Key benchmark indices displayed divergent trend in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex was up 39.50 points or 0.13% at 31,067.71. The Nifty 50 index was down 1.10 points or 0.01% at 9,594. The market sentiment was subdued amid lack of cues from global markets.
The Sensex was hovering above the psychological 31,000 level after alternately moving above and below that level in intraday trade so far. It had settled above that level during the previous trading session.
Among other indices, the S&P BSE Mid-Cap index was down 0.50%. The BSE Small-Cap index declined 0.98%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was weak. On the BSE, 1,613 shares declined and 904 shares rose. A total of 158 shares were unchanged.
Most metal shares declined. Hindustan Copper (down 1.85%), Bhushan Steel (down 1.76%), Jindal Steel & Power (down 1.44%), JSW Steel (down 1.43%), NMDC (down 0.77%), Hindustan Zinc (down 0.5%), Tata Steel (down 0.38%) and Hindalco Industries (down 0.03%), edged lower. Vedanta (up 0.23%) and Steel Authority of India (up 0.42%), edged higher.
National Aluminium Company (Nalco) rose 0.29% to Rs 68.50 after net profit increased 25.37% to Rs 268.37 crore on 20.22% rise in total income to Rs 2485.22 crore in Q4 March 2017 over Q4 March 2016. The result was announced on Saturday, 27 May 2017.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.39% at $2.5555 per pound on the COMEX.
Power generation stocks slipped. Reliance Infrastructure (down 7.7%), Reliance Power (down 6.31%), Adani Power (down 5.36%), GMR Infrastructure (down 5.02%), Jaiprakash Power Ventures (down 3.82%), JSW Energy (down 2.87%), Torrent Power (down 2.7%), CESC (down 0.87%), Tata Power (down 0.25%) and NTPC (down 0.22%), edged lower.
State-run Coal India was up 0.56%. State-run Power Grid Corporation of India was up 0.91%.
Vivimed Labs rose 2.88% to Rs 114.25 after consolidated net profit spurted 810% to Rs 114.75 crore on 25.4% increase in total revenue to Rs 438.96 crore in Q4 March 2017 over Q4 March 2016. The result was announced on Saturday, 27 May 2017.
Among domestic developments, the arrival of monsoon rains and its progress will be closely watched. 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.
Overseas, European stocks opened lower following lackluster trade in Asian equities and decline in the oil price. UK market was shut for a public holiday.
Asian stocks were trading mixed after the latest ballistic missile test by North Korea. China and Taiwan stock markets are 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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