Sensex closes down 224 pts, Nifty sheds over 1%, IT rally arrests the slide

The benchmark BSE Sensex fell from it record highs today tracking Asian peers and weak global stocks. The BSE Sensex, lost 223.98 points or 0.73% at 30,434.79, while the Nifty50 index was down 96.30 points or 1.01% at 9,429.45, as per closing data.

The broad market showed weakness. There were almost 3 losers against every gainer on BSE. 2,043 shares declined, 702 shares advanced and a total of 165 shares were unchanged.

Realty sector stocks declined sharply, led by index heavyweights ITC, RIL and L&T. Index heavyweight Reliance Industries dropped 1.87 percent to Rs 1,327.00. The stock hit a high and low of Rs 1,352 and Rs 1,323.30 respectively.

Shares of Bajaj Auto lost 2.54 % after its net profit dipped 13.44% to Rs 862.25 Cr, on 8.7 percent decline in total revenue from operations to Rs 5,212.83 Cr, in Q4 March 2017 year on year.

Apollo Hospitals shares fell about 2.66%. United Breweries Ltd, Kingfisher Breweries, dropped 4.8% after announcing an 87% fall in profit for the March-quarter. European and Asian stocks edged lower as concerns over the fallout from chaos in Washington prompted investors to unload risky assets such as equities.

Sensex, Nifty scale fresh record high, Tata Steel surges 8%

The benchmark indices Sensex and Nifty logged modest gains on Wednesday’s trading led by auto, metal and capital goods stocks. The BSE Sensex rose 76.17 points or 0.25% at 30,658.77, while the Nifty50 index rose 5.75 points or 0.06% at 9,518. Both the Sensex and the Nifty knocked record high levels in late trade. Tata Steel, Tata Motors and ICICI Bank led the riley upward.

Losses were mainly seen in O&G stocks, pharma stocks and consumer durables stocks , while  auto stocks and metal stocks  registered majority of the buying activity. Tata Steel surged as much as 8 percent to Rs 494 after the metal major posted its better than expected earnings. The company’s revenue rose 30.4 percent to Rs 353.05 billion as the company sold more steel products in India.

Indian Oil Corporation is reportedly aiming to invest Rs 200 billion in 2017-18. The company is also looking forward to acquisitions and planning to expand overseas.

Asian stock markets were almost lower with Dow futures tumbling and the safe-haven yen rising despite political and legal chaos surrounding President Donald Trump. The Nikkei-225 index  is down 0.53 percent while China's Shanghai Composite is off 0.27%. European markets are mixed to lower.

The rupee was trading at Rs 64.02 versus the U.S. Dollar  in the afternoon session, while Oil prices were trading at  us dollar 48.71.

Sensex and Nifty close at record highs as IT, telecom stocks rise

Benchmark BSE Sensex closed at 30,582.60 higher by 260.48 points or 0.8% whereas  Nifty-50 closed at 9,512.25 higher by 66.85 points or 0.7%, on Tuesday backed by PSU banks, FMCG, auto and IT stocks.
Nifty PSU Bank index led the market rally in today’s trading session  gaining 2.4% during the trade, while the Nifty closed above 9,500 for the first time ever, Sensex closed above its psychological 30,500 mark. Reliance, SBI, ITC and TCS contributed 45% to the Nifty gains, with IOC and Indian Hotels being the prominent Nifty gainers.
ITC gained 2.2 percent to Rs 283.45, hitting a  high and low of  Rs 284.25 and 278.10  respectively, in intraday trade.  Auto stocks rose with  Hero MotoCorp gaining 3.2%, Eicher Motors went up 1.39%, Tata Motors rose 1.23%, Bajaj Auto went up  0.98% among others.
The market breadth was strong with  853 advancing stocks against 791 declining stocks  and 307 unchanged stocks on NSE.
The stock of Voltamp Transformers surged 8% as the company today reported a net profit at Rs 22.65 Cr, for the quarter ended March 2017, versus Rs 19.21 Cr, for the corresponding quarter of the last year.