Key benchmark indices were trading lower in early trade, tracking mixed leads from Asian markets and overnight decline on the Wall Street. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 63 points or 0.16% at 38,968.55. The Nifty 50 index was down 20.65 points or 0.18% at 11,727.50.
Among secondary barometers,the BSE Mid-Cap index was down 0.17%. The BSE Small-Cap index was down 0.01%.
The market breadth, indicating the overall health of the market, was negative On BSE, 414 shares rose and 440 shares fell. A total of 58 shares were unchanged.
Overseas, Asian shares were mixed on Thursday with two major centres - Japan and China - shut for holidays. Trading in Japan will resume next Tuesday while China will be back in action on Monday.
US stocks fell on Wednesday after Federal Reserve Chairman Jerome Powell acknowledged a slowdown in business and household spending, but described low inflation as "transitory" and denied there was a "strong case" to expect an interest-rate cut in the near term.
The US Federal Reserve on Wednesday kept its benchmark interest rate in a range of 2.25% to 2.5%. Senior officials sounded more upbeat about the economy after a slow start in early 2019 and pointed to a recent decline in inflation as reasons to stand pat.
On the US-China trade front, a trade deal between the two economic powerhouses could reportedly be announced by next Friday.
Among the US economic data, payroll firm ADP released its estimate of private-sector job growth in April, showing the US economy added 275,000 new jobs. Markit's manufacturing purchasing managers index for April came in at 52.6, a slight uptick from the near two-year low seen last month. The more closely watched Institute for Supply Management manufacturing index came in at 52.8%, below the March reading of 55.3%. The Commerce Department said construction spending fell by 0.9% in March, compared with February.
Back home, Ambuja Cements was up 0.72%. The company's consolidated net profit rose 27.08% to Rs 495.44 crore on 8.37% rise in total income to Rs 7097.82 crore in Q1 March 2019 over Q1 March 2018. The result was announced after market hours on Tuesday, 30 April 2019. Stock markets remained closed on 1 May 2019 for a local holiday.
TVS Motor Company was down 7.75%. The company's net profit fell 19.19% to Rs 133.83 crore on 9.23% rise in total income to Rs 4387.60 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Tuesday, 30 April 2019.
Raymond was down 1.70%. The company's consolidated net profit rose 27.11% to Rs 67.51 crore on 10.83% rise in total income to Rs 1837.11 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Tuesday, 30 April 2019.
Maruti Suzuki India was down 1.25%. The company said that its total sales fell 17.2% to 1.43 lakh units in April 2019 over April 2018. The announcement was made on 1 May 2019, when the stock markets remained closed for a local holiday.
Lupin was up 0.20%. Natco Pharma was up 1.63%. Lupin in alliance with Natco Pharma (Natco) announced that it has received approval for Bosentan Tablets, 62.5 mg and 125 mg, from the United States Food and Drug Administration (FDA) to market a generic version of Actelion Pharmaceuticals Limited's Tracleer Tablets, 62.5 mg and 125 mg. The announcement was made after market hours on Tuesday, 30 April 2019. Stock markets remained closed on 1 May 2019 for a local holiday.
On the economic front, the total gross GST revenue collected in the month of April 2019 is Rs 1,13,865 crore. The revenue in April 2018 was Rs 1,03,459 crore and the revenue during April 2019 is a growth of 10.05% over the revenue in the same month last year. The revenue in April 2019 is 16.05% higher than the monthly average of GST revenue in FY 2018-19 (Rs 98,114 crore). The total number of GSTR 3B Returns filed for the month of March up to 30th April 2019 is 72.13 lakh.
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