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Sensex, Nifty retreat from record high

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A divergent trend was witnessed in mid-morning trade as the barometer index, the S&P Sensex, was trading with small gains while the 50 index was trading with small losses. At 11:15 IST, the barometer index, the S&P Sensex, was up 16.18 points or 0.05% at 30,598.78. The 50 index was off 5.65 points or 0.05% at 9,506.60. Telecom stocks saw mixed trend. Most realty stocks fell.

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 and the hit record high levels in morning trade.

The 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 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 S&P Mid-Cap index was up 0.08%, outperforming the The S&P Small-Cap index was up 0.02%, underperforming the

The market breadth, indicating the overall health of the market, turned negative from positive in mid-morning trade. On the BSE, 1,207 shares fell and 1,179 shares rose. A total of 130 shares were unchanged.

Telecom stocks saw mixed trend. Idea Cellular (down 0.74%), Tata Teleservices (Maharashtra) (down 1.35%) and Reliance Communications (down 0.47%) fell. Bharti Airtel (up 1.11%) and MTNL (up 0.42%) rose.

Shares of Bharti Infratel rose 0.13%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Most realty stocks fell. Indiabulls Real Estate (down 1.83%), Housing Development and Infrastructure (down 0.77%), D B Realty (down 0.41%), Unitech (down 0.48%), Hubtown (down 1.06%), Oberoi Realty (down 0.32%) and Parsvnath Developers (down 2.23%) declined.

DLF (up 0.02%), Sobha (up 6.02%), Godrej Properties (up 4.58%), Prestige Estates Projects (up 0.78%) rose.

Orient Paper & Industries rose 4.18% after net profit rose 3.53% to Rs 48.38 crore on 8.09% rise in net sales to Rs 676.35 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 16 May 2017.

Emami Paper Mills slumped 5.94% after net profit fell 94% to Rs 1.40 crore on 110.3% growth in net sales to Rs 300.84 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 16 May 2017.

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 17 2017. 11:30 IST