Market settles lower on profit booking

A bout of volatility was witnessed in today's trade as key benchmark indices settled lower after swinging between gains and losses. The barometer index, the S&P BSE Sensex, fell 26.92 points or 0.09% to 29,620.50, as per the provisional closing data. The Nifty 50 index ended flat at 9,173.75, as per the provisional closing data. Investors booked profits after gains in past three sessions.

The Sensex rose 40.22 points, or 0.14% at the day's high of 29,687.64 in mid-afternoon trade. The index fell 94.81 points, or 0.32% at the day's low of 29,552.61 in early afternoon trade. The Nifty rose 17.95 points, or 0.20% at the day's high of 9,191.70 in mid-afternoon trade. The index fell 21.65 points, or 0.24% at the day's low of 9,152.10 in early afternoon trade.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.76%. The BSE Small-Cap index was currently up 0.71%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,576 shares rose and 951 shares fell. A total of 210 shares were unchanged.

The total turnover on BSE amounted to Rs 4,918.62 crore, higher than turnover of Rs 4606.56 crore registered during the previous trading session.

Index bellwether Reliance Industries (RIL) jumped 4.03% to Rs 1,320.50. The stock hit a high of Rs 1336 and a low of Rs 1268.95 in intraday trade.

Metal shares were in demand. Bhushan Steel (up 3.58%), Hindalco Industries (up 2.63%), National Aluminium Company (up 1.49%), Hindustan Zinc (up 1.39%), JSW Steel (up 1.27%), Tata Steel (up 0.93%), NMDC (up 0.79%), Hindustan Copper (up 0.76%), Steel Authority of India (up 0.16%) and Vedanta (up 0.15%), edged higher.

Jindal Steel & Power (JSPL) rose 1.60% to Rs 120.80. The company said its board at a meeting held yesterday, 30 March 2017, approved issue of 4.80 crore convertible warrants to Opelina Finance and Investment, a promoter group entity on preferential basis, subject to the approval of the shareholders of the company and other necessary regulatory approvals. The board also approved the issue of 14.20 lakh equity shares to Nalwa Steel & Power on preferential basis, subject to the approval of the shareholders of the company and other necessary regulatory approvals. The announcement was made after market hours yesterday, 30 March 2017.

Most realty shares declined. Sobha (down 3.55%), Mahindra Lifespace Developers (down 2.07%), Unitech (down 1.76%), D B Realty (down 1.43%), Omaxe (down 1.2%), Peninsula Land (down 1.05%), Phoenix Mills (down 0.92%), Sunteck Realty (down 0.86%), DLF (down 0.83%), Oberoi Realty (down 0.63%) and Indiabulls Real Estate (down 0.06%), edged lower. Godrej Properties (up 0.04%), Housing Development and Infrastructure (HDIL) (up 0.18%), Parsvnath Developers (up 0.40%), Anant Raj (up 0.63%) and Prestige Estates Projects (up 1.40%), edged higher.

Overseas, European stocks were trading lower as investors were eyeing the release of euro zone inflation data later in the day. Asian shares were mixed as investors digested a raft of regional economic data.

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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