Stocks cut losses in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 11.95 points or 0.04% at 33,712.49. The Nifty 50 index was down 0.50 points at 10,399.05. Telecom stocks saw mixed trend. Most realty stocks edged higher.
Domestic stocks edged lower in early trade on negative Asian stocks.
The S&P BSE Mid-Cap index was up 0.37%. The S&P BSE Small-Cap index was up 0.54%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,368 shares rose and 783 shares fell. A total of 112 shares were unchanged.
Overseas, most Asian stocks were trading lower amid uncertainty over the US tax bill. US stocks closed mostly lower yesterday, 27 November 2017 after touching intraday records as an early rally in retail shares largely fizzled. However, the blue-chip Dow bucked the weak trend to eke out a gain.
US President Donald Trump is scheduled to address Senate Republicans today, 28 November 2017 ahead of a potential vote on a tax overhaul. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing is due for her nominated successor, Jerome Powell.
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Back home, telecom stocks saw mixed trend. Bharti Airtel (down 0.58%) and Tata Teleservices (Maharashtra) (down 2.23%) fell. Idea Cellular (up 0.16%) and MTNL (up 2.35%) rose.
Shares of Bharti Infratel fell 0.54%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Reliance Communications (RCom) lost 4.12%. RCom issued a clarification to the stock exchanges after market hours yesterday, 27 November 2017, with regard to media news titled "China development bank files insolvency case against Reliance communications". RCom said that the company has not been served any notice of the application filed by China Development Bank with NCLT, as reported in the media.
RCom is engaged through the joint lenders forum (JLF) with all its lenders for a successful resolution of the strategic debt restructuring (SDR) process. The China Development Bank has also been actively participating in the JLF. RCom said it is therefore, surprised by the untimely and premature action of the China Development Bank of filing an application at NCLT. RCom added that it continues to remain engaged with all lenders including the China Development Bank and is confident and committed to a full resolution with the support of all the lenders.
Separately, RCom said it has entered into a binding share purchase agreement with Pantel Technologies and Veecon Media & Television for sale of its subsidiary Reliance BIG TV (RBTV), engaged in the business of direct-to-home (DTH) services across India.
Pursuant to this transaction, the buyers will acquire the entire shareholding of RBTV with business on an "as-in, where is" basis, along with existing trade and contingent liabilities. The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of RCom. The transaction is in consonance with RCom's stated objective to focus on B2B businesses of the new RCom, the company said in a statement.
Most realty stocks edged higher. Phoenix Mills (up 1.25%), Indiabulls Real Estate (up 2.4%), Housing Development and Infrastructure (up 0.89%), D B Realty (up 1.53%), Unitech (up 0.16%), Sobha (up 1.08%) and Prestige Estates Projects (up 0.84%) rose. Oberoi Realty (down 0.13%), DLF (down 0.54%) and Godrej Properties (down 0.54%) fell.
IDBI Bank rose 1.68% after the bank said that its board of directors at a meeting held on 27 November 2017, granted in-principle approval to divest 74.15 lakh equity shares (1.5% equity) of National Stock Exchange of India. The announcement was made after market hours yesterday, 27 November 2017.
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