Key benchmark indices hovered between gains and losses in a narrow range across the flat line in early trade amid lower Asian cues. At 9:18 IST, the barometer index, the S&P BSE Sensex advanced 18.20 points or 0.05% at 33,361. The Nifty 50 index declined 1.70 points or 0.02% at 10,281.90.
The S&P BSE Mid-Cap index rose 0.42%. The S&P BSE Small-Cap index advanced 0.28%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On BSE, 901 shares rose and 554 shares declined. A total of 67 shares were unchanged.
ICICI Bank (down 1.23%), Cipla (down 0.93%) and State Bank of India (down 0.64%) dropped.
Engineering and construction major Larsen & Toubro (L&T) rose 1.21% after the company said that heavy civil infrastructure business vertical of L&T Construction bagged a major order worth Rs 8650 crore from Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of Mumbai Trans Harbour Link (MTHL), packages 01 and 03. The project involves construction of a 21.8 kilometer bridge connecting Mumbai mainland with Navi Mumbai. The project has been bagged against stiff competition from renowned international and domestic companies. The announcement was made on Saturday, 18 November 2017.
IT major Infosys dropped 1.3% to Rs 958.30. The company's Rs 13000 crore buyback offer will open on 30 November 2017 and end on 14 December 2017. The offer will see the company buying back over 11.30 crore shares at Rs 1150 each. The announcement was made after market hours on Friday, 17 November 2017.
IT major Wipro declined 0.29% to Rs 294. The company's Rs 11000 crore share buyback offer will open on 29 November 2017 and end on 13 December 2017. The offer will see the company buying back over 34.37 crore shares at Rs 320 each. The announcement was made after market hours on Friday, 17 November 2017.
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Overseas, most Asian stocks declined pressured by a retreat on Wall Street on Friday, 17 November 2017, amid tax reform uncertainty. Meanwhile, among macroeconomic data from major economies, Japan's export growth held steady in October. Ministry of Finance (MOF) data showed that exports rose 14% year-on-year in October.
US stocks finished the week on a subdued note on Friday, 17 November 2017, as worries over US tax reform and a delay of the promises cut in corporate taxation, weighed on investors' minds. The US House of Representatives passed their version of a tax overhaul bill that would cut corporate taxes last week, but the Senate continued to wrangle over its rival tax bill, with investors uncertain about whether Congress will be able to reach a compromise.
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