Equity Market Updates – Market Pares Early Gains – Axis Direct
Capital Market - Live News
May 08, 2018 | Source: Capital Market - Live News
Market Pares Early Gains
Key benchmark indices pared early gains in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 80.79 points or 0.23% at 35,288.93. The Nifty 50 index was up 15.95 points or 0.15% at 10,731.45. The market extended gains for the second straight day on unabated buying by domestic institutional investors. Positive leads from Asian markets and overnight gains on the Wall Street also boosted sentiment.
Trading was volatile. The Sensex rose 180.73 points, or 0.51% at the days high of 35,388.87 in early trade, its highest intraday level since 2 February 2018. The index rose 27.74 points, or 0.08% at the days low of 35,235.88 in morning trade. The Nifty rose 43.05 points, or 0.40% at the days high of 10,758.55 in early trade, its highest intraday level since 2 May 2018. The index fell 7.95 points, or 0.07% at the days low of 10,707.55 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.03%, underperforming the Sensex. The BSE Small-Cap index was up 0.23%, matching the Sensex gains in percentage terms.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,042 shares rose and 959 shares fell. A total of 86 shares were unchanged.
Metal shares declined. Hindalco Industries (down 1.45%), JSW Steel (down 0.78%), National Aluminium Company (down 0.75%), Steel Authority of India (down 0.73%), Vedanta (down 0.56%), Tata Steel (down 0.49%), NMDC (down 0.41%), Hindustan Copper (down 0.21%) and Jindal Steel & Power (down 0.12%), edged lower. Hindustan Zinc was up 0.36%.
Most FMCG shares declined. Tata Global Beverages (down 1.53%), Godrej Consumer Products (down 0.69%), Colgate Palmolive (India) (down 0.38%), Hindustan Unilever (down 0.37%), Britannia Industries (down 0.33%), Bajaj Corp (down 0.15%), Procter & Gamble Hygiene & Health Care (down 0.04%) and Marico (down 0.02%), edged lower. Jyothy Laboratories (up 0.04%), Nestle India (up 0.13%), Dabur India (up 0.69%) and GlaxoSmithKline Consumer Healthcare (up 0.82%), edged higher.
Trident lost 5.25% after net profit dropped 48.95% to Rs 50.88 crore on 9.99% fall in total income to Rs 1182.11 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 7 May 2018.
Rajinder Gupta, Chairman at Trident Group said that home textile industry faced headwinds and was the stress test for the companies in the year ended 31 March 2018. Recent participation in the home textile exhibitions held in US and UK, saw encouraging response from global buyers and customers.
Overseas, Asian markets were trading higher following firm leads from Wall Street. US stock market settled higher on Monday, but well off the peak of the day, as energy shares pulled back following a late-afternoon tweet from President Donald Trump indicated that a decision was imminent on whether the US would decertify a 2015 Iran nuclear pact.
Trump tweeted that he would make an announcement on a possible decertification of the Iran nuclear agreement that the Obama administration had reached with the Middle Eastern country back in 2015. European leaders had urged Trump not to abandon the pact. Trump had until 12 May 2018 to decide whether to keep the deal intact. Abandoning it would trigger a reimposition of economic sanctions on Iran, hampering oil exports from the country and cutting global supply.