Key benchmark indices provisionally closed the session near the flat line. The barometer index, the S&P BSE Sensex, lost 22.92 points or 0.07% at 32,222.95, as per the provisional closing data. The Nifty 50 index fell 5 points or 0.05% at 9,961.40, as per the provisional closing data.
The Nifty closed the session below the historic 10,000 mark after crossing that mark in early trade. The market sentiment was dull amid lackluster trading on European and Asian bourses and subdued closing on Wall Street overnight. Earlier, both the Sensex, and the Nifty, had hit record high in early trade.
The Sensex lost 49.01 points or 0.15% at the day's low of 32,196.86 in afternoon trade. It rose 128.43 points or 0.39% at the day's high of 32,374.30 in early trade, a record high.
The Nifty lost 17.30 points or 0.17% at the day's low of 9,949.10 in afternoon trade. It rose 44.90 points or 0.45% at the day's high of 10,011.30 in early trade, a record high.
Among other indices, the S&P BSE Mid-Cap index provisionally rose 0.57%. The S&P BSE Small-Cap index provisionally rose 0.12%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,475 shares declined and 1,198 shares rose. A total of 169 shares were unchanged.
The total turnover on BSE amounted to Rs 4078.27 crore, higher than turnover of Rs 3736.50 crore registered during the previous trading session.
Vedanta surged 4.25% after consolidated net profit rose 67.15% to Rs 2270 crore on 23.01% growth in total income to Rs 20397 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 25 July 2017.
Asian Paints declined 0.57% after consolidated net profit fell 20.1% to Rs 427.41 crore on 4.9% rise in revenue from operations to Rs 4228.26 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 25 July 2017.
K B S Anand, Managing Director and CEO of the company said that the decorative business in India registered low single digit volume growth in Q1 June 2017 with the business getting impacted especially in the month of June due to GST roll out from 1 July 2017.
In the international operations, currency devaluations in Egypt and forex unavailability in Ethiopia, impacted overall performance.
Ambuja Cements was down 0.17%. The company's consolidated net profit rose 11.9% to Rs 718.24 on 14.7% increase in net sales to Rs 6145.33 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 24 July 2017.
Ambuja Cements said that the Government's focus on infrastructure, backed by a good monsoon, should help in spurring economic growth in the second half of the year. The company said it was well prepared for the implementation of the new Goods and Services Tax (GST) with effect from 1 July 2017. The resulting simplification of the tax structure will make it easier to do business and benefit the overall economy in the long run.
Bharti Infratel was up 2.08%. The company's consolidated net profit fell 12.2% to Rs 663.90 crore on 9.7% increase in net sales to Rs 1593.40 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.
The company's EBITDA (earnings before interest, taxes, depreciation and amortization) margin rose to 44.7% in Q1 June 2017 from 43.9% in Q1 June 2016.
Akhil Gupta, Chairman, Bharti Infratel said that the company continues to observe significant network rollouts for data coverage and the company believes all operators will further accelerate their data network rollout plans to grab a share in the growing data market.
Indiabulls Housing Finance rose 3.61% after consolidated net profit rose 25.1% to Rs 788.22 crore on 24.2% growth in total income to Rs 3225.02 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.
Indiabulls Housing Finance's loan assets rose 33% to Rs 94451 crore as of 30 June 2017 over the assets as of 30 June 2016.
The company's board approved the issuance of secured/unsecured non convertible debentures (NCDs), upto Rs 25000 crore & Rs 3000 crore respectively, on private placement basis.
Zee Entertainment Enterprises was down 2.52%. The company's consolidated net profit rose 15.9% to Rs 251.44 crore on 2% decline in net sales to Rs 1540.25 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.
Meanwhile, the company's board approved a composite scheme of arrangement and amalgamation between the company and certain domestic wholly-owned subsidiaries which includes demerger of Digital Media and Entertainment Business undertaking from Zee Digital Convergence, vesting with the company. Demerger of Advertisement Sales Media Business undertaking from Zee Unimedia, vesting with the company.
Demerger of Online Media Business undertaking from India Webportal Private, vesting with the company and amalgamation of Sarthak Entertainment with the company, with effect from appointed date of 1 April 2017. Since the corporate restructuring involves the company and its wholly owned subsidiaries, the scheme does not provide for any consideration for the demerger/merger proposed in the scheme.
Among other prominent news, Ram Nath Kovind took oath as India's 14th President today, 25 July 2017, at a ceremony in the Central Hall of Parliament.
Overseas, European and Asian stocks witnessed mixed trend amid peak earnings season and ahead of a two-day US Federal Reserve meeting which gets underway later in the day.
Among economic news, Bank of Japan (BOJ) policymakers contested how much information the BOJ should disclose about a possible exit from quantitative easing, minutes of the central bank's June 15-16 meeting showed yesterday, 24 July 2017. Several members said consumer prices were still far from the central bank's 2% inflation target, and disclosing information about a proposed exit too soon could cause market turbulence.
US equities closed mixed yesterday, 24 July 2017 as Wall Street geared up for a major week of earnings and Federal Reserve news. The US Federal Reserve will announce its interest rate decision tomorrow, 26 July 2017. The Federal Reserve had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.
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