Market provisionally registers small losses

Key benchmark indices provisionally closed the lacklustre trading session with small losses. The barometer index, the S&P BSE Sensex declined 65.01 points or 0.22% at 29,856.17, as per the provisional closing data. The Nifty 50 index lost 9.20 points or 0.1% at 9,304.60, as per the provisional closing data.

Indices traded in a narrow range around the flat line in a lacklustre session of trade.

The BSE Mid-Cap index provisionally fell 0.3%. The decline in this index was higher than the Sensex's slide in percentage terms. The BSE Small-Cap index provisionally rose 0.07%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,488 shares declined and 1,357 shares rose. A total of 161 shares were unchanged.

Realty stocks advanced. Prestige Estates Projects (up 3.13%), D B Realty (up 0.52%), Oberoi Realty (up 0.95%), DLF (up 0.48%), Indiabulls Real Estate (up 0.03%) and Sobha (up 6.38%) edged higher. HDIL (down 1.62%) and Unitech (down 0.18%) edged lower.

Godrej Properties jumped 7.15% after the company announced that it has sold over 1,000 apartments across three new project launches since March 2017. The announcement was made before market hours today, 3 May 2017.

IT stocks nudged higher. Infosys (up 1.73%), HCL Technologies (up 1.31%), Oracle Financial Services Software (up 1.24%) and Tech Mahindra (up 0.45%) advanced.

TCS was up 2.1%. The company said it has been selected by one of Europe's largest utilities companies - Vattenfall- to provide IT services across multiple European operations including Swedan, Germany and the Netherlands. The announcement was made after market hours yesterday, 2 May 2017.

Wipro rose 0.19% after the company said it has unveiled its new brand identity. The new brand identity signifies a higher level of engagement and brand permission that helps clients leverage Wipro's expertise to address their business requirements and drive future opportunities in this digital era. As part of the new brand identity, Wipro unveiled a new logo. The announcement was made after market hours yesterday, 2 May 2017.

Bank of Baroda was unchanged at Rs 188.80. The bank said it has elected to exercise its option to redeem all outstanding $300 million upper Tier - II Subordinated Notes (the Notes) on 25 May 2017 issued by the bank acting through its London Branch on 24 May 2007 pursuant to the banks $3000 million Medium Term Note Programme (the MTN Programme), listed with Singapore Stock Exchange. The announcement was made during market hours today, 3 May 2017.

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.

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 win 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.

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