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Market snaps seven-day losing streak

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Capital Market
Last Updated : Sep 28 2017 | 5:01 PM IST

Key benchmark indices settled with small gains after rangebound session of trade as firmness in European stocks supported gains on the domestic bourses. The barometer index, the S&P BSE Sensex, rose 122.67 points or 0.39% at 31,282.48, as per the provisional closing data. The Nifty 50 index gained 22.55 points or 0.23% at 9,758.30, as per the provisional closing data. Bargain hunting emerged after indices witnessed last seven days of losses. Bouts of volatility was also witnessed as near month derivatives contracts expired today, 28 September 2017.

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. Stocks regained positive terrain once again after swinging between gains and losses in mid-afternoon trade on firm European stocks. Market extended gains in late trade.

The Sensex gained 181.10 points or 0.58% at the day's high of 31,340.91 in late trade. The index dropped 77.98 points or 0.25% at the day's low of 31,081.83 in early trade, its lowest level since 3 July 2017. The Nifty gained 53.45 points or 0.54% at the day's high of 9,789.20 in late trade. The index fell 48.20 points or 0.49% at the day's low of 9,687.55 in early trade, its lowest level since 10 July 2017.

The S&P BSE Mid-Cap index provisionally rose 0.77%. The S&P BSE Small-Cap index provisionally gained 0.9%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market was strong. On the BSE, 1,537 shares rose and 976 shares fell. A total of 158 shares were unchanged.

Realty stocks rose on bargain hunting after the recent battering. DLF (up 1.06%), D B Realty (up 1.58%), Indiabulls Real Estate (up 1.84%), NBCC (up 1.4%), Housing Development & Infrastructure (HDIL) (up 3.23%), and Omaxe (up 0.13%) edged higher. Sobha (down 0.26%) and Unitech (down 0.15%) declined.

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Godrej Properties rose 2.69% 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 3.94% 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.

Bank of Baroda rose 0.51% after the bank said that it reduced base rate from 9.5% per annum to 9.15% per annum and benchmark prime lending rate (BPLR) from 13.8% per annum to 13.45% per annum effective 1 October 2017. The announcement was made during market hours today, 28 September 2017.

Dishman Carbogen Amcis was locked at 5% upper circuit at Rs 321.55 after the company said that its wholly-owned subsidiary, Carbogen Amcis AG's manufacturing site in Bubendorf, Switzerland, has successfully completed a routine US Food and Drug Administration (USFDA) inspection. The inspection was concluded without any major or critical observations or Form 483's, thus confirming that no concerns were discovered during the inspection. The announcement was made during trading hours today, 28 September 2017.

Meanwhile, India Meteorological Department said that area weighted rainfall for the country as a whole till 27 September 2017 was 5% below normal rainfall.

Overseas, European stocks edged higher after euro zone economic sentiment improved more than expected in September, reaching levels last seen in July 2007, data from the European Commission showed. The survey showed that sentiment in the 19 countries sharing the euro rose to 113.0 in September from 111.9 in August.

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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First Published: Sep 28 2017 | 3:41 PM IST

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