Key benchmark indices were trading with small gains in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 22.14 points or 0.07% at 33,392.90. The Nifty 50 index was up 2.90 points or 0.03% at 10,353.05.
The Sensex and the Nifty hit fresh intraday high in early trade. Selling pressure emerged at higher levels, which dragged the key indices to the day's low. Indices, however, bounced back after hitting the intraday low and were hovering in a narrow range near flat line.
The Sensex rose 113.94 points, or 0.34% at the day's high of 33,484.70 in early trade. The index fell 38.96 points, or 0.12% at the day's low of 33,331.80 in morning trade, its lowest level since 31 October 2017. The Nifty rose 34.10 points, or 0.33% at the day's high of 10,384.25 in early trade. The index fell 18.20 points, or 0.18% at the day's low of 10,331.95 in morning trade, its lowest level since 31 October 2017.
Among secondary barometers, the BSE Mid-Cap index was up 0.24%. The BSE Small-Cap index was up 0.20%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,378 shares rose and 1,109 shares fell. A total of 117 shares were unchanged.
Most IT shares rose. MphasiS (up 4.44%), Tech Mahindra (up 2.64%), MindTree (up 1.85%), TCS (up 1.28%), Persistent Systems (up 1.04%), Wipro (up 0.88%) and Hexaware Technologies (up 0.70%), edged higher. Infosys (down 0.07%), Oracle Financial Services Software (down 0.44%) and HCL Technologies (down 0.87%), edged lower.
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Realty shares were mixed. Peninsula Land (up 3.23%), DLF (up 2.06%), Indiabulls Real Estate (up 1.03%), Housing Development and Infrastructure (HDIL) (up 0.66%), Sunteck Realty (up 0.47%), Phoenix Mills (up 0.46%), Mahindra Lifespace Developers (up 0.45%), Godrej Properties (up 0.36%) and Oberoi Realty (up 0.04%), edged higher. D B Realty (down 0.14%), Anant Raj (down 0.25%), Omaxe (down 0.85%), Sobha (down 0.88%), Unitech (down 1.39%), Parsvnath Developers (down 2.83%) and Prestige Estates Projects (down 4.01%), edged lower.
JSW Energy rose 2.27% after the company said it secured an order from Power Company of Karnataka for supplying 200 megawatts power on short term basis for the period from 8 November 2017 to 31 May 2018. The announcement was made after market hours yesterday, 8 November 2017.
On the macro front, the provisional figures of direct tax collections up to October 2017 showed that net collections were at Rs 4.39 lakh crore, which is 15.2% higher than the net collections for the corresponding period of last year. Net direct tax collections represent 44.8% of the total budget estimates of direct taxes for FY 2017-2018 (Rs 9.8 lakh crore). Gross collections (before adjusting for refunds) increased by 10.7% to Rs 5.28 lakh crore during April-October 2017. Refunds amounting to Rs 89507 crore were issued during April 2017 to October 2017, Ministry of Finance said in a statement after market hours yesterday, 7 November 2017.
Overseas, most Asian stocks were trading lower. Geopolitics remain a focus as US President Donald Trump continues his tour of Asia, wrapping up his visit to Seoul on Wednesday and then head to China. Investors were also keeping a wary eye on Saudi Arabia's sweeping anti-graft purge and an escalation of tensions with Iran.
In US, Dow industrials eked out a small gain on Tuesday to end in record territory, but the broader market was weighed down by a selloff in financials, consumer discretionary and small-cap stocks amid concerns over the timing and ultimate shape of tax legislation working its way through Congress. The Dow Jones Industrial Average ended with a gain of 0.4%. The S&P 500 index closed less than a point lower at 2,590.64. Meanwhile, the Nasdaq Composite Index declined 0.27%.
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