Divergent trend on the bourses

A divergent trend was witnessed between the two key benchmark indices in mid-afternoon trade. At 14:19 IST, the barometer index, the S&P BSE Sensex was down 18.72 points or 0.06% at 29,902.46. The Nifty 50 index was up 1.60 points or 0.02% at 9,315.40.

So far, indices traded in a narrow range around the flat line in a lacklustre session of trade.

The BSE Mid-Cap index fell 0.34%. The decline in this index was higher than the Sensex's slide in percentage terms. The BSE Small-Cap index advanced 0.02%, outperforming the Sensex.

Overseas, European stocks edged lower as investors digested the latest in Brexit negotiations and corporate earnings. Reports suggested that Europe was seen divided after the latest developments in Brexit talks saw France and Germany toughen their stance towards the UK, claiming that they would expect an upfront gross payment of up to 100 billion euros.

Also in France, campaigning for the second round runoff of the presidential race has entered its final days with opponents Emmanuel Macron and Marine Le Pen vying to win crucial final support.

Asian stocks witnessed a mixed trend. US equities closed with small gains yesterday, 2 May 2017 as investors awaited earnings from tech giant Apple.

Among other global news, The American Petroleum Institute (API) yesterday, 2 May 2017, reported a drop of 4.2 million barrels in US crude supplies for the week ended 28 April 2017.

Close home, the breadth, indicating the overall health of the market, was negative. On the BSE, 1,431 shares declined and 1,306 shares rose. A total of 165 shares were unchanged.

Power generation and power distribution stocks were mixed. Adani Power (down 4.62%), GMR Infrastructure (down 1.46%), Tata Power Company (down 1.2%), NHPC (down 0.78%), Torrent Power (down 0.78%), NTPC (down 0.06%) and Reliance Power (down 0.1%) edged lower. Power Grid Corporation of India (up 2.33%), JSW Energy (up 1.12%) and Reliance Infrastructure (up 0.63%) edged higher. Jaiprakash Power Ventures was unchanged for the day at Rs 4.84.

Shares of state-run coal mining giant Coal India were up 0.65% at Rs 277.05.

Aviation stocks nudged higher. SpiceJet (up 3.52%) and Jet Airways (India) (up 0.4%) advanced. InterGlobe Aviation (down 0.48%) edged lower.

Meanwhile, US-based credit rating agency, Fitch yesterday, 2 May 2017, kept India's sovereign rating unchanged at 'BBB-', the lowest investment grade with stable outlook assigned to the country more than a decade ago citing weak fiscal position. The leading rating agency, however, expects India's growth rate to accelerate to 7.7% in fiscals 2017 and 2018, from 7.1% in fiscal 2016.

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