Market breadth turns negative

A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 163.57 points or 0.55% at 30,106.81. The Nifty 50 index was currently up 44.90 points or 0.48% at 9,351.50. The Sensex was trading above the psychologically important 30,000 mark. The Sensex and the Nifty, both, hit their record high levels in early afternoon trade. Positive global cues boosted market sentiment.

The Sensex rose 203.30 points, or 0.68% at the day's high of 30,146.54 in early afternoon trade, its record high level. The index rose 61.04 points, or 0.20% at the day's low of 30,004.28 in early trade. The Nifty rose 57.15 points, or 0.61% at the day's high of 9,363.75 in early afternoon trade, its record high level. The index fell 5.25 points, or 0.06% at the day's low of 9,301.35 in early trade.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.26%. The BSE Small-Cap index was currently up 0.27%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,411 shares fell and 1,261 shares rose. A total of 144 shares were unchanged. The market breadth was strong in morning trade.

India's largest cigarette maker by sales ITC was up 1.92% to Rs 286.60. The stock hit a high of Rs 288.40 and a low of Rs 281.95 so far during the day.

FMCG shares were mixed. Tata Global Beverages (up 2.50%), Marico (up 1.85%), Britannia Industries (up 1.81%), Hindustan Unilever (up 1.39%), Nestle India (up 0.63%), Colgate Palmolive (India) (up 0.47%), Procter & Gamble Hygiene & Health Care (up 0.37%) and Godrej Consumer Products (up 0.20%), edged higher. Dabur India (down 0.03%), Bajaj Corp (down 0.48%), GlaxoSmithKline Consumer Healthcare (down 0.63%) and Jyothy Laboratories (down 0.72%), edged lower.

Capital good shares were mixed. Praj Industries (up 4.24%), Suzlon Energy (up 1.44%), ABB India (up 1.38%), SKF India (up 0.91%), Havells India (up 0.74%), Siemens (up 0.47%), Bharat Electronics (up 0.28%), Jindal Saw (up 0.24%), Bharat Heavy Electricals (up 0.22%), AIA Engineering (up 0.05%) and Lakshmi Machine Works (up 0.01%), edged higher. BEML (down 0.02%), Crompton Greaves (down 0.06%), Reliance Defence and Engineering (down 0.08%), Punj Lloyd (down 0.66%), GE Power India (down 1.02%), GE T&D India (down 1.34%) and Thermax (down 2.44%), edged lower.

Engineering and construction major L&T was up 0.56% at Rs 1,755.80.

Zee Learn was up 2.03% to Rs 47.85 after net profit surged 88.8% to Rs 14.65 crore on 19.7% growth in net sales to Rs 60.13 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 April 2017.

Kolte-Patil Developers rose 3.46% to Rs 197.25 after the company announced its largest redevelopment project till date in Mumbai. The announcement was made during market hours today, 26 April 2017. Kolte-Patil Developers has signed its largest private society redevelopment project till date, Dahisar Shree Avadhoot Co-operative Housing Society, having a plot area of 15,035 square meters. Kolte-Patil's economic interest in this project is 4 lakh square feet. Payments of the corpus fund, rental and other project expenses are linked to the approvals and project timelines. The Mumbai foray will facilitate profit expansion and reduce working capital cycle while providing synergies to the existing Pune operations, he added.

Overseas, Asian indices traded higher following the rise in US stocks on the back of strong earnings announcements and on expectations for US President Donald Trump's impending tax reforms. In the US, stocks soared as McDonald's and Caterpillar reported strong earnings, with the Nasdaq surpassing the 6,000 mark for the first time. The Dow Jones industrial average surged 1.12% to close at 20,996.12.

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