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Market reverses losses to enter positive zone

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Capital Market
Last Updated : Dec 13 2017 | 11:31 AM IST

The stock market reversed intraday losses to enter into positive terrain in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex rose 133.11 points or 0.4% at 33,361.10. The Nifty 50 index advanced 46.90 points or 0.46% at 10,287.05.

Key indices started the session on a subdued note and traded in negative zone till morning trade on mixed Asian cues, data showing surge in India's consumer price inflation and a moderate growth in industrial production. Indices reversed losses in mid-morning trade.

The S&P BSE Mid-Cap index rose 0.23%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.4%, matching the Sensex's gains in percentage terms.

Overseas, Asian stocks were mixed as investors awaited the conclusion of the Federal Reserve's two-day policy meeting. US stocks rose yesterday, 12 December 2017 amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.

The US Federal Reserve's Federal Open Market Committee (FOMC) two-day meeting which began yesterday, 12 December 2017, on interest rate decision, concludes later in the global day today, 13 December 2017. The Federal Reserve left the target range for its federal funds rate unchanged at 1% to 1.25% during its November 2017 meeting as widely expected.

Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 1,337 shares rose and 971 shares declined. A total of 131 shares were unchanged.

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IT stocks nudged higher. Tech Mahindra (up 0.96%), TCS (up 0.71%), Persistent Systems (up 0.47%), Oracle Financial Services Software (up 0.35%) and Infosys (up 0.34%) gained. HCL Technologies (down 0.73%) edged lower.

Wipro dropped 0.16% at Rs 286.75. Topcoder, the world's largest workforce marketplace for designers, developers, and data scientists, announced the launch of Hybrid Crowd, an extension of the Topcoder platform that enables enterprises to crowdsource work to public, private, and certified communities. Topcoder became a part of Wipro in November 2016. Hybrid Crowd is a first-of-its-kind platform that combines the power of Topcoder's 1.2 million member global community with the networks of technical talent that exist within every organization. Enterprises now have access to an integrated platform for crowdsourced talent which they can utilize to provision work to the right people at any stage of a project. The announcement was made after trading hours yesterday, 12 December 2017.

Cement stocks were mixed. Shree Cement (down 0.65%), UltraTech Cement (down 0.31%) and Grasim Industries (down 0.19%) edged lower. Ambuja Cements (up 0.89%) and ACC (up 0.14%) gained.

Hind Rectifiers declined 1.79% at Rs 115.40 after the company reported net loss of Rs 0.76 crore in Q2 September 2017 compared to net loss of Rs 0.98 crore in Q2 September 2016. Net revenue from operations dropped 16% to Rs 23.99 crore in Q2 September 2017 over Q2 September 2016. The announcement was made during market hours today, 13 December 2017.

On the macro front, the all-India general inflation based on the consumer price index (CPI) surged to 4.88% in November 2017, compared with 3.58% in October 2017. The core CPI inflation increased to 4.69% in November 2017 compared with 4.4% in October 2017. The inflation data was released by the government after market hours yesterday, 12 December 2017.

India's industrial production rose at moderated pace of 2.2% in October 2017 over October 2016, while showing a deceleration in growth from 4.1% increase in September 2017, data released by the government after market hours yesterday, 12 December 2017 showed.

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First Published: Dec 13 2017 | 11:17 AM IST

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