Volatility continued in mid-morning trade as the Sensex regained strength soon after trimming gains from higher levels. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 113.45 points or 0.32% at 35,625.03. Metal and mining stocks declined. Cement stocks fell.
Trading for the week began on a positive note led by gains in Reliance Industries and HDFC Bank. A bout of volatility was seen in morning trade as the Sensex trimmed gains after scaling a fresh record high.
The S&P BSE Mid-Cap index was down 0.04%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.37%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,429 shares rose and 1,180 shares fell. A total of 133 shares were unchanged.
Overseas, most Asian stocks were trading higher as investors kept an eye on political developments in the US after a government shutdown began last week. US stocks on Friday, 19 January 2018 finished higher, with both the S&P 500 and the Nasdaq ending at records as optimism over corporate earnings outweighed the US government shutdown.
Republican and Democratic leaders of the US Senate failed to secure a deal on Sunday night seeking to break the impasse that has kept the US government shut down for two days.
Back home, metal and mining stocks declined. Vedanta (down 1.46%), JSW Steel (down 1.03%), Steel Authority of India (Sail) (down 1.61%), Hindustan Zinc (down 1.98%), Jindal Steel & Power (down 0.47%), Hindalco Industries (down 2.4%) and NMDC (down 1.23%) edged lower. Hindustan Copper (up 0.06%) and National Aluminium Company (up 0.91%) rose.
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Tata Steel slipped 0.2% to Rs 750.15 after the company's board approved to raise Rs 12800 crore through a rights issue of equity shares. The announcement was made after market hours on Friday, 19 January 2018.
Bharti Airtel fell 1.17%. Bharti Airtel said that the board in its meeting held on 18 January 2018 has approved the transfer of 25% equity shares of Bharti Telemedia, a subsidiary company, to its wholly owned subsidiary, Nettle Infrastructure Investments. The announcement was made after market hours on Friday, 19 January 2018.
In a separate announcement made after market hours on Friday, 19 January 2018, Bharti Airtel said that the board in its meeting held on 18 January 2018 has approved the acquisition of 5% (approx.) equity shares of Bharti Teleports, a subsidiary company.
HDFC shed 0.55%. HDFC said that the company has increased the limit of the Medium Term Note (MTN) Programme from $750 million (which has nearly been utilized) to $1300 million. The upsize of the MTN Programme is only an enabling step and presently, no instruments are being issued by the company. The announcement was made after market hours on Friday, 19 January 2018.
Cement stocks declined. Shree Cement (down 1.74%), Ambuja Cements (down 0.63%) and ACC (down 0.16%) fell. UltraTech Cement (up 0.29%) rose.
Grasim Industries was up 0.2%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Hindustan Oil Exploration Company surged 7.03% after net profit jumped 207.9% to Rs 12.87 crore on 143.4% growth in net sales to Rs 13.36 crore in Q3 December 2017 over Q3 December 2016. The result was announced on Saturday, 20 January 2018.
Confidence Petroleum India fell 0.13%. The company said it commissioned three more auto LPG dispensing stations at Porur in Tamil Nadu and Ahmednagar & Pandharpur in Maharashtra. With this launches, the company has total 117 auto LPG dispensing stations in operation. The announcement was made during trading hours today, 22 January 2018.
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