Profit booking after three-day gains pushed the key benchmark indices modestly lower after scaling record highs in intraday trade. The barometer index, the S&P BSE Sensex, fell 103.61 points or 0.34% to settle at 30,029.74. The Nifty 50 index fell 9.70 points or 0.10% to settle at 9,342.15. The Sensex ended a tad above the psychologically important 30,000 mark after briefly sliding below that level in late trade. Selling in index pivotals ITC and HDFC weighed on indices as domestic bourses remained in negative zone for most part of the day.
The Sensex fell 103.61 points or 0.34% to settle at 30,029.74, its lowest closing level since 25 April 2017. The Sensex fell 159.95 points, or 0.53% at the day's low of 29,973.40 in late trade. The index rose 50.87 points, or 0.17% at the day's high of 30,184.22 in early trade, its record high level.
The Nifty 50 index fell 9.70 points or 0.10% to settle at 9,342.15, its lowest closing level since 25 April 2017. The Nifty fell 26.75 points, or 0.29% at the day's low of 9,325.10 in late trade. The index rose 15.30 points, or 0.16% at the day's high of 9,367.15 in afternoon trade, its record high level.
The market was volatile as traders rolled over positions in the futures & options (F&O) segment from the near month April 2017 series to May 2017 series. The near month April 2017 derivatives contract expired today, 27 April 2017.
Among secondary barometers, the BSE Mid-Cap index rose 0.07%, outperforming the Sensex. The BSE Small-Cap index fell 0.02%. The decline in this index was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,566 shares fell and 1,309 shares rose. A total of 160 shares were unchanged.
The total turnover on BSE amounted to Rs 3676.27 crore, lower than turnover of Rs 5021.73 crore registered during the previous trading session.
Among sectoral indices, the BSE Metal index (down 1.03%), the BSE Healthcare index (down 0.71%) and the BSE FMCG index (down 0.72%) underperformed the Sensex. The BSE Industrials index (up 0.28%), the BSE IT index (up 0.52%) and the BSE Utilities index (up 0.23%) outperformed the Sensex.
India's largest cigarette maker by sales ITC fell 1.91% to Rs 285.10.
Housing finance major HDFC fell 1.11% to Rs 1,567.30.
Most private bank stocks rose. Among private bank stocks, HDFC Bank (up 0.42%), RBL Bank (up 0.58%), IndusInd Bank (up 0.63%) and Yes Bank (up 3.79%) rose. ICICI Bank (down 1.05%) and Axis Bank (down 2.19%) fell.
PSU bank stocks saw mixed trend. Among PSU bank stocks, State Bank of India (SBI) (down 1.55%), Punjab National Bank (down 0.9%), Bank of Baroda (down 0.14%), Canara Bank (down 0.24%), and Union Bank of India (down 0.96%) dropped. Syndicate Bank (up 2.55%), Vijaya Bank (up 2.54%), Andhra Bank (up 2.26%), IDBI Bank (up 0.27%), Bank of India (up 8.7%) gained.
Kotak Mahindra Bank rose 1.58% to Rs 914.55 after net profit rose 40.34% to Rs 976.48 crore on 9.85% rise in total income to Rs 5434.65 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours today, 27 April 2017.
Kotak Mahindra Bank's non-performing assets (NPAs) stood at Rs 3578.61 crore as on 31 March 2017 as against Rs 3177.88 crore as on 30 December 2016 and Rs 2838.11 crore as on 31 March 2016. The ratio of gross NPAs to gross advances rose to 2.59% as on 31 March 2017 as against 2.42% as on 31 December 2016 and 2.36% as on 31 March 2016. The ratio of net NPAs to net advances increased to 1.26% as on 31 March 2017 as against 1.07% as on 31 December 2016 and 1.06% as on 31 March 2016. The bank's provisions and contingencies (excluding tax provisions) rose 33.41% to Rs 267.37 crore in Q4 March 2017 over Q4 March 2016.
Car major Maruti Suzuki India fell 0.56% to Rs 6,371.15. The company's net profit rose 15.8% to Rs 1709 crore on 20.3% growth in net sales to Rs 18005.20 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours today, 27 April 2017.
Growth in volumes, increase in share of the company's higher segment models, benefits due to full capacity utilization and cost reduction efforts contributed to increase in profits. This was partially offset by increase in commodity prices and adverse forex movement.
