Key benchmark indices hovered in a small range a tad below the flat line in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was off 17.50 points or 0.06% at 30,564.10. The Nifty 50 index was off 12.20 points or 0.13% at 9,500.05. Most IT stocks fell. Capital goods stocks saw mixed trend.
Key benchmark indices were trading with small losses in early trade on negative Asian stocks. Stocks reversed initial losses in morning trade on fresh buying in index pivotals. Both the Sensex and the Nifty hit record high levels in morning trade. A divergent trend was witnessed among the key benchmark indices in mid-morning trade.
The Sensex gained 60.34 points or 0.2% at the day's high of 30,642.94 in morning trade, a record high for the barometer index. The index fell 63.46 points or 0.21% at the day's low of 30,519.14 at the onset of the session. The Nifty gained 8.75 points or 0.09% at the day's high of 9,521 in morning trade, a record high for the index. The index fell 22.55 points or 0.24% at the day's low of 9,489.70 at the onset of the session.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,348 shares fell and 1,148 shares rose. A total of 157 shares were unchanged.
Capital goods stocks saw mixed trend. ABB India (up 1.44%), Bharat Heavy Electricals (Bhel) (up 0.7%), BEML (up 1.67%) and L&T (up 0.45%) rose. Bharat Electronics (down 1.26%), Punj Lloyd (down 1.29%), Siemens (down 0.74%), Thermax (down 0.05%) fell.
Most IT stocks fell. Infosys (down 1.02%), Wipro (down 0.75%), HCL Technologies (down 0.26%), Oracle Financial Services Software (down 2.88%), Tech Mahindra (down 2.34%) and Hexaware Technologies (down 0.65%) fell. TCS (up 0.24%), MindTree (up 1.08%) and MphasiS (up 1.82%) rose.
Career Point jumped 10.52% after consolidated net profit spurted 67.11% to Rs 4.98 crore on 9.43% increase in total income to Rs 21.69 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 16 May 2017.
Whirlpool of India rose 1.15% after net profit rose 7.4% to Rs 74.38 crore on 19.06% rise in net sales to Rs 1014.55 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 16 May 2017.
Umang Dairies rose 5.51% after the company said it resumed operations at its plant in Uttar Pradesh. The announcement was made after market hours yesterday, 16 May 2017.
Earlier on 28 April 2017, Umang Dairies had informed that it had temporarily shut down its plant in Gajraula, Uttar Pradesh to comply with the order of the National Green Tribunal (NGT). NGT has now passed an order permitting the operations at the company's plant at Gajraula.
Meanwhile, the demonetization exercise is not expected to have a long term impact on domestic demand in India, which is projected to clock a 7.9% growth in fiscal 2018, as per the United Nations report. After note-ban, there has been a hike in the collection of personal income tax, Finance Minister Arun Jaitley was quoted as saying yesterday, 16 May 2017.
Overseas, Asian stocks were trading lower, amid political and legal turmoil surrounding US President Donald Trump. In US, the tech-heavy Nasdaq closed at a record for a second session in a row yesterday, 16 May 2017 as the Dow industrials and S&P 500 finished fractionally lower amid political uncertainty in the US.
Fresh reports emerged of President Donald Trump's interference in the Federal Bureau of Investigation's probe around his former National Security Advisor Michael Flynn. The latest development adds to the ongoing political turmoil after a report that the US president shared terrorism intelligence with Russian officials, an action he has since defended.
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