Sensex slips in red, Nifty tests 9,300; ICICI Bank down ahead of Q4

The benchmark indices erased early gains to slip in red following mixed global cues from Asian markets and Wall Street ahead of the US Federal Reserve's policy outcome, due later today. 

As per Reuters, the Fed is widely expected to stand pat on interest rates, but may drop hints on the possibility of a rate hike in June.

At 2:56 pm, the S&P BSE Sensex was trading at 29,893 down 27 points, while the broader Nifty50 was ruling at 9,306 down 7 points.

In the broader market, the BSE Midcap pared gains to turn flat, while the BSE Smallcap was up 0.2%.
 

The breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,337 shares declined and 1,227 shares rose. A total of 147 shares were unchanged.

Among sectoral indices, all but Nifty Realty (up 1.5%), Nifty IT (up 1%) and Nifty Auto (up 0.1%) were trading in red.  

Among individual stocks, ICICI Bank slipped over 1% ahead of its March quarter results due later in the day. 

Lupin, Tata Steel, ICICI Bank and Adani Ports were the top losers on Sensex and dipped anywhere between 1-2%.

Shares of Godrej Properties rallied 14% to Rs 575 after the company announced that it has sold over 1000 apartments across three new project launches since March 2017.

SpiceJet hit a record high of Rs 116.90, up 4% on BSE in intra-day trade, surpassing its previous high of Rs 115 touched on September 5, 2005.

The stock has zoomed 104% thus far in the calendar year 2017 from Rs 57.20 on December 30, 2016, against 12.5% rise in the S&P BSE Sensex during the same period. By comparison, Jet Airways and InterGlobe Aviation added 54% and 38%, respectively, during the same period.

Meanwhile, Engineering company IRB Infrastructure became the first firm to announce a public offer in the InvITs space with a Rs 5,000 crore plus the public issue of its fund opening today.

The IPO, which is the first in this segment, closes on May 5 and commands a price band of Rs 100-102 per unit.

Overseas, Asian stocks were mixed, moderating after earlier strong gains on positive global earnings. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%, while Taiwan gained 0.1%. Singapore and Thailand were also higher, although Chinese shares pulled back almost 0.5%.

(With inputs from Reuters)