Market breadth turns negative from positive

Key benchmark indices traded in positive zone in afternoon trade amid firmness in Asian stocks. At 13:15 IST, the barometer index, the S&P BSE Sensex was up 47.18 points or 0.16% at 30,295.35. The Nifty 50 index was up 29.85 points or 0.32% at 9,437.45.

Cement stocks edged higher. Aviation stocks nudged lower. InterGlobe Aviation extended losses triggered by the company reporting weak Q4 results.

After opening with small gains, key indices had extended gains and hit fresh record highs in mid-morning trade. From then, indices traded steadily so far with small gains.

The BSE Mid-Cap index rose 0.33%. The BSE Small-Cap index gained 0.35%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,329 shares declined and 1,308 shares advanced. A total of 147 shares were unchanged.

Cement stocks edged higher. ACC (up 1.02%), Ambuja Cements (up 1.43%) and Ultratech Cement (up 1.18%) gained. Grasim Industries (down 0.59%) edged lower.

Aviation stocks nudged lower. Jet Airways (India) (down 0.33%) declined. SpiceJet (up 0.24%) edged higher.

InterGlobe Aviation fell 1.14%, with the stock extending previous trading session's losses after the company reported weak Q4 earnings. The company's net profit fell 24.6% to Rs 440.30 crore on 18.5% growth in revenue from operations to Rs 4848.21 crore in Q4 March 2017 over Q4 March 2016.

Poly Medicure fell 3.69% to Rs 249 at 12:28 IST on BSE after net profit fell 7.9% to Rs 13.27 crore on 10.4% increase in net sales to Rs 116.05 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 10 May 2017.

Overseas, European stocks edged marginally lower in early trade. Most Asian stocks advanced as global equities remained at record levels and a rebound in oil boosted energy producers.

Japan's current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years. The surplus of 2.91 trillion yen ($25.45 billion) marked the 33rd straight month in the black, finance ministry data showed.

Most US stocks finished only slightly higher to hit record highs yesterday, 10 May 2017 as a quiet week of trading continued.

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