4%, said loose monetary and fiscal policies across most of the region would underpin domestic demand. India's growth is expected to rebound to 7.2% in the FY 2018 and 7.7% in FY 2019 after disruptions caused by demonetisation, the IMF said.
In US, the S&P 500, and Nasdaq Composite indices notched records yesterday, 8 May 2017, but indexes finished little-changed as materials shares capped a climb in the energy sector. Trading activity was listless after Emmanuel Macron's closely watched, but expected, presidential election victory in France on Sunday, 7 May 2017.
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