Key benchmark indices once again regained positive zone in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 13.59 points or 0.05% at 26,656.83. The Nifty 50 index was currently up 7.30 points or 0.09% at 8,199.55. The market breadth, indicating the overall health of the market, was strong. Realty and telecom stocks rose.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.16%. The BSE Small-Cap index was currently up 0.69%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,630 shares rose and 936 shares fell. A total of 126 shares were unchanged.
Telecom stocks rose. Idea Cellular (up 0.75%), Tata Teleservices (Maharashtra) (up 0.17%) and Reliance Communications (up 0.15%) edged higher. MTNL (down 0.25%) fell.
Bharti Airtel rose 1.22%. The company announced a special offer under which, it will offer free data for 12 months, worth up to Rs 9000, to customers who switch to Airtel 4G. With this, customers can now experience India's fastest 4G network at great prices. The 12 months offer is available to any customer with a 4G mobile handset that is currently not on the Airtel network. The announcement was made after market hours yesterday, 3 January 2017.
Any customer, including existing Airtel customers, upgrading to a new 4G handset can also avail this offer. This offer will be available to customer across India starting tomorrow and will close on 28 February 2017. Customers will get free 3GB data every month till 31 December 2017 with select prepaid and postpaid packs under this offer. This free data benefit will be over and above the pack/plan benefits.
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Shares of Bharti Infratel gained 3.04%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Realty stocks gained. DLF (up 4.15%), Indiabulls Real Estate (up 4.54%), Housing Development and Infrastructure (up 2.74%), D B Realty (up 1.31%), Unitech (up 2.08%), Sobha (up 2.77%), Prestige Estates Projects (up 0.76%), Oberoi Realty (up 0.42%) and Parsvnath Developers (up 0.45%) gained.
Godrej Properties rose 1.34% after the company said that it has seen 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.
MOIL rose 2.87% after the company announced hike in price of various grades of manganese ore for Q4 March 2017 effective from 1 January 2017. MOIL announced that price of ferro grade ore have been hiked by 10% on the existing prices prevailing since 1 December 2016 of all ferro grades of ore. Price of SMGR grade and fines have been raised by 15% each.
Price of chemical grade ore have been raised by 10%. Price of Electrolytic Manganese Dioxide have been raised by 5%. MOIL announced that price hike is inline with the company's business practice of fixing/revising prices of manganese ore. The announcement was made after market hours yesterday, 3 January 2017.
Indiabulls Housing Finance dropped 1.29% after the company announced that it has reduced its home loan rate by 45 basis points to 8.65% for its customers with effect from 3 January 2017. Indiabulls Housing Finance said that the home loan rate for upto Rs 75 lakh loan will be 8.7%, for Rs 75 lakh to Rs 3 crore it will be 8.75% and for Rs 3 crore to Rs 5 crore the rate stands at 8.85%. The home loan rates for women will be 5 basis points lower in the above categories of home loans. The announcement was made after market hours yesterday, 3 January 2017.
Just Dial lost 1.42% to Rs 343.85 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.
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 0.16%.
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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