After hitting a fresh intraday low in morning trade, key benchmark indices pared intraday losses in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 34.42 points or 0.11% at 30,098.93. The Nifty 50 index was currently down 1.85 points or 0.02% at 9,350. The Sensex was hovering above the psychologically important 30,000 mark.
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 index fell 88.58 points, or 0.29% at the day's low of 30,044.77 in morning trade. The Nifty rose 11.55 points, or 0.12% at the day's high of 9,363.40 in early trade. The index fell 22.60 points, or 0.24% at the day's low of 9,329.25 in morning trade.
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 0.25%. The BSE Small-Cap index was currently up 0.18%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,269 shares fell and 1,177 shares rose. A total of 120 shares were unchanged.
Metal shares declined. Bhushan Steel (down 1.42%), JSW Steel (down 0.98%), Tata Steel (down 0.98%), Hindalco Industries (down 0.91%), Steel Authority of India (down 0.5%), Hindustan Zinc (down 0.4%), National Aluminium Company (down 0.37%), NMDC (down 0.23%) and Jindal Steel & Power (down 0.04%), edged lower. Hindustan Copper (up 0.08%) and Vedanta (up 0.64%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.35% at $2.5915 per pound on the COMEX.
Pharmaceuticals shares were mixed. Alkem Laboratories (down 3%), Lupin (down 1.44%), Divi's Laboratories (down 0.99%), IPCA Laboratories (down 0.83%), Sun Pharmaceutical Industries (down 0.37%), Dr Reddy's Laboratories (down 0.35%), Strides Shasun (down 0.13%) and Aurobindo Pharma (down 0.08%), edged lower. GlaxoSmithKline Pharmaceuticals (up 0.09%), Glenmark Pharmaceuticals (up 0.11%), Piramal Enterprises (up 0.41%), Cipla (up 0.71%) and Wockhardt (up 1%)m edged higher.
Cadila Healthcare was up 1% to Rs 457.90 after the company said it 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.
Somany Ceramics rose 1.40% to Rs 735 after the company announced that expansion of sanitaryware plant of Somany Sanitary Ware, the company's subsidiary is successfully completed and commercial production has commenced from 26 April 2017. As a result of this expansion, the capacity of plant has increased from 3.03 lakh pieces per annum to upto 11.50 lakh pieces per annum. 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.
Overseas, most Asian shares reversed trend and were trading higher. In US, stocks ended lower as investors analysed details of US President Donald Trump's highly-anticipated tax reform plans. 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.
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