Metal shares declined as copper prices fell in global commodity markets. Bhushan Steel (down 3.18%), JSW Steel (down 0.43%), Tata Steel (down 1.87%), Hindalco Industries (down 1.09%), Steel Authority of India (down 0.83%), Hindustan Zinc (down 2.23%), National Aluminium Company (down 0.59%), NMDC (down 2.36%) and Vedanta (down 0.23%) edged lower. Jindal Steel & Power (up 0.49%) and Hindustan Copper (up 0.38%) edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.23% at $2.5945 per pound on the COMEX.
IT major Infosys was up 1.08% at Rs 923.95 after the company announced that it has launched Infosys Nia-the next generation integrated artificial intelligence platform. The announcement was made after market hours yesterday, 26 April 2017.
The product was launched building on the success of the company's first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. Together, both these products have amassed 50 plus clients and 150 plus engagements across all industry sectors, within a year of operations.
Realty shares were mixed. Parsvnath Developers (up 5.51%), Mahindra Lifespace Developers (up 3.34%), Housing Development and Infrastructure (HDIL) (up 2.5%), Phoenix Mills (up 1.54%), DLF (up 1.1%), Indiabulls Real Estate (up 1.49%), Anant Raj (up 1.09%), Oberoi Realty (up 1.35%), edged higher. Omaxe (down 0.69%), D B Realty (down 1.64%), Sobha (down 2.07%), Godrej Properties (down 0.01%), Sunteck Realty (down 0.01%), Peninsula Land (down 2.37%) and Prestige Estates Projects (down 2.78%) edged lower.
Foseco India lost 4.97% after net profit fell 14.2% to Rs 7.20 crore on 11.5% growth in net sales to Rs 87.69 crore in Q1 March 2017 over Q1 March 2016. The result was announced after market hours yesterday, 26 April 2017.
GIC Housing Finance rose 0.65% after net profit rose 29.94% to Rs 46.61 crore on 14.19% rise in total income to Rs 266.63 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017.
Petron Engineering Construction gained 20%. The company has received work order from Guruashish Construction, HDIL Towers, Bandra (East), Mumbai, for building structure works at Goregaon (West), Mumbai for a total value of Rs 110 crore (approx). The announcement was made after market hours yesterday, 26 April 2017.
Supreme Petrochem surged 8.02% after net profit rose 28.6% to Rs 69.89 crore on 6.3% growth in net sales to Rs 860.42 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017.
Key indices snapped three-day gains today, 27 April 2017. The Sensex had gained 768.05 points or 2.62% in three trading days to settle at 30,133.35 yesterday, 26 April 2017 from its close of 29,365.30 on 21 April 2017. The Sensex has gained 409.24 points or 1.38% in this month so far (till 27 April 2017). The barometer index has gained 3,403.28 points, or 12.78% in the calendar year 2017 (till 27 April 2017). From a 52-week low of 25,057.93 hit on 6 May 2016, the barometer index has risen 4,971.81 points or 19.84%.
On the political front, the Bharatiya Janata Party (BJP) yesterday, 26 April 2017, returned to power in all three municipal corporations of Delhi, winning 183 of 270 wards that went to the polls on Sunday, 23 April 2017. Its main opponent Aam Aadmi Party (AAP), which rules the capital but contested municipal polls for the first time, came a distant second with 47 wards. The Congress, the main Opposition party in the outgoing civic bodies, was reduced to 29 from 77 wards. In 2012, the BJP had won 138 wards.
Overseas, European stocks fell for the first session in nearly a week as investors reacted to a mixed set of regional corporate earnings and prepared for what could be a pivotal policy meeting from the European Central Bank later in the session.
Asian shares ended on a mixed note. Japan's Nikkei 225 index ended lower by 0.20%. The Bank of Japan (BoJ) raised its economic forecasts at its policy meeting outcome today, 27 April 2017, but it kept policy steady, as was widely expected. The BOJ raised its economic assessment. It increased its real gross domestic product (GDP) forecast for the 2017-18 fiscal year to 1.6% from the 1.5% projected in January. But it lowered its core consumer price index (CPI) growth forecast to 1.4% from 1.5% in the same period.
In US, stocks ended lower as investors analysed details of US President Donald Trump's highly-anticipated tax reform plans. The Dow Jones Industrial Average ended 0.1% lower at 20,975.09, the S&P 500 index finished off 1.16 point, or less than 0.1%, at 2,387.45, while the Nasdaq Composite Index which touched a fresh intraday record of 6,040.89 before retreating, closed little-changed at 6,025.23.
The White House unveiled an ambitious tax overhaul plan yesterday, 26 April 2017, proposing deep cuts for individuals and businesses in what it called one of the biggest tax reforms in US history. Even though President Donald Trump's proposed changes in the tax system included a cut in the corporate tax rate from 35% to 15%, the plan left investors with questions on whether the changes would increase the budget deficit.