Shares end with modest losses

The domestic market declined, trimming recent gains, as investors booked profits amid weakness in global stock markets. The barometer index, the S&P BSE Sensex, fell 115.37 points or 0.33% to 34,501.27, as per the provisional closing data. The Nifty 50 index fell 49.75 points or 0.47% to 10,564.60, as per the provisional closing data. Recent firmness in crude oil prices too worried investors. Investors were also cautious ahead of April derivatives expiry due on Thursday, 26 April 2018.

After a negative opening, market slipped further in morning trade. Indices staged a recovery in afternoon trade. However, fresh selling pressure dragged indices lower in mid-afternoon trade. The Sensex rose 14.63 points, or 0.04% at the day's high of 34,631.27 in afternoon trade. The index fell 216.08 points, or 0.62% at the day's low of 34,400.56 in late trade. The Nifty fell 1.75 points, or 0.02% at the day's high of 10,612.60 in early trade. The index fell 77.90 points, or 0.73% at the day's low of 10,536.45 in mid-afternoon trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.52%. The BSE Small-Cap index fell 0.72%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,754 shares fell and 896 shares rose. A total of 139 shares were unchanged.

Tata Steel (down 1.96%), ICICI Bank (down 1.95%), ONGC (down 1.62%), Maruti Suzuki India (down 1.47%) and Dr Reddy's Laboratories (down 1.46%), were the major losers in the Sensex pack.

TCS (up 2.53%), Mahindra & Mahindra (up 2.06%), Infosys (up 0.70%), Yes Bank (up 0.65%) and Bajaj Auto (up 0.44%), were the top gainers in the Sensex pack.

Telecom major Bharti Airtel gained 3.25% after the company reported better-than-expected Q4 March 2018 result after market hours yesterday, 24 April 2018. Consolidated net profit fell 10.96% to Rs 419 crore on 10.52% rise in total income to Rs 19893.20 crore in Q4 March 2018 over Q4 March 2017. Consolidated EBITDA fell 12% to Rs 7034 crore in Q4 March 2018 over Q4 March 2017. Consolidated EBITDA margin decreased by 0.6% to 35.8% in the quarter as compared to 36.4% in the corresponding quarter last year. The consolidated net income after exceptional items for the quarter stands at Rs 83 crore compared to Rs 373 crore in corresponding quarter last year.

IT major Wipro fell 0.28%. The company will announce Q4 results today, 25 April 2018.

Overseas, European markets were trading lower as rising yields in the bond markets offset positive sentiment surrounding corporate earnings. Asian shares fell across the board, following an overnight drop in US stocks. Rising bond yields also worried investors. US stocks tumbled overnight, led by a selloff in industrials, materials and technology shares. The selling pressure came after the 10-year Treasury yield briefly touched the psychologically important 3% level for the first time in four years. Caterpillar, an industrial heavyweight, beat earnings estimates due to strong global demand but its shares slumped after management warned their results could cool in the near term.

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