Market continued to trade firm in positive terrain in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex was up 167.45 points or 0.56% at 30,062.25. The Nifty 50 index advanced 29.40 points or 0.32% at 9,341.35. The Sensex was trading above the psychological 30,000 level.
Among secondary indices, the BSE Mid-Cap index rose 0.46%. The BSE Small-Cap index advanced 0.48%. Both these indices underperformed the Sensex.
Investors' sentiment was boosted in the wake of reports the Union Cabinet approved promulgation of an ordinance to amend the Banking Regulation Act for resolution of the bad loan crisis facing banks.
Meanwhile, data released by Markit Economics during market hours today, 4 May 2017 showed that the rate of increase in Indian service sector activity weakened in April 2017. The headline seasonally adjusted Nikkei Services PMI Business Activity Index was down at 50.2 in April, from 51.5 in March.
Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 1,451 shares rose and 1,015 shares declined. A total of 125 shares were unchanged.
Realty stocks declined. DLF (down 2.07%), Godrej Properties (down 1.07%), Indiabulls Real Estate (down 0.93%), Sobha (down 0.78%), HDIL (down 0.34%) and D B Realty (down 0.41%) edged lower. Unitech (up 1.62%), Oberoi Realty (up 1.45%) and Prestige Estates Projects (up 0.46%) edged higher.
Cement stocks edged lower. Ambuja Cements (down 0.33%), UltraTech Cement (down 0.18%), ACC (down 0.02%) and Shree Cement (down 0.01%) declined. Grasim Industries was up 2.26%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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Maruti Suzuki India (MSIL) was up 0.03%. The company reported a 6.4% rise in production at 1.33 lakh units in April 2017 over April 2016. The production data also includes production from Suzuki Motor Gujarat. The announcement was made during market hours today, 4 May 2017.
Tribhovandas Bhimji Zaveri rose 3.57% after the company reported net profit of Rs 5.64 crore in Q4 March 2017, compared with net loss of Rs 17 crore in Q4 March 2016. The result was announced after market hours yesterday, 3 May 2017.
Overseas, Asian stocks witnessed a mixed trend after the US Federal Reserve indicated it remains on track to deliver two more rate increases by year-end. US stocks closed little lower yesterday, 3 May 2017, as gains in banking shares were offset by declines in media stocks and Apple shares.
The US Federal Reserve yesterday, 3 May 2017, left monetary policy unchanged, as expected, and indicated it remains on track to deliver two more rate increases by year-end. The Fed said that it would not change its interest rate target this month. However, the Fed also stated that a recent economic slowdown was transitory, fuelling hopes among investors for future rate rises.
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