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The markets have started the day on a subdued note due to quiet set of cues from the global front. The Sensex is at 22834, lower by 42 points and the Nifty is at 6827, down 13 points. The broader markets are also quiet; the midcap and smallcap indices are unchanged at 7400 and 7646 respectively.
The benchmark indices had scaled fresh all-time highs in the previous session, which was also the last day of April derivatives series, due to strength in capital goods and banking stocks. This was the third consecutive higher expiry, with the Nifty closing comfortably above the 6800 levels.
The Asian markets are struggling this morning as the emerging crisis in Ukraine continued to weigh on market sentiment. Japan's Nikkei is up 0.7% and Shanghai Composite is trading virtually unchanged, while Hang Seng has dropped 0.7% and Straits Times is trading lower by 0.4%. The major US stock indices had ended flat on Thursday, with the Dow Jones ending down 4.3 points at 16,497.35 and the broader S&P 500 gaining three points at 1,878.61. However, the Nasdaq had ended up 21 points at 4,148.34, led by gains in Apple shares.
BHEL has continued its recent uptrend to add another 2.2% at Rs 193. Banking names are doing well ahead of the Q4 numbers of ICICI Bank, Axis Bank and IDFC. ICICI Bank has strengthened by 1.3% at Rs 1316, HDFC has gained 0.9% at Rs 886, Axis Bank has added 0.85 at Rs 1530 and SBI has added 0.6% at Rs 2078.
On the other hand, RIL is seeing profit-booking after its recent gains. The index bellweather has shed 1% at Rs 956 to top the loser's list on the BSE. Auto stokcs are also witnessing selling pressure, with Bajaj Auto and Maruti Suzuki skidding by 0.8% each at Rs 1988 and Rs 1966 respectively.
ACC has slipped by 2.4% at Rs 1315 post its Q4 numbers. ACC, India's second largest cement maker, had posted a decline of 8.7% in its net profit for the quarter ended March, 2014. The profitability fell to Rs 400 crore compared with Rs 438 crore in the previous corresponding quarter. The company's sales turnover was marginally up at Rs 2,967 crore against Rs 2,906 crore last year. Ditto with Ambuja Cements, which has shed 1.9% at Rs 214. Ambuja Cements, a part of Swiss cement giant Holcim, had recorded a net profit of Rs 520 crore for the quarter ended March, a rise of 6.6% compared with Rs 488 crore in the corresponding quarter last year. The company follows a January-December accounting year.
Cairn India is under pressure on concerns of lower production and has shed 4.4% at Rs 336. Cairn India reported an 18% jump in consolidated profit after tax (PAT) to Rs 3035 crore on 16% growth in revenue to Rs 5049 crore in Q4 March 2014 over Q4 March 2013. However, the company gave flat production forecast for FY15.
The market breadth is positive. Out of 1091 stocks traded on the BSE, there are 667 advancing stocks as against 365 declines.
