Key benchmark indices traded with small gains after swinging between gains and losses near the flat line in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 37.21 points or 0.12% at 31,247. The Nifty 50 index was up 13.60 points or 0.14% at 9,626.90. Gains in most Asian stocks supported gains on local indices.
The S&P BSE Mid-Cap index rose 0.63%. The S&P BSE Small-Cap index gained 0.74%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,335 shares rose and 618 shares fell. A total of 83 shares were unchanged.
Most IT stocks declined. HCL Technologies (down 0.12%), and TCS (down 0.3%) edged lower. Tech Mahindra rose 0.54%.
Wipro declined 0.5%. The company announced that the company and Ramot, the business engagement centre at Tel Aviv University (TAU) formed a partnership for joint research in emerging technologies. The announcement was made before market hours today, 5 July 2017. TAU is Israel's largest institution of higher learning.
Infosys dropped 0.62%. Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys announced a partnership with Active.AI.
Active.AI is a Singapore-based financial technology firm that offers an Enterprise AI platform for banks globally. The Active AI platform, integrated with Finacle, will help financial institutions offer conversational banking services through chat and voice-based interfaces and automate, enhance customer experience. The announcement was made after market hours yesterday, 4 July 2017.
Telecom stocks were mixed. Reliance Communications (RCom) (up 1.91%) and Tata Teleservices (Maharashtra) (up 5.15%) gained. Bharti Airtel (down 1.13%), and Idea Cellular (down 0.01%) declined.
Shares of Bharti Infratel rose 0.57%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
NMDC declined 0.22% after the company reduced prices of lump iron ore by 8.24% to 2,225 per wet metric tonne (WMT) from prices of last month. Fine iron ore price shed 9.15% to Rs 1,985 per WMT. The rates will be effective from 5 July 2017. The announcement was made after market hours yesterday, 4 July 2017.
Confidence Petroleum India hit an upper circuit limit of 5% at Rs 17.27 after the company said it won orders worth Rs 361.96 crore for supply of 30.16 lakh LPG cylinders. The announcement was made during trading hours today, 5 July 2017.
The orders have been awarded by the BPCL, HPCL and Indian Oil Corporation, with an option of order for equivalent quantity next year, the company said in a statement.
On macroeconomic data front, Markit Economics will unveil the result of a monthly survey on the performance of India's services sector in June 2017 at 10:30 IST today, 5 July 2017. The Nikkei Services PMI in India rose to 52.2 in May 2017 from 50.2 in April 2017.
Overseas, most Asian stocks rose amid geopolitical concerns after North Korea launched a long-range ballistic missile. North Korea reportedly claimed today, 5 July 2017 the missile it launched yesterday, 4 July 2017 was an intercontinental ballistic missile capable of carrying a heavy nuclear warhead. The missile launched on Tuesday, 4 July 2017 landed in Japan's exclusive economic zone (EEZ).
On macroeconomic data front, the Caixin services Purchasing Managers' Index (PMI) showed that growth in China's services sector slowed in June. The Caixin services PMI fell to 51.6 from the 52.8 figure seen in May. The June composite PMI, which takes into account both the services and manufacturing sectors, fell to 51.1 compared with the 51.5 number seen last month.
Activity in Japan's services sector accelerated from the previous month to expand at its fastest pace in almost two years, a private survey showed. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.3 in June from 53 in May as new business, outstanding business and hiring expanded.
US markets were closed yesterday, 4 July 2017 for Independence Day.
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