Key benchmark indices were hovering in a narrow range in negative terrain in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 84.88 points or 0.25% at 34,531.76. The Nifty 50 index was down 27.30 points or 0.26% at 10,587.05. Selling was triggered by weak global cues. Recent firmness in crude oil prices too worried investors. Investors were also cautious ahead of April derivatives expiry due on Thursday, 26 April 2018.
Overseas, Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields also worried investors. US stocks tumbled overnight, led by a selloff in industrials, materials and technology shares. The selling pressure came after the 10-year Treasury yield briefly touched the psychologically important 3% level for the first time in four years. Caterpillar, an industrial heavyweight, beat earnings estimates due to strong global demand but its shares slumped after management warned their results could cool in the near term.
Back home, among secondary barometers, the BSE Mid-Cap index was down 0.20%. The BSE Small-Cap index was up 0.09%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,268 shares fell and 928 shares rose. A total of 122 shares were unchanged.
Most metal shares declined. Vedanta (down 1.69%), Hindalco Industries (down 1.46%), Jindal Steel & Power (down 1.34%), Tata Steel (down 1.13%), National Aluminium Company (down 0.89%), JSW Steel (down 0.51%), Steel Authority of India (down 0.51%) and NMDC (down 0.04%), edged lower. Hindustan Copper (up 0.47%) and Hindustan Zinc (up 0.78%), edged higher.
Most power sector shares declined. Jaiprakash Power Ventures (down 2.88%), GMR Infrastructure (down 1.67%), Torrent Power (down 1.56%), NTPC (down 1.39%), NHPC (down 1.09%), JSW Energy (down 1.08%) and CESC (down 0.63%), edged lower. Reliance Infrastructure (up 0.08%), Tata Power (up 0.24%) and Reliance Power (up 1.09%), edged higher.
State-run Power Grid Corporation of India was down 0.61%. State-run Coal India was down 0.45%.
DCM Shriram slumped 12.60% after consolidated net profit dropped 67.57% to Rs 50.71 crore on 3.3% fall in total income to Rs 1575.96 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 24 April 2018.
Raymond rose 2.17% after the company's board of directors has taken a decision to monetize land at Thane and foray into real estate development. The announcement was made after market hours yesterday, 24 April 2018.
Raymond said that the company's board of directors has approved development of 20 acres of land for residential purposes. The project is expected to be developed over a period of 5/6 years. The estimated project expenditure in FY19 will be in the range of Rs 300 crore. The company has secured major regulatory approvals and other construction related approvals are in process.
Supreme Petrochem lost 2.89% after net profit dropped 41.11% to Rs 41.16 crore on 2.61% rise in total income to Rs 890.55 crore in Q4 March 2018 over Q4 March 2017.
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