The Sensex and the Nifty were range bound in negative terrain in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 149.23 points or 0.41% at 36,502.83. The Nifty 50 index was down 31.05 points or 0.28% at 11,036.40. Investors largely remained on the sidelines as they awaited cues from a US Federal Reserve meeting that ends later in the global day.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1290 shares rose and 1225 shares fell. A total of 163 shares were unchanged.
Among secondary barometers, the BSE Mid-Cap index was up 0.43%. The BSE Small-Cap index was up 0.07%. Both these indices outperformed the Sensex.
Most realty shares rose. Godrej Properties (up 5.14%), Unitech (up 4.85%), Housing Development and Infrastructure (HDIL) (up 4.78%), Oberoi Realty (up 3%), DLF (up 2.79%), D B Realty (up 2.64%), Indiabulls Real Estate (up 2.49%), Prestige Estates Projects (up 2.44%), Sobha (up 2.24%), Peninsula Land (up 1.77%), Anant Raj (up 0.37%) and Omaxe (up 0.3%), edged higher. Mahindra Lifespace Developers (down 0.12%), Phoenix Mills (down 2.57%), Sunteck Realty (down 3.18%) and Parsvnath Developers (down 3.23%), edged lower.
Most cement shares rose. ACC (up 0.99%), UltraTech Cement (up 0.50%) and Ambuja Cements (up 0.35%), edged higher.
Grasim Industries was down 0.12%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Punjab National Bank was up 2.01%. The bank announced during trading hours today, 26 September 2018, that its board will meet on 27 September 2018 to consider capital infusion of Rs 5431 crore by Government of India by way of preferential issue of equity share.
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Reliance Industries was up 0.34%. The company announced during trading hours today, 26 September 2018, that its wholly owned subsidiary, Reliance Industrial Investments and Holdings (RIIHL), has subscribed to 40,58,647 compulsorily convertible preferred shares of NetraDyne Inc., USA ("NetraDyne") at $1.97110 per share, for cash aggregating to $8 million. RIIHL had previously invested $16 million in NetraDyne. RIIHL's investment translates to about 37.4% equity stake on the basis of current fully diluted share capital.
NetraDyne is an early stage technology start up incorporated in the State of Delaware in September 2015. NetraDyne is a high-end technology driven product, deep learning solutions and vision based analytics business with focus on verticals such as fleet management, automotive, security and surveillance. It has recently started commercializing its technology with select partners across the globe.
NetraDyne is an early stage revenue company, with turnover of $0.4 million in FY2018. The aforesaid investment has potential synergies with digital services and communications initiatives of RIL and its subsidiaries, apart from commercialization benefits in India.
Overseas, European stocks were mixed as investors focused on an upcoming US Fed decision. Asian shares rose as Chinese markets extended their recovery to hit eight-week highs on receding fears about the trade war as well as hopes China's weighting in the global benchmark will be increased. South Korean markets are closed for a public holiday.
US stocks finished mostly lower Tuesday amid subdued activity as investors limited big bets ahead of the Federal Reserve's monetary-policy decision on Wednesday. Concerns about continuing trade tensions lingered, further capping the market's upside momentum.
On Tuesday, US President Donald Trump reiterated his administration's stance on trade, telling the United Nations General Assembly that his country would "no longer tolerate abuse" on that front.
Trump's statement came after US Trade Representative Robert Lighthizer said his country was ready to move ahead on a trade deal with Mexico even if it excluded Canada, as negotiations with Ontario remained at an impasse. "We're not going to say 'no deal because of Canada.' That doesn't make any sense at all," he told the US Chamber of Commerce.
In the latest US economic data, home prices rose 0.2% in July, the slowest pace of growth since last summer. Separately, the US consumer confidence index rose to 138.4 in September from 134.7.
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