Key benchmark indices continued to hover in negative terrain after a weak opening triggered by negative global cues. At 10:18 IST, the barometer index, the S&P BSE Sensex, was down 79.93 points or 0.27% at 29,894.31. The Nifty 50 index was down 25.30 points or 0.27% at 9,239.85.
The Sensex lost 121.94 points or 0.4% at the day's low of 29,852.30 in morning trade. It fell 25.80 points or 0.08% at the day's high of 29,948.44 in early trade. The Nifty lost 39.25 points or 0.42% at the day's low of 9,225.90 in morning trade. It fell 19.35 points or 0.2% at the day's high of 9,245.80 in early trade.
The BSE Mid-Cap index rose 0.03%. The BSE Small-Cap index advanced 0.08%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged lower tracking losses on Wall Street overnight. US stock markets closed lower yesterday, 5 April 2017, after the Federal Reserve released the minutes from its March meeting. The minutes showed Fed officials want to start unwinding the central bank's massive $4.5 trillion balance sheet later this year.
Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 1,226 shares rose and 1,033 shares declined. A total of 105 shares were unchanged.
On macro front, the outcome of the Reserve Bank of India's (RBI) monetary policy meeting is slated at 14:30 IST today, 6 April 2017. The RBI had left its key repo rate unchanged at 6.25% for the second time at its February 2017 meeting.
Realty stocks advanced ahead of RBI's monetary policy meeting today, 6 April 2017. Unitech (up 3.93%), DLF (up 2.34%), Sobha (up 2.29%), Oberoi Realty (up 1.8%), HDIL (up 1.08%), Indiabulls Real Estate (up 0.99%) and Godrej Properties (up 0.05%) edged higher. Prestige Estates Projects (down 0.89%) edged lower. Purchases of both residential and commercial property are largely driven by finance.
Auto stocks edged lower. Maruti Suzuki India (down 0.86%), Ashok Leyland (down 0.77%), Eicher Motors (down 0.55%) and Hero MotoCorp (down 0.15%) declined. Tata Motors (up 0.13%) and Bajaj Auto (up 1.84%) edged higher. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.
Mahindra & Mahindra (M&M) was down 0.62%. The company announced that its Farm Equipment Sector (FES) launched Mahindra JIVO. A new age, superior technology small tractor platform in the sub 25 horsepower (HP) category, the Mahindra JIVO is suitable for row crop and horticulture farming. The tractor is available in the 4 wheel drive (WD) version with engine power of 24HP and power take-off (PTO) of 22HP. It will be sold in the states of Maharashtra and Gujarat from 25 April 2017 at a starting price of Rs 3.90 lakh for the 4WD model, ex-showroom Maharashtra. The announcement was made after market hours yesterday, 5 April 2017.
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