After hovering near the flat line in early afternoon trade, key benchmark indices hit intraday highs in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex rose 26.28 points or 0.08% at 33,068.78. The Nifty 50 index advanced 20.95 points or 0.2% at 10,316.30.
The Sensex was trading above the psychological 33,000-level after hovering above and below that mark so far during the session. Indices took a breather after a sharp jump yesterday, 25 October 2017, propelled indices to their record closing highs. Investors were also cautious ahead of F&O expiry today, 26 October 2017.
Trading was lackluster so far during the session. Indices see-sawed between gains and losses near the flat line in early trade. Market extended losses in morning trade. Stocks recovered from lower levels later during the session.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.66%. The S&P BSE Small-Cap index gained 0.8%. Both the indices outperformed the Sensex.
Overseas, European stocks edged lower in early trade as investors digest new earnings reports and wait to hear from European Central Bank (ECB) President Mario Draghi, who is scheduled to address the media later in the global day.
Asian stocks were mixed after Wall Street shares pulled back from record highs overnight. US stocks fell yesterday, 25 October 2017, on a batch of soft quarterly earnings, with the Dow Jones Industrial Average suffering its worst day in seven weeks after rising to a record peak the previous session. Among macro economic data, durable-goods orders in US rose 2.2% in September. Excluding transportation, orders increased 0.7%. New-home sales ran at a 667,000 annual pace in September, an 18.9% increase compared with August, and a 17% increase compared with a year ago.
Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 1,384 shares rose and 1,136 shares declined. A total of 131 shares were unchanged.
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Auto stocks nudged higher. Maruti Suzuki India (up 0.68%), Ashok Leyland (up 0.66%), Mahindra & Mahindra (up 0.38%), Bajaj Auto (up 0.36%) and Hero MotoCorp (up 0.28%) gained. Eicher Motors (down 0.62%) and Tata Motors (down 0.32%) declined.
Aviation stocks edged lower. SpiceJet (down 0.54%) and InterGlobe Aviation (down 0.13%) declined. Jet Airways (India) (up 1.49%) gained.
Exide Industries fell 1.39% at Rs 206.10 after net profit dropped 25.46% to Rs 135.52 crore on 23.17% growth in net sales to Rs 2371.32 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 25 October 2017.
G Chatterjee, MD and CEO, Exide Industries said that volumes in automotive and motorcycles batteries improved significantly and growth in UPS, telecom as well as other infrastructure segments were encouraging during Q2 September 2017. However, rapidly escalating lead prices continue to be a major concern, Chatterjee said. The company is focusing on cost control and technology upgradation as strategies to improve the bottom-line, he added.
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