Key benchmark indices were trading with small gains amid initial volatility defying losses in other Asian counterparts. At 9:30 IST, the barometer index, the S&P BSE Sensex gained 36.61 points or 0.12% at 31,663.24. The Nifty 50 index gained 7.10 points or 0.07% at 9,879.70. Realty and oil & gas stocks gained.
The S&P BSE Mid-Cap index rose 0.09%. The S&P BSE Small-Cap index gained 0.11%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 773 shares rose and 451 shares fell. A total of 43 shares were unchanged.
ONGC (up 2.49%), Hero MotoCorp (up 1.03%) and Lupin (up 0.88%) gained from the Sensex pack.
Tata Motors gained 0.97% after media reports suggested that its foreign unit Jaguar Land Rover (JLR) is eyeing potential acquisitions of international automakers. JLR has reportedly been holding internal discussion on acquiring other brands in order to diversify its range of vehicles. It will consider purchases of luxury marques that fit with its current portfolio. The luxury vehicle unit is also said to be exploring acquisitions of technology companies to bolster the roll out of electric vehicles and autonomous driving systems.
Meanwhile, Prime Minister Narendra Modi has set up a economic advisory council, the government said yesterday, 25 September 2017, as concerns grow about a slowdown in Asia's third largest economy. The new council, headed by Bibek Debroy, a member of Modi's federal think tank Niti Aayog, will address issues of macroeconomic importance and present its views to the prime minister.
Overseas, most Asian stocks dropped taking cues from weak close in US stocks overnight. A sharp selloff in technology stocks dragged down the Nasdaq Composite index by around 1% yesterday, 25 September 2017, with North Korea's latest warnings to Washington adding to the downbeat mood. North Korea's foreign minister said President Donald Trump had declared war on the country and that it reserves the right to take countermeasures, including shooting down US bombers even if they are not in its airspace.
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Meanwhile, Developing Asia is on track to grow faster this year and next, the Asian Development Bank said, buoyed by a pick-up in world trade and China's expansion, but it flagged risks from tightening US monetary policy. Developing Asia is expected to grow by 5.9% and 5.8% in 2017 and 2018, respectively, the Manila-based lender said. India's growth was seen at 7% and 7.4% for this year and next, weaker than the July forecasts of 7.4% and 7.6%.
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