Trading was confined to a narrow range around the flat line in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, fell 10.45 points or 0.03% at 34,046.38. The Nifty 50 index dropped 7.10 points or 0.07% at 10,523.60.
Key indices started the first trading session of the calendar year 2018 on a subdued note and languished near the flat line so far in the absence of any major global or domestic cues.
Among the secondary indices, the S&P BSE Mid-Cap index advanced 0.74%. The S&P BSE Small-Cap index rose 1.01%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,925 shares advanced and 763 shares declined. A total of 116 shares were unchanged.
Cement stocks declined. Shree Cement (down 0.77%), UltraTech Cement (down 0.54%), ACC (down 0.34%) and Grasim Industries (down 0.26%) dropped. Ambuja Cements (up 0.06%) edged higher.
Metal and mining stocks advanced. NMDC (up 2.14%), Steel Authority of India (up 1.63%), Jindal Steel & Power (up 1.51%), National Aluminium Company (up 1.16%), Hindustan Copper (up 0.99%), Hindustan Zinc (up 0.66%) and Vedanta (up 0.18%) gained. Hindalco Industries (down 0.46%), Tata Steel (down 0.33%) and JSW Steel (down 0.11%) declined.
MOIL gained 2.21% at Rs 247.70 after the company announced that it has increased prices of different grades of manganese ore and other products from 1 January 2018. The prices of ferro grade, SMGR (Mn 30% & Mn 25%) and chemical grade have been increased by about 12.5% on the existing prices. The prices of fines have been increased by about 10% on the existing prices. The price of electrolytic manganese dioxide (EMD), have been increased by about 7.5% on the existing price. Ferro manganese/ferro manganese slag and some identified grades of manganese ore continue to be sold on e-auction basis as well as through metal mandi (M3) of MSTC. The announcement was made before market hours today, 1 January 2018.
Overseas, Asian markets remain closed due to New Year Holiday. Growth in China's manufacturing sector slowed slightly in December. The official Purchasing Managers' Index (PMI) released on Sunday dipped to 51.6 in December, down from 51.8 in November. The 50-point level divides growth from contraction on a monthly basis. The official non-manufacturing Purchasing Managers' Index (PMI) rose to a three-month high of 55 from 54.8 in November.
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US stocks closed lower on Friday, 29 December 2017 as selling pressure accelerated towards the close of the session. US markets remain closed today, 1 January 2018 on account of New Year's Day.
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