Key benchmark indices hovered in positive zone in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 35.80 points or 0.11% at 33,654.39. The Nifty 50 index was up 8.25 points or 0.08% at 10,378.50. Realty stocks gained. Cement stocks rose.
Key benchmark indices nudged higher in early trade.
The S&P BSE Mid-Cap index was up 0.18%. The S&P BSE Small-Cap index was up 0.53%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,346 shares rose and 878 shares fell. A total of 97 shares were unchanged.
Overseas, most Asian stocks were trading higher, following a surge in US equities, and as a well-worn path of North Korean missile tests did little to dent investors' optimism in the strength of global earnings and economic growth. US stocks rose to records yesterday, 28 November 2017 on progress towards passage of US tax cuts and a benign confirmation hearing with Federal Reserve Chair nominee Jerome Powell.
The Senate Budget Committee approved the Senate's tax plan on Tuesday, bringing the upper chamber closer to a floor vote, which is expected to take place Thursday. Meanwhile, during his testimony, Powell said that current regulations on the financials sector are tough enough. He also said he supported the tailoring of some regulations to ease the burden on small banks.
On the data front, the Conference Board's consumer-confidence index jumped to 129.5 in November, marking a 17-year high. The advanced US trade deficit in goods rose 6.5% to $68.3 billion in October. Separately, home prices rose at their fastest pace in more than three years in September.
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Back home, realty stocks gained. Prestige Estates Projects (up 8.95%), Sobha (up 8.21%), Peninsula Land (up 2.8%), Sunteck Realty (up 1.97%), Indiabulls Real Estate (up 1.04%), Housing Development and Infrastructure (up 1.71%), D B Realty (up 1.12%), Godrej Properties (up 1.54%) and Oberoi Realty (up 1.23%) gained. DLF (down 0.39%) and Unitech (down 0.96%) fell.
Cement stocks rose. Ambuja Cements (up 0.46%), ACC (up 0.47%) and UltraTech Cement (up 1.08%) gained. Shree Cement (down 0.2%) fell.
Grasim Industries was up 0.6%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
AU Small Finance Bank rose 1.85% after the bank said it has commenced offering mutual funds products. AU Small Finance Bank said it has commenced mutual funds distribution for its customers. The bank has partnered with 11 reputed mutual fund houses (asset management companies) for starting this product segment.
IL&FS Engineering and Construction Company hit an upper circuit limit of 5% at Rs 46.55 after the company reported turnaround Q2 results. IL&FS Engineering and Construction Company reported net profit of Rs 40.14 crore in Q2 September 2017 compared with net loss of Rs 81.59 crore in Q2 September 2016. Net sales fell 4.5% to Rs 340.84 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 28 November 2017.
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