Shares turned range bound in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 68.93 points or 0.23% at 30,064.42. The Nifty 50 index was currently down 11.10 points or 0.12% at 9,340.75. The Sensex was hovering above the psychologically important 30,000 mark.
The Sensex reversed trend after hitting its record high level in early trade. The Sensex rose 50.87 points, or 0.17% at the day's high of 30,184.22 in early trade, its record high level. The index fell 88.58 points, or 0.29% at the day's low of 30,044.77 in morning trade. The Nifty rose 11.55 points, or 0.12% at the day's high of 9,363.40 in early trade. The index fell 22.60 points, or 0.24% at the day's low of 9,329.25 in morning trade.
The market may remain volatile as traders roll 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 expires today, 27 April 2017.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.09%. The BSE Small-Cap index was currently up 0.05%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,409 shares fell and 1,192 shares rose. A total of 148 shares were unchanged.
Telecom shares declined. MTNL (down 0.58%), Tata Teleservices (Maharashtra) (down 0.57%), Bharti Airtel (down 0.22%), Reliance Communications (down 0.15%) and Idea Cellular (down 0.12%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was up 0.14%.
Most capital goods shares edged lower. Suzlon Energy (down 0.96%), GE T&D India (down 0.91%), Jindal Saw (down 0.86%), GE Power India (down 0.8%), Bharat Heavy Electricals (down 0.68%), Punj Lloyd (down 0.67%), Siemens (down 0.59%), Reliance Defence and Engineering (down 0.54%), Crompton Greaves (down 0.38%), AIA Engineering (down 0.33%), Havells India (down 0.33%), BEML (down 0.24%), Bharat Electronics (down 0.19%) and ABB India (down 0.18%), edged lower. Thermax (up 0.49%), SKF India (up 0.82%), Lakshmi Machine Works (up 3.79%) and Praj Industries (up 4.45%), edged higher.
Engineering and construction major Larsen & Toubro (L&T) was down 0.41% to Rs 1,743.85.
Jubilant Lifesciences (down 1.61%) and Jubilant Industries (down 0.85%), edged lower after the National Green Tribunal (NGT) in a hearing on 26 April 2017, in a case relating to the pollution of the river Ganga and drainage canals leading into the river Ganga, has, by way of an oral pronouncement, ordered 13 industrial units situated in Gajraula near the river Bagad to immediately cease operations. Both the companies separately made announcements in this regard before market hours today, 27 April 2017.
The order of the NGT applies to the company's units in Gajraula. The units belong to Jubilant Agri & Consumer Products (JACPL), Jubilant Industries' wholly owned material subsidiary. A committee has been set up by the NGT to inspect amongst other things, the discharge of effluents by the affected industrial units and to provide a report. Each industry has been given an opportunity to respond to the report with an action plan to resolve any deficits identified by the committee, in order to resume operations, within a week of submission of the report.
While a written order of the NGT is awaited, JACPL will comply with the oral order of the NGT and will file its response to the report as submitted by the committee, along with an action plan to resolve deficits identified by the committee, if any, before the NGT shortly. JACPL is environmentally conscious and as a good corporate citizen, is taking all necessary steps in this regard. JACPL operates its manufacturing facilities in Gajraula with zero liquid discharge and in compliance with all applicable laws and it is confident of meeting any requirements that the NGT may prescribe and resuming operations of its industrial units at Gajraula at the earliest, it added.
Supreme Petrochem surged 9.15% to Rs 433.05 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.
Tata Sponge Iron was up 0.57% to Rs 838.55 after consolidated net profit surged 62.1% to Rs 21.20 crore on 19.1% growth in net sales to Rs 167.17 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017.
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, most Asian shares were trading higher. Japan's Nikkie 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.