Key indices were swinging between gains and losses in a narrow range around the flat line in morning trade amid mixed Asian cues. At 10:20 IST, the barometer index, the S&P BSE Sensex, gained 13.42 points or 0.04% at 33,789.67. The Nifty 50 index rose 9.80 points or 0.09% at 10,455.20.
The market opened higher and swung between gains and losses near the flat line so far.
The S&P BSE Mid-Cap index rose 0.27%. The S&P BSE Small-Cap index gained 0.55%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,414 shares rose and 682 shares fell. A total of 103 shares were unchanged.
Cement stocks gained on renewed buying. ACC (up 0.41%), Shree Cement (up 0.35%), Ambuja Cements (up 0.95%), and UltraTech Cement (up 0.22%) gained.
Grasim Industries advanced 0.21%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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Telecom stocks were mixed. Reliance Communications (up 0.23%) and Tata Teleservices (Maharashtra) (up 1.57%) gained. Bharti Airtel (down 0.64%), MTNL (down 2.16%) and Idea Cellular (down 0.01%) declined.
Shares of Bharti Infratel fell 0.03%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Pidilite Industries rose 4.01% after the company said that its board will meet on 26 December 2017, to consider the proposal to buyback the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 20 December 2017.
Overseas, Asian stocks were mixed. The Bank of Japan kept monetary policy steady despite growing signs of strength in the economy. In a widely expected move, the BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park at the central bank.
UK consumer sentiment worsened again in December as Britons turned more pessimistic about their finances, a survey published showed. The long-running barometer of consumer confidence, conducted by market researcher GfK U.K. for the European Union's executive, dropped by one point in December and stood at minus 13, the lowest reading in four years.
US stocks closed marginally lower yesterday, 20 December 2017, as congressional Republicans sent tax-cut legislation to President Donald Trump for his signature. The House of Representatives yesterday, 20 December 2017 passed a historic tax bill, which they voted on for the second time due to a technical irregularity the day before. The bill includes a reduction in the corporate tax rate from 35% to 21%. The Senate passed the overhaul early on Wednesday.
Existing-home sales rose to a 5.81 million seasonally adjusted annual rate in November, the National Association of Realtors said. The number came in well above expectations.
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