Market snaps 9-day gaining spree

Key benchmark indices provisionally settled with modest losses as profit booking emerged after prior nine days of gains. The barometer index, the S&P BSE Sensex, fell 63.38 points or 0.18% at 34,331.68, as per the provisional closing data. The Nifty 50 index fell 11.10 points or 0.11% at 10,537.60, as per the provisional closing data. Intraday volatility was high. Most FMCG stocks gained.

Domestic stocks drifted higher in early trade tracking positive Asian stocks. Stocks steadily extended gains and hit fresh intraday high in mid-afternoon trade. Volatility ruled the roost in mid-afternoon trade as the key benchmark indices retreated sharply after hitting intraday high. Indices hit fresh intraday low in late trade.

The S&P BSE Mid-Cap index provisonally fell 0.07%, outperforming the Sensex. The S&P BSE Small-Cap index provisonally dropped 0.37%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,512 shares fell and 1,141 shares rose. A total of 156 shares were unchanged.

Index heavyweight and cigarette major ITC gained 3.08% to Rs 276.

Most FMCG stocks gained. Godrej Consumer Products (up 5.27%), Britannia Industries (up 0.2%), Colgate-Palmolive (India) (up 0.94%) GlaxoSmithkline Consumer Healthcare (up 0.34%), Marico (up 0.25%), Tata Global Beverages (up 1.77%) and Bajaj Corp (up 0.59%) rose.

Jyothy Laboratories (down 0.03%), Hindustan Unilever (down 0.04%), Nestle India (down 0.45%) and Procter & Gamble Hygiene and Health Care (down 0.09%) edged lower.

Maruti Suzuki India shed 0.25%. Maruti Suzuki India during market hours today, 18 April 2018 said that the company has attained leadership position in utility vehicles sales in the domestic market in 2017-18, with over 27.5% market share. Riding on the success of models like Vitara Brezza, Ertiga and S-Cross, Maruti Suzuki's sale of utility vehicles reached 253,759 units in 2017-18, growing 29.6% over previous year sales of 195,741 units.

M&M lost 1.55%. M&M today launched the Plush New XUV500 in the premium SUV segment with a bold new design, plush, luxurious interiors and higher power and torque. It offers a more pleasurable ride through an enhanced suspension, and comes with a quieter cabin. Starting at Rs 12.32 lakhs (ex-showroom Mumbai, for W5 variant), it will be available at Mahindra dealerships across India with immediate effect. The announcement was made during market hours today, 18 April 2018.

Cement major ACC dropped 0.92% ahead of its Q1 March 2018 result today, 18 April 2018.

Lupin fell 1.76%. Lupin announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of AbbVie Inc's AndraGel, 1.62%. Lupin's Testosterone Gel is the generic equivalent of AbbVie Inc.'s AndroGel. The announcement was made after market hours yesterday, 17 April 2018.

It is indicated for replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone. Testosterone Gel, 1.62% (20.25 mg/1.25 gm actuation) had annual sales of approximate $956.90 million in the US (IQVIA MAT January 2018).

Overseas, European markets were trading higher as investors monitored a fresh batch of corporate earnings and economic data.

Asian stocks rose as an encouraging US earnings season underscored resilient growth. Japan's exports edged up in March, on strong demand for cars and equipment to make semiconductors, data from Japan's finance ministry showed. Exports rose 2.1% from a year ago, on a rebound in demand after a lull last month. The increase helped Japan log a 10.8% rise in exports for the business year ended March, the first annual rise in three years.

US stocks rallied yesterday, 17 April 2018 amid better-than-expected earnings from industry heavyweights, adding to evidence that the strengthening economy is lifting corporate profits. Meanwhile, a lack of escalation in the trade tensions between China and the US has also emboldened investors.

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