Benchmark indices traded near the flat line in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was down 7 points or 0.03% at 26,512.07. The Nifty 50 index was currently down 11.20 points or 0.14% at 8,142.40. Trading was lacklustre in the absence of clear direction from Asian peers.
The Sensex lost 33.99 points or 0.12% at the day's low of 26,485.08 in morning trade. The index rose 75.48 points or 0.28% at the day's high of 26,594.55 in early trade. The Nifty lost 19.95 points or 0.24% at the day's low of 8,133.65 in morning trade. The index rose 25.10 points or 0.3% at the day's high of 8,178.70 in early trade.
The BSE Mid-Cap index was currently down 0.13%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.1%, outperforming the Sensex.
Overseas, Asian stocks witnessed a mixed trend. A surge in banks and other financial stocks that stand to benefit from higher interest rates led US indexes to the edge of record territory yesterday, 15 December 2016.
Closer home, the market breadth, indicating the overall health of the market, was positive. On the BSE, 1,021 shares rose and 839 shares declined. A total of 102 shares were unchanged.
Telecom stocks edged lower. Idea Cellular (down 1.56%), Bharti Airtel (down 0.53%) and Reliance Communications (down 0.7%) declined.
Shares of telecom tower infrastructure company Bharti Infratel were up 0.34%.
Tata Communications rose 4.24% at Rs 657.60 after the company's subsidiary, Neotel received unconditional approval from Independent Communications Authority of South Africa (ICASA) for its acquisition by Liquid Telecom. The announcement was made after market hours yesterday, 15 December 2016.
Tata Communications had announced on 28 June 2016, that Liquid Telecom, a pan-African telecoms group, majority owned by Econet Wireless Global, had entered into an agreement to acquire South African communications network operator Neotel, which is a subsidiary of Tata Communications.
Thereafter, on 8 November 2016, Tata Communications had informed that the board of directors of the company at a meeting held on 8 November 2016 recommended to the shareholders of Neotel, the sale of the entire shareholding in Neotel, subject to approval of ICASA.
Cement stocks declined. Shree Cement (down 0.71%), Ambuja Cements (down 0.92%), UltraTech Cement (down 1.71%) and ACC (down 1.82%) edged lower.
Grasim Industries was off 0.94%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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