Side counters buck weakness in key barometers

Key benchmark indices extended intraday losses and hit fresh intraday low in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 62.48 points or 0.21% at 29,584.94. The Nifty 50 index was currently down 13.75 points or 0.15% at 9,160.

Investors booked profits after gains in past three sessions. The Sensex rose 410.27 points or 1.4% in three trading sessions to settle at 29,647.42 yesterday, 30 March 2017, from its close of 29,237.15 on 27 March 2017.

The Sensex rose 17.82 points, or 0.06% at the day's high of 29,665.24 in morning 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 7.50 points, or 0.08% at the day's high of 9,181.25 in morning 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 0.65%. The BSE Small-Cap index was currently up 0.63%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,494 shares rose and 916 shares fell. A total of 192 shares were unchanged.

FMCG shares were mixed. Jyothy Laboratories (up 1.28%), Dabur India (up 1.22%), Tata Global Beverages (up 0.57%), Bajaj Corp (up 0.37%), Britannia Industries (up 0.15%), Marico (up 0.12%) and Godrej Consumer Products (up 0.11%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.03%), Procter & Gamble Hygiene & Health Care (down 0.06%), Nestle India (down 0.39%), Hindustan Unilever (down 0.45%) and Colgate Palmolive (India) (down 1.04%), edged lower.

IT pivotals declined. Hexaware Technologies (down 1.6%), Tech Mahindra (down 0.77%), Infosys (down 0.75%), TCS (down 0.73%), Wipro (down 0.61%) and HCL Technologies (down 0.2%), edgd lower. MphasiS (up 0.03%), MindTree (up 0.36%), Persistent Systems (up 0.45%) and Oracle Financial Services Software (up 0.77%), edged higher.

Bharat Wire Ropes rose 3.49% to Rs 97.90 after OSAG Enterprises LLP bought 18.84 lakh shares of the company from Visu Associates at Rs 91.75 per share in a bulk deal yesterday, 30 March 2017.

Overseas, Asian shares were mixed and the dollar extended its overnight gains today, 31 March 2017, on signs of strong US economic growth.

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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