Key benchmark indices cut losses after hitting fresh intraday low in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 112.72 points or 0.32% at 34,990.42. The Nifty 50 index was down 34.80 points or 0.33% at 10,644.85. Shares of index heavyweights ITC, Infosys and Reliance Industries edged lower. Most pharma shares fell. Decline in most Asian stocks hurt sentiment on the domestic bourses.
The Sensex was trading below the psychological 35,000 mark after falling below that level in morning trade. The market sentiment was hit by data showing that foreign funds and domestic institutional investors were net sellers of Indian stocks yesterday, 3 May 2018. The trading activity showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 148.42 crore yesterday, 3 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 578.92 crore yesterday, 3 May 2018, as per provisional data.
Domestic stocks nudged lower in early trade as most Asian stocks fell. Key benchmark indices extended fall in morning trade.
The S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was up 0.14%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive in mid-morning trade. On the BSE, 1,204 shares fell and 1,045 shares rose. A total of 123 shares were unchanged.
Index heavyweight and cigarette major ITC lost 1.28% to Rs 280.60.
Index heavyweight and IT major Infosys dropped 1.32% to Rs 1,166.20.
Index heavyweight Reliance Industries fell 0.71% to Rs 955.75.
Most pharma shares declined. Cadila Healthcare (down 1.03%), Cipla (down 0.99%), Lupin (down 0.18%), Sun Pharmaceutical Industries (down 1.87%), Aurobindo Pharma (down 1.29%) and Wockhardt (down 1.82%) fell.
Dr Reddy's Laboratories (up 0.28%), GlaxoSmithKline Pharmaceuticals (up 0.04%), Glenmark Pharmaceuticals (up 0.42%) and Alkem Laboratories (up 0.53%) rose.
J Kumar Infraprojects rose 1.8% after the company said it received letter of acceptance from Maharashtra Metro Rail Corporation and MMRDA for construction projects worth Rs 445 crore. Meanwhile, the S&P BSE Sensex was down 125.02 points, or 0.36% to 34,978.12.
J Kumar Infraprojects said it received Letter of Acceptance (LoA) from Maharashtra Metro Rail Corporation (Pune Metro Rail Project) for construction of underground shafts for tunneling of Agricultural College and Swargate Metro Station and Multi Model Integration at Sargate metro Station and R&R facilities for an amount of Rs 222.33 crore. Further, the company received LoA for improvement of Chheda Nagar Junction, Ghatkopar (East) on Eastern Express highway from Mumbai Metropolitan Regional Development Authority (MMRDA) for an amount of Rs 223.85 crore.
Matrimony.com rose 6.15% after consolidated net profit jumped 90.81% to Rs 16.81 crore on 11.86% increase in net sales to Rs 84.35 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 3 May 2018.
Murugavel Janakiraman, managing director said match making business witnessed a profile growth of 15.8% year on year. During Q4 secondshaadi.com, an exclusive portal for divorcees has been acquired and combining with the company's existing portal divorceematrimony.com, the firm has become the leading player in this segment. The company will continue to invest in brand building in the matrimony segment and expect the revenue to expand in coming quarters, he added.
Overseas, most Asian stocks were trading lower as investors awaited the April jobs report out of the US. The Nikkei in Japan remained closed for a holiday.
Activity in China's service sector expanded at a faster pace in April, a private gauge showed Friday, a reading in line with official data last month. The Caixin China services purchasing managers' index rose to 52.9 in April from 52.3 in March, Caixin Media Co. and research firm Markit said. A reading above 50 indicates an expansion in activity from the previous month while a level below that points to a contraction.
US stock benchmarks ended off their lows yesterday, 3 May 2018 and the Dow ended higher, in choppy action as investors awaited a key reading of monthly employment. The Dow Jones Industrial Average rose 5.17 points, or less than 0.1%, to 23,930.15. The S&P 500 index declined 5.94 points, or 0.2%, to 2,629.75. The Nasdaq Composite Index closed 12.75 points, or 0.2%, lower at 7,088.15.
On the economic data front, the Markit services purchasing managers index for April came in at 54.6, compared with 54 in March. The Institute for Supply Management's nonmanufacturing index fell more than expected in April, dropping to 56.8, while factory orders rose 1.6% in the month.
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