Key benchmark indices hovered in positive terrain after extending gains and hitting fresh intraday high in mid-morning trade. Gains were small. At 11:20 IST, the barometer index, the S&P BSE Sensex rose 63.37 points or 0.2% at 31,218.69. The Nifty 50 index gained 6.75 points or 0.07% at 9,742.50. Bargain hunting emerged after indices witnessed last seven days of losses.
Market witnessed volatility in early trade and hovered in a range around the flat line. Stocks regained positive terrain in morning trade and extended gains in mid-morning trade.
The S&P BSE Mid-Cap index rose 0.71%. The S&P BSE Small-Cap index gained 0.65%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,415 shares rose and 691 shares fell. A total of 124 shares were unchanged.
Cement stocks gained. ACC (up 2.36%), Shree Cement (up 1.36%), Ambuja Cements (up 1.2%), and UltraTech Cement (up 0.17%) gained.
Grasim Industries advanced 1.3%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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Realty stocks also rose on bargain hunting after the recent battering. DLF (up 1.03%), D B Realty (up 1.29%), Indiabulls Real Estate (up 1.17%), Unitech (up 0.01%), NBCC (up 1.34%), Housing Development & Infrastructure (HDIL) (up 2.03%), and Oberoi Realty (up 0.92%) edged higher. Sobha fell 0.54%.
Godrej Properties rose 1.82% after the company said that it has entered into a development management agreement with Manyata Developers to develop a group housing project in East Bangalore. Manyata Developers is a leading Bangalore-based real estate company, founded by Reddy Veeranna. The announcement was made before trading hours today, 28 September 2017.
Ashiana Housing rose 3.27% after the company said that it has entered into a memorandum of understanding with a Pune based developer for development of a 'Group Housing Project', on 19 acres (approximately) of land parcel situated near Hinjwadi, District Pune, Maharashtra on revenue sharing basis. Expected saleable area would be around 12.5 lakh square feet to 15 lakhs square feet. The announcement was made after market hours yesterday, 27 September 2017.
Nucleus Software Exports gained 1.6% after the company announced that Finova Capital, a Jaipur-based non-banking financial company (NBFC), has selected FinnOne Neo Cloud, the loan life cycle management solution, to digitise its lending business. The announcement was made during trading hours today, 28 September 2017.
Ruchi Soya Industries jumped 10.34% after the company announced the signing of an memorandum of understanding (MOU) with Yoga Guru Baba Ramdev-promoted Patanjali Ayurved for an exclusive sales and distribution arrangement for the entire range of Patanjali edible oil in large packs. Under the terms of the MoU, Ruchi Soya would use its own extensive distribution network to sell the complete range of Patanjali edible oils in large packs across all regions of India. The announcement was made during trading hours today, 28 September 2017.
Overseas, Asian stocks were mixed after US equities rebounded from losses on news of long-awaited tax reform plan. Japan's lower house was dissolved today, 28 September 2017, ahead of an expected snap 22 October 2017 election being called by Prime Minister Shinzo Abe, as he seeks to confirm his mandate in the face a rising challenge from a popular new conservative party.
US stocks rose yesterday, 27 September 2017, with the Dow Jones Industrials Average ending a four-day losing streak as President Donald Trump and congressional Republicans touted a sweeping tax overhaul. Republican leaders unveiled a plan to overhaul the US tax code that looks to sharply reduce tax rates on businesses and many individuals.
Among economic data in US, orders for durable goods rose 1.7% in August, beating forecasts for a 1% rise. The National Association of Realtors' pending home sales index fell 2.6% to 106.3 in August, the group said. That was the lowest reading since January 2016 and put the index 2.6% lower than its level a year ago.
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