Key indices hit fresh intraday low

After witnessing some volatility in morning trade, key benchmark indices hit fresh intraday low in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 67.77 points or 0.23% at 29,579.65. The Nifty 50 index was currently down 15.60 points or 0.17% at 9,158.15.

Investors booked profits after gains in past three sessions. The Sensex rose 410.27 points or 1.4% in three trading sessions to settle at 29,647.42 yesterday, 30 March 2017, from its close of 29,237.15 on 27 March 2017.

The Sensex rose 17.82 points, or 0.06% at the day's high of 29,665.24 in morning trade. The index fell 79.85 points, or 0.27% at the day's low of 29,567.57 in mid-morning trade. The Nifty rose 7.50 points, or 0.08% at the day's high of 9,181.25 in morning trade. The index fell 20.55 points, or 0.22% at the day's low of 9,153.20 in mid-morning trade.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.57%. The BSE Small-Cap index was currently up 0.55%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,390 shares rose and 879 shares fell. A total of 171 shares were unchanged.

CL Educate was trading at Rs 417.90 at 11:14 IST on BSE, a discount of 16.75% compared with the initial public offer price of Rs 502. The stock debuted at Rs 398, a discount of 20.71% to the initial public offer (IPO) price. The stock hit a high of Rs 417.90 and a low of Rs 398 so far during the day. On BSE, 33,000 shares were traded on the counter so far.

FMCG shares were mixed. Jyothy Laboratories (up 0.96%), Tata Global Beverages (up 0.9%), Dabur India (up 0.89%), Bajaj Corp (up 0.35%), Godrej Consumer Products (up 0.28%), Procter & Gamble Hygiene & Health Care (up 0.05%) and Hindustan Unilever (up 0.03%), edged higher. Marico (down 0.14%), Colgate Palmolive (India) (down 0.31%), GlaxoSmithKline Consumer Healthcare (down 0.37%) and Nestle India (down 0.39%), edged lower.

Telecom shares declined. Idea Cellular (down 1.27%), Tata Teleservices (Maharashtra) (down 1.23%), MTNL (down 0.83%), Bharti Airtel (down 0.78%) and Reliance Communications (down 0.52%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was down 3.43%

Power Grid Corporation of India was up 0.43% to Rs 196.50 after the company's board approved three investment proposals aggregating to Rs 429.21 crore. The announcement was made after market hours yesterday, 30 March 2017.

JMC Projects (India) rose 2.04% to Rs 265.40 after the company said it has secured new orders worth Rs 1058 crore. The announcement was made after market hours yesterday, 30 March 2017.

JMC Projects (India) said that the company has secured new orders worth Rs 1058 crore. These projects include a residential building project in Thane worth Rs 531 crore and two commercial building projects in Bangalore worth Rs 527 crore. S K Tripathi CEO & Dy. Managing Director, JMC Projects (India) said that the repeat orders resulted into a strong order book. It provides a visibility of a healthy and profitable growth over next two years.

Overseas, Asian shares were mixed and the dollar extended its overnight gains today, 31 March 2017, on signs of strong US economic growth.

Activity in China's manufacturing sector expanded to 51.8 in March, an official survey showed, beating expectations for 51.6. The services sector rose to 55.1 from 54.2 in February. The 50-point mark separates growth from contraction.

Japan's core consumer prices rose 0.2% in February. While that is the fastest annual pace in nearly two years, it is still distant from the central bank's 2% target.

US stocks closed higher yesterday, 30 March 2017, as financial shares rallied following a positive reading of economic growth and the tech-heavy Nasdaq returned to finish in record territory after a month-long wait.

The US economy, as measured by gross domestic product, expanded at a 2.1% annualized pace in the fourth quarter, slightly faster than the previously reported 1.9% rate. Separately, jobless claims fell by 3,000 to 258,000 in the latest week, near their lowest level in decades.

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