Market breadth turns negative

Key equity benchmarks traded with modest gains in mid-morning trade led by gains index heavyweights Reliance Industries and HDFC Bank. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 80.23 points or 0.23% at 34,581.50. The Nifty 50 index was up 12.15 points or 0.11% at 10,582.70. IT stocks saw mixed trend. Wipro dropped after poor Q4 result.

Domestic stocks drifted higher in early trade. Stocks hovered in positive zone in morning trade.

The S&P BSE Mid-Cap index was off 0.14%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.23%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,190 shares fell and 1,063 shares rose. A total of 110 shares were unchanged.

Tata Motors (up 1.93%), RIL (up 1.52%) and HDFC Bank (up 1.01%) edged higher from the Sensex pack.

IT stocks saw mixed trend. TCS (up 1.21%), Infosys (up 0.16%), HCL Technologies (up 0.46%), Oracle Financial Services Software (up 0.07%) and MindTree (up 0.85%) rose. Tech Mahindra (down 0.15%), Hexaware Technologies (down 0.57%) and Mphasis (down 1.04%) fell.

Wipro lost 3.01% after consolidated net profit fell 6.69% to Rs 1800.80 crore on 0.04% rise in total income to Rs 14304.60 crore in Q4 March 2018 over Q3 December 2017. The result was announced after market hours yesterday, 25 April 2018.

Wipro's board of directors considered and approved a scheme of amalgamation (Scheme) providing for the merger of its wholly owned subsidiaries, Wipro Technologies Austria GmbH, Wipro Information Technology Austria GmbH, Newlogic Technologies SARL and Appirio India Cloud Solutions (Transferor Companies) with Wipro (Transferee Company).

Emami gained 2.68% after the company scheduled a board meeting on 3 May 2018 to recommend issue of bonus shares to the equity shareholders. The announcement was made after market hours yesterday, 25 April 2018.

Overseas, Asian markets were trading on a mixed note. In US, the Dow Jones industrial average closed higher for the first time in six sessions on Wednesday, recovering from sharp losses seen earlier in the day, as Boeing soared on strong earnings.

The Dow closed at 24,083.83, up 59.70 points. The S&P 500 also erased earlier losses, closing 0.2% higher at 2,639.40. The Nasdaq composite, meanwhile, slipped 0.1% to 7,003.74.

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