Key benchmark indices ended with modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 100.53 points or 0.26% at 38,132.88. The Nifty 50 index was down 38.20 points or 0.33% at 11,445.05.
Local indices drifted higher in early trade on buying demand in index pivotals. Key benchmark indices hovered near day's high in morning trade. Firmness prevailed on the bourses in mid-morning trade. Indices trimmed gains in early afternoon trade. Stocks reversed intraday gains and hit intraday low in negative zone in mid-afternoon trade. Indices hovered in negative zone in late trade.
The S&P BSE Mid-Cap index rose 0.59%. The S&P BSE Small-Cap index rose 0.64%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1203 shares rose and 1547 shares fell. A total of 152 shares were unchanged.
Axis Bank gained 0.39%. Axis Bank's board will consider FY19 results on 25 April 2019. The announcement was made during market hours today, 27 March 2019.
NTPC fell 2.25%. NTPC has launched and priced an issue of 3.75% U.S.D 450,000,000 notes due 2024 on 26 March 2019. The Notes carry a coupon of 3.75% per annum payable semi-annually. The Notes are expected to be settled by 3 April 2019. The Notes will mature on 3 April 2024 and all principal and interest payments will be made in U.S. Dollars. The announcement was made during market hours today, 27 March 2019.
Dr. Reddy's Laboratories shed 0.7%. Dr. Reddy's Laboratories announced appointment of Allan Grant Oberman as an additional director, categorized as independent, on the board of the company for a period of five years, effective 26 March 2019. The announcement was made after market hours yesterday, 26 March 2019.
Strides Pharma Science rose 3.4% after the company announced that it has received US Food and Drug Administration approval for its greenfield oral dosage facility in Singapore. The announcement was made during trading hours today, 27 March 2019.
Meanwhile, Prime Minister Narendra Modi on Wednesday, 27 March 2019, announced successful launch of the country's Anti Satellite Missile System (ASAT). India is the fourth country to achieve this feat. In an address to the Nation, PM announced that India struck down a live test satellite in Low Earth Orbit (LEO) thus successfully testing its ASAT system. This operation is named as Mission Shakti. This system was developed by DRDO - the research wing of Indian Defence services. This test will now make India the fourth nation with anti satellite capability.
Overseas, European stocks were trading lower, with investors unnerved over fears of a potential U.S. recession. Asian stocks were mixed after US stocks finished broadly higher on Wall Street.
Brexit uncertainty continues to weigh on sentiment. U.K. Prime Minister Theresa May is set to address lawmakers of her own Conservative Party Wednesday. British lawmakers are due to hold a round of so-called indicative votes - essentially votes on what the course of Brexit should look like - later in the day. This comes after parliamentarians took control of the Brexit process from May's government.
US stocks closed higher Tuesday as the energy and financial sectors buoyed the market, but main indexes came off their intraday highs on tepid housing and consumer-confidence data as well as lingering uncertainties over global growth and Brexit.
US-China trade negotiations resumed, reigniting some optimism that the high-stakes dispute was coming to a close. Cabinet-level trade negotiations between Beijing and Washington were scheduled to kick off, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin due in China later this week to help conclude long-running discussions between the world's two largest economies.
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