Weakness persisted on the bourses in mid-afternoon trade on sustained selling pressure in index pivotals. At 14:15 IST, the barometer index, the S&P BSE Sensex, was down 141.24 points or 0.46% at 30,517.53. The Nifty 50 index was down 72.75 points or 0.76% at 9,453. Weak global stocks played the spoilsport .
FMCG stocks edged lower. IT stocks bucked weak trend. Today's slide was led by index heavyweights ITC, HDFC and Reliance Industries (RIL).
Key benchmark indices saw a gap-down opening following weak global cues as concerns over President Donald Trump's administration spooked investors. Key indices languished in the negative terrain later during the session.
The broad market depicted weakness. There were over two losers against every gainer on BSE. 1,857 shares declined and 768 shares rose. A total of 149 shares were unchanged.
The Sensex dropped 82.94 points or 0.27% at the day's high of 30,575.83 in afternoon trade. The index fell 222.21 points or 0.72% at the day's low of 30,436.56 in early trade, its lowest level since 16 May 2017. The Nifty shed 36.65 points or 0.38% at the day's high of 9,489.10 in afternoon trade. The index fell 80.50 points or 0.84% at the day's low of 9,445.25 in early trade, its lowest level since 16 May 2017.
Index heavyweight Reliance Industries (RIL) dropped 1.34% to Rs 1,334.40. The stock hit high of Rs 1,352 and low of Rs 1,333.50 so far during the day.
Bajaj Auto fell 0.92% after the company's consolidated net profit declined 13.44% to Rs 862.25 crore on 8.7% decline in total revenue from operations to Rs 5212.83 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours today, 18 May 2017.
FMCG stocks edged lower. Britannia Industries (down 2.14%), GlaxoSmithkline Consumer Healthcare (down 0.3%), Dabur India (down 1.09%), Godrej Consumer Products (down 4.09%), Marico (down 0.75%), Tata Global Beverages (down 1.97%), Procter & Gamble Hygiene and Health Care (down 0.41%), Bajaj Corp (down 0.06%) fell.
Colgate-Palmolive (India) (up 0.06%), Nestle India (up 0.11%), Jyothy Laboratories (up 1.22%) rose.
IT stocks gained. TCS (up 3.39%), Infosys (up 0.89%), Wipro (up 2.93%), HCL Technologies (up 0.3%), Oracle Financial Services Software (up 0.38%), Larsen & Toubro Infotech (up 0.26%), MindTree (up 0.61%), Hexaware Technologies (up 1.73%) gained. Tech Mahindra (down 1.05%) and and MphasiS (down 1.3%) fell.
Aditya Birla Nuvo fell 2.69% after consolidated net profit fell 52.34% to Rs 130.33 crore on 15.93% growth in total income to Rs 4373.50 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours today, 18 May 2017.
Aditya Birla Nuvo (ABNL) said it has planned a capex of about Rs 200 crore for its divisions including ongoing linen yarn and VFY expansions.
ABNL said that the composite scheme of arrangement for amalgamation of ABNL with Grasim Industries followed by the demerger and listing of financial services business is now subject to the final sanction from the National Company Law Tribunal (NCLT) and the stock exchanges. The scheme is expected to be effective during Q2 September 2017.
Kirloskar Brothers rose 1.72% after net profit rose 8.5% to Rs 16.94 crore on 14.1% increase in net sales to Rs 568.38 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 17 May 2017.
TajGVK Hotels & Resorts lost 5.73% after net profit fell 86.5% to Rs 0.78 crore on 5% decline in net sales to Rs 73.43 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 17 May 2017.
Overseas, European and Asian stocks edged lower as fears over the fallout from turmoil in Washington prompted investors to unload risky assets such as equities. In US, the Nasdaq yesterday, 17 May 2017 saw its worst one-day decline since the day after U.K.'s vote to exit from the European Union rattled markets, as turmoil in Washington cast doubt on President Donald Trump's pro-growth agenda that had helped to drive stocks to records.
On data front, Japan's economy picked up speed in the first three months of 2017. Gross domestic product beat forecasts and rise 2.2% on an annualized basis from the previous three months, according to preliminary figures released.
Political uncertainty sent the S&P 500 index down 43.64 points, or 1.8%, to 2,357.03. The Dow sank 372.82 points, or 1.8%, to finish at 20,606.93. The Nasdaq Composite Index dropped 158.63 points, or 2.6%, to end at 6,011.24.
The administration is facing scrutiny about whether the president asked the former head of the FBI to drop an investigation, as well as questions about his handling of secret intelligence. The Justice Department named a special counsel to oversee the FBI's investigation of Russia's efforts to influence the 2016 election.
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