Key benchmark indices traded with modest losses in the morning trade after seeing a lower opening on weakness in Asian bourses and subdued closing on Wall Street overnight. At 10:15 IST, the barometer index, the S&P BSE Sensex, fell 135.09 points or 0.42% at 32,248.21. The Nifty 50 index declined 36.35 points or 0.36% at 9,984.20. The Nifty was trading below the 10,000 mark after slipping below that level in early trade.
The Sensex lost 219.14 points or 0.67% at the day's low of 32,164.16 in early trade, its lowest level since 24 July 2017. It fell 1.94 points at the day's high of 32,381.36 at the onset of trading.
The Nifty lost 57.50 points or 0.57% at the day's low of 9,963.05 in early trade, its lowest level since 25 July 2017. It fell 23.75 points or 0.23% at the day's high of 9,996.80 at the onset of trading.
Among other key indices, the S&P BSE Mid-Cap index rose 0.33%. The S&P BSE Small-Cap index advanced 0.21%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged lower after US tech shares retreated from recent rallies, though optimism about US corporate earnings and the global economy underpinned overall sentiment. US equities closed mixed yesterday, 27 July 2017 after the technology sector rolled over.
Closer home, the breadth, indicating the overall health of the market, turned positive from negative in morning trade. On the BSE, 1,022 shares rose and 941 shares declined. A total of 103 shares were unchanged.
Telecom stocks declined. Bharti Airtel (down 1.23%) and Reliance Communications (down 0.19%) edged lower.
Idea Cellular fell 2.54% after the company reported consolidated net loss of Rs 814.90 crore in Q1 June 2017 compared with net profit of Rs 220.40 crore in Q1 June 2016. Total income fell 14.34% to Rs 8181.70 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.
Bharti Infratel declined 1.25%. Bharti Infratel is a telecom tower infrastructure arm of Bharti Airtel.
Realty stocks fell. Indiabulls Real Estate (down 0.8%), Godrej Properties (down 0.63%), Sobha (down 0.6%), HDIL (down 0.46%), DLF (down 0.31%) and Prestige Estates Projects (down 0.06%) edged lower. Oberoi Realty (up 2.11%), Unitech (up 1.02%) and D B Realty (up 0.93%) edged higher.
Sun Pharmaceutical Industries (Sun Pharma) was down 2.3%. The company said it has increased its shareholding in Zenotech from 46.85% of pre-rights issue capital to 57.56% of the post rights issue capital pursuant to allotment of 1.90 crore equity shares of Rs 10 each for cash at a price of Rs 45 each issued on rights basis by Zenotech. This deal is pursuant to the acquisition of erstwhile Ranbaxy Laboratories by Sun Pharma. The announcement was made after market hours yesterday, 27 July 2017.
Balaji Amines dropped 2.49% after net profit declined 13.63% to Rs 22.75 crore on 9.27% rise in total income to Rs 201.02 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 27 July 2017.
Sagar Cements gained 3.17% after the company reported consolidated net profit of Rs 9.97 crore in Q1 June 2017 as compared with net loss of Rs 0.26 crore in Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.
Sagar Cements said that the outlook remains positive on the expectation of normal monsoon, government's focus on infrastructure and affordable housing.
Commenting on the performance, Sreekanth Reddy, Executive Director, Sagar Cements, said the company benefitted from steady demand and better pricing environment in primary markets, with minimal disturbances surrounding GST implementation.
Among other news, the Lok Sabha yesterday, 27 July 2017, passed the Companies Act (Amendment) Bill, 2016 that seeks to make significant changes to the 2013 law to remove complexities and improve ease of doing business, strengthen corporate governance standards and prescribes strict action against defaulting companies. The bill will now go to the Rajya Sabha.
The India Meteorological Department (IMD) in its weather report yesterday, 27 July 2017 said that for the country as a whole, cumulative rainfall during this year's southwest monsoon season has so far upto 26 July is 5% above the long period average (LPA).
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