Key benchmark indices were trading lower in early trade on negative global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 10.43 points or 0.03% at 30,122.92. The Nifty 50 index was currently down 1.40 points or 0.01% at 9,350.45.
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 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 0.18%. The BSE Small-Cap index was currently up 0.34%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 984 shares rose and 654 shares fell. A total of 58 shares were unchanged.
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.
Back home, Axis Bank was down 2.47%. The bank's net profit dropped 43.13% to Rs 1225.10 crore on 4.33% rise in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017. The ratio of gross NPAs to gross advances stood at 5.04% as on 31 March 2017 as against 5.22% as on 31 December 2016 and 1.67% as on 31 March 2016. The ratio of net NPAs to net advances stood at 2.11% as on 31 March 2017 as against 2.18% as on 31 December 2016 and 0.7% as on 31 March 2016.
Cadila Healthcare was up 1.80%. The company received the final approval from the US drug regulator to market Cholestyramine for Oral Suspension USP, 4 gram per scoopful. It is indicated as an adjunctive therapy to the diet for the reduction of elevated serum cholesterol in patients with primary hypercholesterolemia (elevated low density lipoprotein [LDL] cholesterol) who do not respond adequately to diet. Cholestyramine will be produced at the group's formulations manufacturing facility at Baddi. The group has now more than 110 approvals and has so far filled over 300 ANDAs since the commencement of the filling process in FY 2003-2004. The announcement was made after market hours yesterday, 26 April 2017.
Petron Engineering Construction was up 16.33%. The company has received work order from Guruashish Construction, HDIL Towers, Bandra (East), Mumbai, for building structure works at Goregaon (West), Mumbai for a total value of Rs 110 crore (approx). The announcement was made after market hours yesterday, 26 April 2017.
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.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
