After displaying firmness in early afternoon trade, key benchmark indices pared gains in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex rose 163.51 points or 0.50% at 32,545.97. The Nifty 50 index advanced 57.55 points or 0.57% at 10,078.20. Both the Sensex, and the Nifty, had hit record high in mid-morning trade.
The market sentiment was positive amid a slew of domestic corporate earnings and gains in global equities.
Global markets took note of dovish stance of US Federal Reserve which had kept its benchmark interest rate unchanged after the conclusion of a two-day policy meeting yesterday, 26 July 2017. Higher interest rates in the US is perceived as negative for emerging markets, including India, as it will drain liquidity from these markets and redirect it to developed economies.
Among other barometers, the S&P BSE Mid-Cap index was down 0.09%. The S&P BSE Small-Cap index was down 0.45%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was weak. On the BSE, 1,678 shares declined and 877 shares rose. A total of 144 shares were unchanged.
Metal shares declined. Bhushan Steel (down 4.02%), JSW Steel (down 1.78%), Hindustan Zinc (down 1.12%), NMDC (down 0.97%), Jindal Steel & Power (down 0.76%), Vedanta (down 0.64%), Hindalco Industries (down 0.36%), Tata Steel (down 0.34%), Steel Authority of India (down 0.31%) and National Aluminium Company (down 0.21%), edged lower. Hindustan Copper was up 2.43%.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently up 0.33% at $2.8815 per pound on the COMEX.
Most pharmaceutical shares declined. IPCA Laboratories (down 1.18%), Sun Pharmaceutical Industries (down 0.86%), GlaxoSmithKline Pharmaceuticals (down 0.78%), Cipla (down 0.76%), Dr Reddy's Laboratories (down 0.55%), Strides Shasun (down 0.41%), Piramal Enterprises (down 0.32%), Wockhardt (down 0.32%), Lupin (down 0.15%) and Alkem Laboratories (down 0.01%), edged lower. Divi's Laboratories (up 0.15%), Aurobindo Pharma (up 0.25%), Cadila Healthcare (up 0.35%) and Glenmark Pharmaceuticals (up 1.04%), edged higher.
TRF fell 5.16% to Rs 235.15 after the company reported consolidated net loss of Rs 9.15 crore in Q1 June 2017, compared with net profit of Rs 8.59 crore in Q1 June 2016. The result was announced during market hour today, 27 July 2016.
Sonata Software surged 5.04% to Rs 171 after the company announced collaboration with Microsoft as a 'Microsoft ISV Development Center'. The Microsoft ISV Development Centers (Dev Centers) were established to provide strong third-party technical services that can be contracted and leveraged by Microsoft's Partners (VARs, ISVs, NSIs, GSIs, etc.). The announcement was made after market hours yesterday, 26 July 2017.
Dev Centers are invited by Microsoft to participate in new technology previews, beta programs, and technology adopter programs (TAP), to make certain that they are ready to support new technologies and new versions of existing technologies before they are released to market.
In a key political development, Nitish Kumar formed new government in Bihar with the Bharatiya Janata Party (BJP). He took oath as Chief Minister of Bihar at 10:00 IST today, 27 July 2017. With oath today, Nitish Kumar ended his party, JDU's mahagathbandhan or Grand Alliance with Lalu Yadav's RJD and the Congress last evening and joined hands with his former partner BJP.
Overseas, European stocks were mixed as investors were still digesting the Federal Reserve's latest policy decision amid a fresh batch of corporate earnings.
Asian stocks were trading higher following the Federal Reserve's decision to leave interest rates unchanged and as a slew of corporate earnings began coming through.
US equities closed higher yesterday, 26 July 2017, on the back of strong earnings and following the Federal Reserve's decision to keep interest rates unchanged.
US Federal Reserve kept its benchmark interest rate unchanged after the conclusion of a two-day policy meeting yesterday, 26 July 2017. The Fed gave no clear signal about the chances for another increase this year or about any concerns about low inflation. But the central bank did confirm that it plans to begin to reduce its massive bond holdings relatively soon. The Fed had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
