Key benchmark indices continued to trade in a small range in early afternoon trade with negative bias. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 11.82 points or 0.03% at 33,899.99. The Nifty 50 index was off 0.30 points at 10,490.45. Capital goods stocks rose. FMCG stocks gained.
Amid divergent trend in index pivotal, domestic stocks registered small gains in early trade. A bout of volatility was seen in morning trade as the key benchmark indices regained positive zone soon after erasing intraday gains. Key benchmark indices hovered in a narrow range in mid-morning trade with positive bias.
Trading may remain volatile during the latter part of the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2017 series to January 2018 series. The December 2017 derivatives contracts expire today, 28 December 2017.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.15%. The S&P BSE Small-Cap index gained 0.42%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,425 shares rose and 1,104 shares fell. A total of 183 shares were unchanged.
Capital goods stocks rose. Siemens (up 2.37%), ABB India (up 2.24%), Punj Lloyd (up 3.77%), Suzlon Energy (up 1.45%), Bhel (up 0.43%), Thermax (up 0.98%) edged higher. Bharat Electronics (down 0.92%) and BEML (down 0.1%) declined.
L&T fell 0.14%. The power transmission & distribution business of L&T Construction has bagged orders worth Rs 1600 crore. L&T Construction is a brand of L&T. The announcement was made during market hours today, 28 December 2017.
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FMCG stocks gained. Hindustan Unilever (up 1.23%), Marico (up 0.83%), Bajaj Corp (up 0.36%), Colgate-Palmolive (India) (up 0.15%), Godrej Consumer Products (up 0.73%) and Nestle India (up 0.48%) rose. Dabur India (down 0.53%) and Britannia Industries (down 0.71%) declined.
United Bank of India rose 1.43% to Rs 17.75 after the bank said that it raised Rs 100 crore by issuing Basel III compliant bonds on a private placement basis. The bank has concluded issuance and allotment of 1,000 units of 11% unsecured, subordinated, fully paid-up, non-convertible, listed, Basel III compliant, perpetual debt instruments in the nature of debentures for inclusion in additional tier-1 capital aggregating to Rs 100 crore on private placement basis. The issue was fully subscribed by 3 investors. The announcement was made after market hours yesterday, 27 December 2017.
Nahar Capital & Financial Services fell 7.74% to Rs 203.35 on profit booking after a recent rally. Shares of Nahar Capital & Financial Services rose 52.42% in eight trading sessions to settle at Rs 220.40 yesterday, 27 December 2017, from its close of Rs 144.60 on 14 December 2017.
Overseas, Asian markets were trading higher following a rally in oil and copper prices this week. Trade was thin ahead of the long New Year's weekend. US stocks eked out a positive close yesterday, 27 December 2017 with gains in real estate and utilities offsetting declines in energy and telecommunications stocks. In US economic reports, the Conference Board's consumer confidence index fell to 122.1 in December from 128.6 in November.
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