Key benchmark indices hovered near the flat line in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was almost unchanged for the day at 25,602.79. The Nifty 50 index was down 7.65 points or 0.1% at 7,839.60. The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,095 shares fell and 1,066 shares rose. A total of 175 shares were unchanged. The BSE Mid-Cap index was currently down 0.07%. The BSE Small-Cap index was currently down 0.1%. Both these indices underperformed the Sensex.
The Sensex rose 152.33 points, or 0.59% at the day's high of 25,755.43 in morning trade. The index fell 73.51 points, or 0.29% at the day's low of 25,529.59 in early trade, its lowest level since 13 April 2016. The Nifty rose 41.80 points, or 0.53% at the day's high of 7,889.05 in morning trade. The index fell 25.45 points, or 0.32% at the day's low of 7,821.80 in early trade, its lowest level since 13 April 2016.
In overseas stock markets, Asian equities edged lower in the wake of the Japanese central bank's decision against expanding monetary stimulus. Losses for US stocks overnight also weighed on Asian markets. After the conclusion of a two-day monetary policy, the Bank of Japan (BOJ) yesterday, 28 April 2016, voted to keep its current level of asset purchases unchanged and rates on hold while announcing a 300 billion ($2.69 billion) lending program to support banks in the region hit by this month's Kyushu earthquake. Speculation was rise that the Japanese the central bank would announce a further easing of the monetary policy to stimulate Japan's economy. US stocks ended lower yesterday, 28 April 2016, under the combined weight of disappointing data and weak corporate earnings. US gross domestic product grew only 0.5% in the first quarter, its slowest pace of growth in two years.
ICICI Bank was down 0.06% at Rs 240 after the bank's net profit fell 75.98% to Rs 701.89 crore on 14.51% increase in total income to Rs 18590.86 crore in Q4 March 2016 over Q4 March 2015. The result was announced during trading hours today, 29 April 2016.
Most power generation stocks edged lower. Reliance Power (down 2.22%), NHPC (down 2.13%), Jaiprakash Power Ventures (down 1.29%), JSW Energy (down 0.74%), Reliance Infrastructure (down 0.61%), CESC (down 0.31%) and Adani Power (down 0.16%), edged lower. Torrent Power (up 0.26%), NTPC (up 0.62%), Tata Power (up 0.79%) and GMR Infrastructure (up 1.08%), edged lower.
Most cement shares edged higher. UltraTech Cement (up 0.76%), ACC (up 0.74%) and Ambuja Cements (up 0.43%), edged higher.
Grasim Industries was down 0.22%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Glenmark Pharmaceuticals rose 1.04% after the company said its US arm has been granted tentative approval by the United States Food & Drug Administration for a generic drug. Glenmark Pharmaceuticals Inc., USA has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Adapalene and Benzoyl Peroxide Gel, 0.1%/2.5%, the generic version of Epiduo Gel of Galderma Laboratories L.P. According to IMS Health sales data for the 12 month period ended February 2016, the Epiduo Gel market achieved annual sales of approximately $351.8 million in the US.
HCL Technologies lost 5.01%, with the stock extending Thursday's losses triggered by disappointment from the company's earnings for the quarter ended 31 March 2016. The stock had lost 4.51% to settle at Rs 799.95 yesterday, 28 April 2016. As per media reports, a total of three brokerages have cut their price target on the HCL Tech stock following disappointing earnings. The company declared its results for the quarter ended 31 March 2016 before market hours yesterday, 28 April 2016.
HCL Tech's consolidated net profit rose 0.3% to Rs 1926 crore on 3.4% growth in revenue to Rs 10698 crore in the quarter ended 31 March 2016 over the quarter ended 31 December 2015. Revenue in constant currency terms rose 1.7% on sequential basis in the quarter ended 31 March 2016. In dollar terms, HCL Tech's net profit declined 2% to $285 million on 1.3% growth in revenue to $1,587 million in the quarter ended 31 March 2016 over the quarter ended 31 December 2015. HCL Tech has changed its accounting year to the period from 1 April to 31 March from earlier 1 July to 30 June.
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