A bout of volatility was witnessed in early trade as the key benchmark indices sink in negative zone after a positive start to the day's trading session. At 9:18 IST, the barometer index, the S&P BSE Sensex, was down 16.20 points or 0.05% at 34,411.09. The Nifty 50 index was down 3.30 points or 0.03% at 10,562.
The S&P BSE Mid-Cap index was down 0.23%. The S&P BSE Small-Cap index was down 0.09%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 562 shares fell and 405 shares rose. A total of 37 shares were unchanged.
Overseas, Asian stocks fell with technology stocks leading the way following a downbeat outlook from Taiwan Semiconductor Manufacturing Co. Inflation remained weak in Japan. Core consumer prices rose 0.9% from a year earlier in March, versus February's reading of 1%.
US stocks ended lower yesterday, 19 April 2018 with consumer staples, real estate and technology shares leading the losses.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) meets later today, 20 April 2018 to discuss production caps. Oil futures were down slightly in Asia after hitting a 3-year high this week.
Back home, Tata Steel (down 1.22%), Axis Bank (down 0.93%) and Yes Bank (down 0.9%) edged lower from the Sensex pack.
Indiabulls Housing Finance rose 0.28% ahead of its Q4 March 2018 results today, 20 April 2018.
TCS jumped 3.41%. On a consolidated basis, IT major TCS' net profit rose 5.81% to Rs 6925 crore on 3.79% increase in net sales to Rs 32075 crore in Q4 March 2018 over Q3 December 2017. Net profit fell 1.81% to Rs 25880 crore on 4.36% increase in net sales to Rs 123104 crore in the year ended March 2018 over the year ended March 2017. The result was announced after market hours yesterday, 19 April 2018.
The board of TCS recommended bonus issue of equity shares in the ratio of 1 equity share of Re 1 each for every 1 equity share of Re 1 each.
TCS CEO and MD Rajesh Gopinathan said strong demand in digital across all industry verticals and large transformational deal wins have made this one of our best fourth quarters In recent years. The strong exit allows the company to start the new fiscal on a confident note.
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