Key benchmark indices were trading with tiny losses after swinging between gains and losses near the flat line in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex was down 24.60 points or 0.08% at 31,197.02. The Nifty 50 index was down 6.75 points or 0.07% at 9,608.25. Lower Asian stocks weighed on sentiment.
After opening with moderate gains, key indices hovered near the flat line with a positive bias till morning trade. Indices slipped into the negative terrain and hovered between gains and losses later during the session.
The S&P BSE Mid-Cap index fell 0.26%. The decline in the index was higher than the Sensex's drop in percentage terms. The S&P BSE Small-Cap index dropped 0.05%. The decline in the index was lower than the Sensex's drop in percentage terms.
The breadth, indicating overall health of the market is positive. On BSE, 1,220 shares rose and 1,158 shares fell. A total of 122 shares were unchanged.
Auto stocks declined. Tata Motors (down 0.22%), Ashok Leyland (down 1.3%), Eicher Motors (down 0.39%), Hero MotoCorp (down 1.76%), Bajaj Auto (down 0.96%) and TVS Motor Company (down 0.42%) declined. Mahindra & Mahindra (M&M) rose 0.22%.
Maruti Suzuki India rose 0.39% after the company said that production rose 31.46% to 1.18 lakh units in June 2017 over June 2016. The announcement was made during market hours today, 4 July 2017.
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IT stocks were mixed. HCL Technologies (up 0.36%) and Infosys (up 0.65%) gained. TCS (down 0.58%), Tech Mahindra (down 0.29%) and Wipro (down 1.2%) edged lower.
Emami Paper Mills rose 4.61% after the company said it received in principle approval from Odisha Government for proposed expansion plan for increasing capacity of multi layer coated board manufacturing at Balgopalpur in Odisha at an estimated cost of Rs 650 crore, subject to necessary approvals from the board of directors and other concerned.
Buoyed by the performance of its first packaging unit at Balasore, touching almost 180,000 tonnes per annum (TPA) mark, Emami Paper Mills is now planning to put in place a similar plant of multi-layer coated board. This will result in doubling its present capacity and the significant market share. Encouraged by good market response and growth in packaging sector, the company is now conceptualising another big ticket expansion in the form of similar plant at Balasore with somewhat similar capacity, details of which are being worked out.
Emami Paper Mills said it will furnish further information in this context as soon as the decision is firmed up at the board level and after getting further necessary approvals, the company said in a statement. The announcement was made after market hours yesterday, 3 July 2017.
Overseas, Asian stocks declined after North Korea launched a missile. North Korea launched a ballistic missile into the waters between Korea and Japan Tuesday morning its first such launch in more than a month which comes on the eve of Independence Day in the US.
Most US stocks rose yesterday, 3 July 2017 as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on US factories also boosted stocks.
On macro economic data front, American manufacturers are growing at the fastest pace in almost three years. The Institute for Supply Management said its manufacturing index rose to 57.8% in June from 54.9%. That's the highest reading since mid-2014.
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