Key benchmark indices wiped off intraday gains and turned negative in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was currently down 15.04 points or 0.06% at 26,628.20. The Nifty 50 index was currently down 3.10 points or 0.04% at 8,189.15.
The Sensex rose 80.13 points, or 0.30% at the day's high of 26,723.37 in mid-morning trade. The index fell 37.18 points, or 0.14% at the day's low of 26,606.06 in early afternoon trade. The Nifty rose 26.25 points, or 0.32% at the day's high of 8,218.50 in mid-morning trade. The index fell 11.35 points, or 0.14% at the day's low of 8,180.90 in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was currently flat. The BSE Small-Cap index was currently up 0.46%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,532 shares rose and 934 shares fell. A total of 115 shares were unchanged.
Most capital goods shares edged higher. Havells India (up 2.78%), GE Power India (up 2.39%), Suzlon Energy (up 1.62%), Punj Lloyd (up 1.55%), Thermax (up 1.52%), Praj Industries (up 1.43%), GE T&D India (up 1.42%), Bharat Electronics (up 1.36%), Bharat Heavy Electricals (up 1.24%), Jindal Saw (up 1.15%), Crompton Greaves (up 1.07%), Siemens (up 0.96%), Reliance Defence and Engineering (up 0.72%), Larsen & Toubro (up 0.66%), BEML (up 0.63%), Lakshmi Machine Works (up 0.20%) and SKF India (up 0.07%), edged higher. AIA Engineering (down 0.27%) and ABB India (down 0.49%), edged lower.
Most cement shares edged lower. ACC (down 1.64%), UltraTech Cement (down 0.81%) and Ambuja Cements (down 0.33%), edged lower.
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Grasim Industries was up 0.16%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Just Dial lost 1.15% on reports that a foreign brokerage has maintained sell rating on the stock. The brokerage reportedly said that valuation of Just Dial looks good but future of the company looks uncertain. Risk-reward doesn't look attractive at this stage, it said.
Godrej Properties rose 1.14% after the company said it sold over 300 apartments at Godrej Greens in Pune. The company said it an overwhelming customer response to its project Godrej Greens, which was launched shortly after the government's demonetisation announcement in early November. The company announced that it has sold over 300 apartments within two months of launch of its project Godrej Greens in Pune. This represents more than 75% of the 400 apartments that were opened for sale, making this one of the most successful recent residential launches. The announcement was made before market hours today, 4 January 2017.
Nandan Denim surged 10.78% after the Reserve Bank of India notified increase in foreign investment ceiling in the company to 49% from 24% earlier. FIIs held 11.95% stake in Nandan Denim end September 2016.
Overseas, most stocks in Asia rose after data fueled confidence in the US economy, and as equity traders in Tokyo returned from holidays with the yen nursing a three-day slump. Japan's Nikkei 225 was up 2.51%. Hong Kong's Hang Seng was down 0.31%. Indonesia's Jakarta Composite Index was down 0.15%.
US stocks on Tuesday, 3 January 2017, started the first trading day of 2017 on a positive note but closed off of intraday highs as oil prices turned sharply lower, puncturing some of the initial exuberance that underpinned an early rally in the Dow Jones Industrial Average.
US manufacturing posted the fourth straight month of faster expansion in December 2016 as new orders and output jumped, pointing to a growing economy, the Institute for Supply Management said yesterday, 3 January 2017. The ISM manufacturing index rose 1.5 points from November to 54.7%, with 11 of the 18 industries surveyed reporting growth. A reading in the purchasing managers index above 50 indicates growth.
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