Benchmark indices hovered near the flat line in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was down 23.04 points or 0.09% at 26,736.19. The Nifty 50 index was currently down 2.70 points or 0.03% at 8,241.10.
The Sensex lost 33.16 points or 0.12% at the day's low of 26,726.07 in morning trade. It rose 101.65 points or 0.37% at the day's high of 26,860.88 in early trade. The Nifty lost 10.35 points or 0.12% at the day's low of 8,233.45 in morning trade. It rose 19.20 points or 0.23% at the day's high of 8,263 in early trade.
The BSE Mid-Cap index was currently up 0.3%. The BSE Small-Cap index was currently up 0.44%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market was strong. On the BSE, 1,334 shares rose and 704 shares declined. A total of 89 shares were unchanged.
Among sectoral stocks, telecom stocks were mixed. Reliance Communications (down 1.04%) and Bharti Airtel (down 0.19%) edged lower. Mahanagar Telephone Nigam (up 4.08%), Idea Cellular (up 1.3%) and Tata Teleservices (Maharashtra) (up 0.33%) edged higher.
Bharti Infratel was down 0.32%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Cement stocks edged lower. UltraTech Cement (down 0.9%), ACC (down 0.69%) and Ambuja Cements (down 0.49%) declined.
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Grasim Industries was up 0.2%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Among other stocks, Maruti Suzuki India was up 0.43%. The company before market hours today, 9 January 2017 reported total production of 1.07 lakh units in December 2016, almost same as in December 2015.
BEML jumped 14.77% at Rs 1,140.10 after the Government of India (GoI) approved a 26% stake sale in the state-run company to the strategic buyers. BEML said that the GoI has communicated in-principal approval of the Cabinet Committee on Economic Affairs (CCEA) for strategic disinvestment of 26% equity shares in the company out of GoI's shareholding of 54.03%. The shareholding would be sold to the strategic buyers to be identified by GoI by following due procedure.
On the macro front, as per the first advances estimates of real gross domestic product (GDP) released by the Central Statistics Office (CSO), the GDP growth is estimated at 7.1% for FY 2017, showing moderation from 7.6% in FY 2016. Real gross value added (GVA) is anticipated to increase 7% in FY 2017 against 7.2% growth in FY 2016. The data was announced after market hours on Friday, 6 January 2017.
Overseas, Asian stocks were mixed. Japan stock market was shut for a holiday. In mainland China, the Shanghai Composite was up 0.56%. In Hong Kong, the Hang Seng was up 0.04%. Data over the weekend showed China's foreign-exchange reserves fell to the lowest level in nearly six years last month. The People's Bank of China said that the world's largest stockpile of foreign currency fell $41.08 billion in December to $3.011 trillion, the lowest level since March 2011. The decline was smaller than the previous month's drop of $69.06 billion.
US stocks registered modest gains on Friday, 6 January 2017 as gains in the technology, industrials and healthcare sectors led shares higher. US nonfarm payrolls rose by 156,000 jobs last month, the Labor Department said on Friday, 6 January 2017. The number of jobs created fell from an upwardly revised 204,000 in November. The jobless rate edged up last month to 4.7% from 4.6%.
Chicago Federal Reserve President Charles Evans on Friday, 6 January 2017 reportedly said that US economic conditions are likely to call for two interest-rate hikes in 2017, but a forecast of three hikes is not implausible. Evans said he was sticking with expectation of two rate hikes that he made in September even though things are now a little bit stronger than they were then.
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