Key indices continued downtrend and hit fresh intraday low in afternoon trade as largely lower global cues affected sentiment. At 13:20 IST, the barometer index, the S&P BSE Sensex was down 271.55 points or 0.9% at 29,854.66. The Nifty 50 index declined 74.95 points or 0.8% at 9,284.95. Capital goods and FMCG stocks dropped.
Key indices opened the session on a weaker note amid initial volatility on subdued global cues. Indices further extended slide as the day's trade progressed. Profit booking materialised after Nifty scaled record closing high in the previous session.
The Sensex was trading below the psychological 30,000 level after alternately moving above and below that level so far. It had settled above that level during the previous trading session.
The Sensex lost 302.61 points or 1% at the day's low of 29,823.60 in afternoon trade, its lowest level since 2 May 2017. It rose 50.34 points or 0.16% at 30,176.55 in early trade, its highest level since 27 April 2017.
The Nifty lost 87.90 points or 0.93% at the day's low of 9,272 in afternoon trade, its lowest level since 2 May 2017. It rose 17.20 points or 0.18% at the day's high of 9,377.10 in early trade, a record high.
Among other indices, the BSE Mid-Cap index fell 0.73%. The BSE Small-Cap index lost 0.44%. The decline in these indices was lower than the Sensex's slide in percentage terms.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,834 shares fell and 788 shares rose. A total of 141 shares were unchanged.
Capital goods stocks dropped in weak market. BEML (down 1.13%), Bharat Heavy Electricals (Bhel) (down 0.69%), Havells India (down 0.76%), L&T (down 1.16%), Thermax (down 0.51%), and Siemens (down 0.53%) declined.
FMCG stocks declined. Tata Global Beverages (down 1.51%), Marico (down 1.55%), Britannia Industries (down 1.21%), Procter & Gamble Hygiene and Health Care (down 0.38%), Hindustan Unilever (HUL) (down 0.06%), Dabur India (down 1.82%), Colgate Palmolive India (down 2.51%), Godrej Consumer Products (down 2.28%), Nestle India (down 0.38%), Jyothy Laboratories (down 0.83%), and Bajaj Corp (down 0.26%) declined. GlaxoSmithkline Consumer Healthcare rose 0.35%.
Emami fell 2.23% after consolidated net profit rose 1.47% to Rs 83.32 crore on 4.2% decline in total income to Rs 586.90 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 4 May 2017.
IndusInd Bank dropped 0.97%. The bank said it has recently inaugurated its 18th branch in Jaipur, the 'Pink City of India'. The new branch is located at Sardar Patel Marg, C-Scheme, Jaipur, Rajasthan. With the inauguration of this branch, the bank now has 94 branches in the state of Rajasthan. The announcement was made during market hours today, 5 May 2017.
Among macro developments, a press release issued by the government after market hours yesterday, 4 May 2017 stated that eight states have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month's time. The states include Telangana, Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh and Haryana.
The next GST Council meeting is scheduled to be held at Srinagar, J&K on 18 and 19 May 2017. The central government has already informed that GST will be rolled-out from 1 July 2017.
Overseas, European stocks edged lower in early trade. European Central Bank (ECB) President Mario Draghi reportedly stated yesterday, 4 May 2017 that the European Union is being wrongly held responsible for decisions that belong to individual countries.
Draghi has warned that Europe risks losing some of its status as a global power unless it pursues more economic and political integration.
Asian stocks witnessed a mixed trend. US stocks closed almost flat yesterday, 4 May 2017, as energy stocks put a lid on the broader market amid slide in crude oil prices.
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