Sensex, Nifty end in red; Pharma stocks top loser

Despite positive performance from global cues, Indian markets ended on a negative note on Wednesday trading session. 

Sensex closed at 29,894.80 down 27 points or 0.09%, while Nifty 50 ended at 9,311.95 below 2 points or 0.02%. 

Top gainers on BSE involved, Power Grid at Rs 210.60 per piece up 2.23%, followed by TCS at Rs 2339.55 per piece (2.08%), Infosys at Rs 936.90 per piece (1.73%), Coal India at Rs 279.25 per piece (1.45%), Hindustan Unilever at Rs 935.30 per piece (0.71%) and Hero Motocorp at Rs 3369 per piece (0.54%). 

Losers were Lupin at Rs 1264.20 per piece down 3.09%, followed by HDFC at Rs 1561.20 per piece (1.37%), ICICI Bank at Rs 272.75 per piece (1.16%), Maruti Suzuki at Rs 6631.55 per piece (1.11%) and Tata Motors at Rs 446.65 per piece (1.11%).

Sector-wise, during the late trade, Pharma, oil & gas and capital goods were top losers. However, IT, Auto were top gainers. 

Markets turn negative after opening in green. At 1215 hours Sensex was trading at 29,902.15, down 19.03 points or 0.06%, while Nifty was at 9,311.05, down 2.75 points or 0.03%. 

Shares of Reliance Industries trade flat after Securities Appellate Tribunal (SAT) today admitted the company's plea against a Sebi order banning it from equity derivatives markets, with the Mukesh Ambani-led firm saying it should be immediately allowed to invest its surplus funds, including through mutual funds.

At 1134 hours the shares of the company were trading at Rs 1368.25 per piece, down 0.19% or Rs 2.65 on BSE. 

SAT asked RIL to submit a list of MFs to Sebi through which it would participate in equity derivatives markets.

The shares of Godrej Properties jumped 12% after the company announced the sale of 1000 flats in three new projects.

At 1105 hours the shares of the company were trading at Rs 565.35 per piece, up 12.13% or Rs 61.25 on BSE. 

The company today said that it has sold over 1000 apartments across three new project lauches- Godrej Origins at The Tree in Mumbai, The Suites at Godrej Golf Links in Greater Noida, and Godrej 24 at Hinjawadi, Pune, since March, 2017. 

Shares of Balrampur Chini Mills plunged by 2%. At 1040 hours the shares of the company were trading at Rs 159.50 per piece, down 2% or Rs 3.25 per piece on BSE. 

The regulatory body on Tuesday had sought clarification from the company after a news report which had said that the National Green Tribunal (NGT) has slapped Rs 25 lakh fine on the company.

Giving clarification in the regulatory filing, the company confirmed that NGT has imposed a fine. "The above relates to an operative period that was prior to implementation of New Zero Liquid Discharge (NZLD) Technology implemented by the Company in 2016-17 under the applicable Central Pollution Control Board (CPCB) / Uttar Pradesh Pollution Control Board (UPPCB) guidelines and Central Ground Water Authority guidelines stipulated for undertaking such operations."

It mentioned that the order will not have any impact on the performance and financial of the company. 

The shares of Bajaj Auto rose marginally after the company reported flat sales for the month of April 2017. 

At 0958 hours the shares of the company were trading at Rs 2918.50 per piece, up 0.47% or Rs 13.55 on BSE. 

The company sold 3,29,800 units this month, a decline of 0.09% compared to 330,109 units in the similar month of the previous year.

Indices on Wednesday opened on a positive note. At 0920 hours BSE Sensex was trading at 29,976.60, up 55.42 points or 0.19%, while NSE Nifty was at 9,330.30, up 16.50 points or 0.18%.

The shares of ICICI Bank were trading at Rs 276.30 per piece, up 0.13% or Rs 0.35 on BSE ahead of its financial result announcement. 

On 30-share benchmark, among top gainers were Power Grid (2.57%), NTPC (0.93%), Bajaj Auto (0.93%), ONGC (0.88%) and Larsen & Toubro (0.78%). Among top losers were TCS (-0.79%), ITC (-0.57%), Maruti Suzuki (-0.45%), HDFC (-0.38%) and Sun Pharma (-0.32%). 

During the pre-open market, Sensex was trading at 29,985.26, up 64.08 points or 0.21%, while Nifty was at 9346.85, up 33.05 points or 0.35%. 

IRB Infrastructure Developers' InvIT Fund is set to open its initial public offer (IPO) today. The company on Tuesday raised Rs 2,100 crore from anchor investors. It has alloted nearly 20.53 crore units at Rs 102 apiece.

Anchor investors include international and domestic investors such Government of Singapore, Deutsche Global Infrastructure Fund, Birla Sunlife Mutual Fund and HDFC Standard Life Insurance Company. IRB InvIT Fund plans to raise Rs 5,033 crore from the IPO.

Stocks in focus:

ICICI Bank: The bank is set to announce its financial results for the quarter ended on March 31. In the previous quarter, the bank had reported 19% drop in standalone net profit during. The bank registered a standalone net profit of Rs 2,442 crore as against Rs 3018.13 crore during the same period last year. 

Infosys: The company on Tuesday announced that it is planning to hire 10,000 American workers over the next two years. 

Vishal Sikka, Chief Executive Officer, Infosys said, “Infosys is committed to hiring 10,000 American technology workers over the next two years to help invent and deliver the digital futures for our clients in the United States." 

Maruti Suzuki: The company on Tuesday reported 19.5% jump in total sales for April 2017 at 1,51,215 units in April, against 1,26,569 units in the same month last year. The domestic sales rose 23.4% during the month to 1,44,492 units as compared to 1,17,045 units in April 2016.

Godrej Properites: The company on Wednesday before the market open, in a release said that it has sold over 1000 apartments across three new projects in Mumbai, NCR and Pune. 

Result to be announced today: DHFL, TBZ, V Mart and L&T Technology, will be announcing their financial result for the quarter ended on March 31. 

Domestic markets on Wednesday likely to open in green amid positive global cues. On Tuesday, BSE Sensex closed at 29,921.18, up 2.78 points or 0.01%, while NSE Nifty ended at 9,313.80, up 9.75 points or 0.10%. 

The mid cap index was trading 0.4% higher while BSE Small cap index gained 0.3%. NSE cash turnover was at Rs. 25, 956 crore.

HDFC Securities in its research note had said, "If Nifty sustains above 9300 level then traders could expect positive move in the Nifty towards 9340 followed by 9360 level. If Nifty sustains below 9320 level for first hour of trade then traders may see down move, which could take Nifty towards 9265 level followed by 9220 level."