Key benchmark indices hovered within a narrow range and near the flat line in the negative terrain in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex was down 37.23 points or 0.14% at 27,241.53. The Nifty 50 index was currently down 14.35 points or 0.17% at 8,356.35. Weakness in Asian stocks weighed on sentiment. Profit booking also kicked in after key indices gained for the last six sessions.
In overseas stock markets, Asian stocks edged lower on profit booking as investors took stock of a recent rally driven by the hope that central banks will provide stimulus to offset a likely downturn triggered by Brexit. Activity in China's services sector rose to an 11-month high in June, a private survey showed today, 5 July 2016. The Caixin/Markit services purchasing managers' index (PMI) for June rose to 52.7 from 51.2 in May on a seasonally adjusted basis. Readings above 50 indicate an expansion on a monthly basis, while readings below signal contraction. US market remained shut yesterday, 4 July 2016, on account of Independence Day.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,076 shares rose and 879 shares declined. A total of 100 shares were unchanged. The BSE Mid-Cap index was currently up 0.22%. The BSE Small-Cap index was currently up 0.31%. Both these indices outperformed the Sensex.
L&T rose 0.5% after the company announced that the company through its joint venture companies L&T-MHPS Boilers Private Limited (LMB) and L&T-MHPS Turbine Generators Private Limited (LMTG) has secured export orders worth $71.3 million from Mitsubishi Hitachi Power Systems Limited (MHPS). LMB contract includes supply of pressure parts for 2,000 megawatts (MW) power plant in Indonesia and contains furnace header, panel, coils and piping. LMB is currently executing nine export orders for the supply of pulverisers and pressure parts for various MHPS projects in Japan and Indonesia. LMTG contract includes supply of turbines for the 2,000 MW plant. The order takes LMTG's tally of export orders to 22 units out of which 11 are presently being executed, thus increasing its global footprint of subcritical to ultra supercritical steam turbines and components to the Americas, Middle East and the Far East. The announcement was made during market hours today, 5 July 2016.
Realty stocks were mixed. Indiabulls Real Estate (down 0.92%), Oberoi Realty (down 0.75%), DLF (down 0.98%), and Godrej Properties (down 1.54%) edged lower. Unitech (up 0.78%), Sobha (up 0.86%), and Omaxe (up 0.06%) gained.
The BSE Realty index had outperformed the market over the past one month till 4 July 2016, rising 11.62% compared with 1.62% rise in the Sensex. The index had also outperformed the market in past one quarter, gaining 25.39% as against Sensex's 7.4% rise.
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Auto stocks declined. Mahindra & Mahindra (M&M) (down 0.03%), Ashok Leyland (down 2.91%), Eicher Motors (down 0.31%), Hero MotoCorp (down 0.78%), Bajaj Auto (down 1.34%) and TVS Motor Company (down 1.34%) declined. Maruti Suzuki India rose 0.23%.
The BSE Auto index had outperformed the market over the past one month till 4 July 2016, rising 2.5% compared with 1.62% rise in the Sensex. The index had also outperformed the market in past one quarter, gaining 10.02% as against Sensex's 7.4% rise.
Techno Electric & Engineering Company surged 5.81% after the company announced that it has scheduled a board meeting on 14 July 2016, to consider issue of bonus shares. The announcement was made after market hours yesterday, 4 July 2016.
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