Key indices regained positive terrain after slipping into the red for a brief period in morning trade. So far, the movement of indices was restricted within a small range near the flat line. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 40.13 points or 0.14% at 29,748.26. The Nifty 50 index was up 12.55 points or 0.14% at 9,210.85. Realty stocks declined while telecom stocks traded mixed. Asian cues were mixed providing no clear direction to trade for the domestic markets.
The BSE Mid-Cap index was up 0.27%. The BSE Small-Cap index was up 0.5%. Both these indices outperformed the Sensex's gains in percentage terms.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,615 shares rose and 692 shares fell. A total of 78 shares were unchanged.
Coal India, Axis Bank and Wipro rose by between 0.98% to 1.27%.
Telecom stocks were mixed. Reliance Communications (RCom) (down 2.3%) and Bharti Airtel (down 0.39%) declined. Tata Teleservices (Maharashtra) (up 1.07%) and Idea Cellular (up 0.23%) gained.
Shares of Bharti Infratel rose 1.81%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Realty stocks declined on profit booking. Sobha (down 8.28%), Indiabulls Real Estate (down 1.69%), Unitech (down 0.7%), DLF (down 0.23%), and Omaxe (down 0.06%) edged lower. Oberoi Realty (up 0.29%) and D B Realty (up 0.34%) gained.
L&T declined 0.1%. The company said the power transmission and distribution business of L&T Construction has won its single largest order in the Middle East from their esteemed customer 'Kahramaa' - Qatar General Electricity & Water Corporation - for its ongoing Qatar Electricity Transmission Network Expansion Plan-Phase XIII. Through this ambitious project, Kahramaa intends to expand the existing power transmission network to meet the ever-increasing demand for power due to the developmental works in Qatar. The announcement was made before trading hours today, 10 April 2017.
The prestigious $817 million order will involve the engineering, procurement and construction of 30 new substations of varying voltage levels of 220 kilovolt (kV), 132 kV and 66 kV and approximately 560 kilometre (km) of 132 kV and 66 kV underground cables under various definite and framework packages.
The works of the project are spread all over the State of Qatar including both freshly developed as well as already developed areas. The project is scheduled for completion in phases from 15 to 32 months.
Meanwhile, L&T's board at a meeting held on Friday, 7 April 2017, approved appointment of A. M. Naik as the Non-Executive Chairman of the company with effect from 1 October 2017 for a period of three years, immediately upon his retirement as the Executive Chairman on 30 September 2017.
The board also approved appointment of S. N. Subrahmanyan as the Chief Executive Officer & Managing Director with effect from 1 July 2017. The announcement was made after market hours on Friday, 7 April 2017.
Dilip Buildcon advanced 2.48% after the company said it has received letter of award (LoA) from the Ministry of Road Transport & Highways (MORTH), Government of India for two EPC (engineering, procurement and construction) road projects worth Rs 580.50 crore in Maharashtra. The announcement was made before trading hours today, 10 April 2017.
Brigade Enterprises climbed up 0.17% after the company announced the launch of a luxury apartment project Buena Vista in Bengaluru. The announcement was made after market hours on Friday, 7 April 2017.
Overseas, Asian stocks were mixed as caution prevailed as increased geopolitical risks prompted investors to favour safe-haven bets such as government debt. Top aides to US President Donald Trump differed on Sunday, 9 April 2017. on where US policy on Syria was headed after last week's attack on a Syrian air base, while US Secretary of State Rex Tillerson warned the strikes were a warning to other nations, including North Korea.
On economic data front in Asia, Japan's current account surplus stood at 2.81 trillion yen ($25.26 billion) in February, finance ministry data showed, the biggest surplus since March 2016. The result is the 32nd straight month of current account surpluses. This February's current account surplus was the largest on record for February.
US stocks closed with small losses on Friday, 7 April 2017, after increased geopolitical concerns amid US air strikes against Syria and weaker than expected nonfarm payrolls data weighed on sentiment. The Bureau of Labor Statistics reported Friday, 7 April 2017, nonfarm payrolls grew by just 98,000 in March, well below expectations, but the unemployment rate fell to a 10-year low of 4.5%.
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