Key benchmark indices traded around the flat line in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex was down 71 points or 0.23% at 30,957.21. The Nifty 50 index declined 32.80 points or 0.34% at 9,562.30.
The Sensex was hovering below the psychological 31,000 level after alternately moving above and below that level in intraday trade so far. It had settled above that level during the previous trading session.
The market sentiment was subdued amid lack of cues from global markets. Among other indices, the S&P BSE Mid-Cap index was down 1.38%. The BSE Small-Cap index declined 1.33%. The decline in both the indices was higher than the Sensex's decline in percentage terms.
Among other developments, the arrival of monsoon rains and its progress will be closely watched. India Meteorological Department (IMD) in a press release dated 29 May 2017 said that conditions are becoming favorable for further advance of southwest monsoon and its setting over Kerala and parts of northeastern states around 30th to 31st May 2017.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Back to market, the breadth, indicating the overall health of the market, turned negative from positive in morning trade. On the BSE, 1,371 shares declined and 720 shares rose. A total of 97 shares were unchanged.
Cement stocks were mixed. Grasim Industries (down 0.94%), UltraTech Cement (down 0.72%) and Shree Cement (down 0.63%) edged lower. ACC (up 0.08%) and Ambuja Cements (up 0.29%) edged higher.
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Telecom stocks declined. Reliance Communications (down 12.79%), Mahanagar Telephone Nigam (down 2.44%), Tata Teleservices (Maharashtra) (down 0.59%) and Idea Cellular (down 0.5%) edged lower. Bharti Airtel (up 0.13%) and Bharti Infratel (up 0.47%) edged higher.
Finolex Industries gained 3.25% at Rs 606 after net profit surged 50.32% to Rs 123.26 crore on 8.45% rise in total income to Rs 1025.72 crore in Q4 March 2017 over Q4 March 2016.
Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 54.4% to Rs 178.50 crore in Q4 March 2017 over Q4 March 2016. EBIDTA margin expanded to 17.56% in Q4 March 2017 from 12.48% in Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.
Overseas, Asian stocks were trading mixed after the latest ballistic missile test by North Korea. China and Taiwan stock markets are closed for public holidays. US stocks closed mixed on Friday, 26 May 2017, ahead of the Memorial Day holiday weekend.
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