Realty, cement stocks nudge lower

Key benchmark indices continued to languish in negative zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex was down 125.11 points or 0.42% at 30,001.10. The Nifty 50 index declined 35.95 points or 0.38% at 9,323.95. The Sensex was trading above the psychological 30,000 level after alternately moving above and below that level so far. It had settled above that level during the previous trading session. Market sentiment was dull amid lacklustre trading sentiment on the global bourses. Among other indices, the BSE Mid-Cap index rose 0.04%. The BSE Small-Cap index advanced 0.16%. Both these indices outperformed the Sensex. The breadth, indicating the overall health of the market, was negative. On the BSE, 1,416 shares declined and 962 shares rose. A total of 112 shares were unchanged. Realty stocks declined. Indiabulls Real Estate (down 1.16%), HDIL (down 1.08%), Unitech (down 0.71%), DLF (down 0.54%), Prestige Estates Projects (down 0.54%) and Sobha (down 0.34%) edged lower. Oberoi Realty (up 3.66%) and Godrej Properties (up 2.49%) edged higher. Cement stocks dropped. ACC (down 0.48%), Ambuja Cements (down 0.9%) and UltraTech Cement (down 0.4%) edged lower. Grasim Industries was down 1.15%. Grasim has exposure to cement sector through its holding in UltraTech Cement. Tata Motors declined 2.59% after the company's British luxury car unit Jaguar Land Rover (JLR) reported a 2.3% fall in retail sales at 40,385 units in April 2017 over April 2016. The announcement was made during market hours today, 5 May 2017. Hindustan Construction Company lost 5.71% after net profit declined 4.13% to Rs 20.91 crore on 13.57% rise in net sales to Rs 1358.27 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 4 May 2017. Among macro developments, a press release issued by the government after market hours yesterday, 4 May 2017 stated that eight states have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month's time. The states include Telangana, Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh and Haryana. The next GST Council meeting is scheduled to be held at Srinagar, J&K on 18 and 19 May 2017. The central government has already informed that GST will be rolled-out from 1 July 2017. Overseas, Asian stocks witnessed a mixed trend. US stocks closed almost flat yesterday, 4 May 2017, as energy stocks put a lid on the broader market amid slide in crude oil prices. Among global developments, European Central Bank (ECB) President Mario Draghi reportedly stated yesterday, 4 May 2017 that the European Union is being wrongly held responsible for decisions that belong to individual countries. Draghi has warned that Europe risks losing some of its status as a global power unless it pursues more economic and political integration. Source:business-standard.com