Market registered small gains on hopes of timely arrival of southwest monsoon rains. The barometer index, the S&P BSE Sensex was up 82.84 points or 0.27% at 31,111.05, as per the provisional closing data. The Nifty 50 index rose 7 points or 0.07% at 9,602.10, as per the provisional closing data. Both the Sensex, and the Nifty, hit record high.
The Sensex settled above the psychological 31,000 level after alternately moving above and below that level till early afternoon trade.
Market sentiment was boosted by hopes of timely arrival of southwest monsoon rains after India Meteorological Department (IMD) in a press release dated 29 May 2017 said that conditions are becoming favorable for further advance of southwest monsoon and its setting over Kerala and parts of northeastern states around 30th to 31st May 2017.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
The Sensex rose 186.18 points or 0.6% at the day's high of 31,214.39 in mid-afternoon trade, a record high for the index. It lost 158.31 points or 0.51% at the day's low of 30,869.90 in early trade.
The Nifty rose 42.65 points or 0.44% at the day's high of 9,637.75 in mid-afternoon trade, a record high for the index. It lost 47.40 points or 0.49% at the day's low of 9,547.70 in early trade.
Among other indices, the S&P BSE Mid-Cap index was down 1.03%. The BSE Small-Cap index declined 1.53%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was weak. On the BSE, 1,809 shares declined and 869 shares rose. A total of 173 shares were unchanged.
The total turnover on BSE amounted to Rs 3813.86 crore, slightly less than turnover of Rs 3835.84 crore registered during the previous trading session.
Realty stocks dropped. Godrej Properties (down 3.42%), HDIL (down 3.14%), D B Realty (down 4.78%), Sobha (down 2.77%), Unitech (down 4.68%), Indiabulls Real Estates (down 4.11%) and Prestige Estates Projects (down 1.91%) fell. Oberoi Realty (up 0.84%) edged higher.
DLF tumbled 9.65%. The company reported consolidated net profit of Rs 142.66 crore in Q4 March 2017, compared with net loss of Rs 211.11 crore in Q4 March 2016. Net sales declined 12.6% to Rs 2225.18 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.
NTPC rose 0.54%. The company's net profit declined 25.54% to Rs 2079.40 crore on 11.5% rise in total revenue to Rs 20886.85 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours today, 29 May 2017.
Sun Pharmaceutical Industries slumped 11.98% after consolidated net profit fell 14% to Rs 1223 crore on 8% fall in sales to Rs 6825 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.
Dilip Shanghvi, Managing Director of the company said that Q4 performance reflects the impact of the challenging generic pricing environment in the US. Despite this, the company continued to invest strong cash flows in enhancing specialty pipeline.
Tech Mahindra tumbled 11.49% after consolidated net profit dropped 31.2% to Rs 588 crore on 0.8% fall in revenue to Rs 7495 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours on Friday, 26 May 2017.
Managing Director and CEO of the company CP Gurnani, said that the IT industry is going through a paradigm shift amid changing demand pattern from the clients, technological changes and requirement for significant skill enhancement.
The company has responded to these changes proactively by reimagining the business, imbibing a culture of innovation, encouraging reskilling and retraining workforce wherever necessary, he added.
ONGC fell 0.46% after net profit declined 6.14% to Rs 4340.18 crore on 26.81% rise in total income to Rs 26233.56 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.
Overseas, European stocks were mixed. UK market was shut for a public holiday. Asian stocks edged lower amid decline in oil prices and geopolitical tensions. China and Taiwan stock markets were closed for public holidays.
Reports suggested that North Korea today, 29 May 2017, fired off its third ballistic missile test in just over three weeks, a short-range ballistic missile that Japan said fell in the ocean within 200 miles of its coastline.
US stocks closed mixed on Friday, 26 May 2017, ahead of the Memorial Day holiday weekend.
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