Key benchmark indices hovered near the flat line in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, fell 48.62 points or 0.16% at 31,111.19. The Nifty 50 index lost 22.25 points or 0.23% at 9,713.50.
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. Indices hovered in positive terrain in early afternoon trade.
The S&P BSE Mid-Cap index rose 0.49%. The S&P BSE Small-Cap index gained 0.29%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market was positive. On the BSE, 1,353 shares rose and 970 shares fell. A total of 156 shares were unchanged.
IT stocks declined. Wipro (down 1.09%), Persistent Systems (down 0.87%), TCS (down 0.37%) and HCL Technologies (down 0.1%) edged lower. Tech Mahindra (up 0.62%) and Infosys (up 0.13%) edged higher.
FMCG stocks were mixed. Nestle India (up 1.41%), Dabur India (up 1.33%), Procter & Gamble Hygiene and Health Care (up 0.31%) and Britannia Industries (up 0.03%) gained. Hindustan Unilever (down 0.71%), Godrej Consumer Products (down 0.7%), Marico (down 1.56%) and Colgate-Palmolive (India) (down 0.17%) declined.
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Cyient was up 4.43% at Rs 507 on bargain hunting after yesterday's slide triggered by Carrier International Mauritius offloading bulk shares of the company. Shares of Cyient had slumped 7.42% in a single trading session to settle at Rs 485.50 yesterday, 27 September 2017. Bulk deal data on the National Stock Exchange of India (NSE) website showed that Carrier International Mauritius sold 1.36 crore shares of Cyient at Rs 475.17 per share in bulk deal on the NSE on 27 September 2017. Amansa Holdings bought 30.79 lakh shares. Birla Sun Life 95 Fund purchased 16.89 lakh shares. Birla Sun Life Pure Value Fund bought 6.30 lakh shares. DSP Blackrock Small and Mid Cap Fund purchased 8.32 lakh shares and Government Pension Fund Global purchased 14.53 lakh shares.
Amansa Holdings held 3.69% stake and Carrier International Mauritius controlled 12.16% stake in Cyient as per the shareholding pattern as on 30 June 2017.
Overseas, European stocks opened higher and 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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