Key indices were trading with tiny gains in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, advanced 39.22 points or 0.11% at 33,599.92. The Nifty 50 index rose 17.40 points or 0.17% at 10,359.70.
Indices hovered between gains and losses near the flat line in early trade amid mixed Asian cues.
The S&P BSE Mid-Cap index rose 0.17%. The S&P BSE Small-Cap index advanced 0.71%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,416 shares rose and 649 shares declined. A total of 88 shares were unchanged.
Cement stocks gained. ACC (up 0.16%), Shree Cement (up 0.76%), Ambuja Cements (up 1.34%), and UltraTech Cement (up 0.07%) gained.
Grasim Industries advanced 1.19%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Telecom stocks also gained. MTNL (up 0.7%), and Idea Cellular (up 0.01%) gained. Reliance Communications fell 1.43%.
Shares of Bharti Infratel rose 1.95%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Bharti Airtel rose 1.14% after the company and Tata Teleservices said that starting 22 November 2017, Tata Teleservices customers will start transitioning to the Airtel mobile network under an intra circle roaming (ICR) arrangement. The first batch of the transition is being affected in UP (west), Bihar, and West Bengal. The announcement was made after market hours yesterday, 22 November 2017.
Tata Teleservices (Maharashtra) gained 3.64%.
Arrow Greentech surged 7.38% after the company secured patent for manufacturing embedded water soluble film carrier in US. The announcement was made after market hours yesterday, 22 November 2017. Arrow Greentech (AGTL) said it has received a grant for patent titled "method of manufacturing embedded water soluble film carrier" Patent No. 9744695 dated 29 August 2017, from United States of America Patent Office.
This invention relates to a water-soluble film (WSF) system with actives embedded/entrapped therein to provide precise and desired release of pharmaceutical actives there from and its method of manufacturing for diverse applications.
Thomas Cook (India) rose 5.42% after the company said its board approved selling a 5.42% stake in unit Quess Corp for Rs 600 crore. The announcement was made after market hours yesterday, 22 November 2017. Thomas Cook (India) said its board approved to divest a 5.42% stake in its subsidiary, Quess Corp, to bring its shareholding to 51.56%, thereby proposing to raise funds of over Rs 600 crore through an offer for sale (OFS) in two trading sessions viz. Thursday, 23 November 2017 for non-retail investors and on Friday, 24 November 2017 for retail investors and for non-retail investors who choose to carry forward their bids. The floor price for the OFS is Rs 800 per share.
Post dilution, the promoter shareholding in Quess Corp would be 75.38%. The initiative is in requirement of Securities and Exchange Board of India (Sebi)'s regulations to bring down promoter stake to 75%. It is also aimed at retiring Thomas Cook India's long term debt, thus bringing down the company's financial costs and improving profitability and liquidity at both standalone and group level.
On the macro front, in order to review the Income-tax Act, 1961 (the Act) and to draft a new Direct Tax Law in consonance with economic needs of the country, the Government yesterday, 22 November 2017, has constituted a task force with Arbind Modi, Member (Legislation), CBDT-Convener. Dr. Arvind Subramanian, Chief Economic Adviser (CEA) will be a permanent special invitee in the task force. The terms of reference of the task force is to draft an appropriate Direct Tax Legislation keeping in view; the direct tax system prevalent in various countries, the international best practices, the economic needs of the country and any other matter connected thereto.
Overseas, Asian stocks were mixed. In US, the S&P 500 index and the Dow Jones Industrials Average ended slightly lower yesterday, 22 November 2017, maintaining a soft tone after the Federal Reserve minutes indicated that an interest-rate hike is likely but the pace of future tightening could be more moderate than expected given muted inflation. The Nasdaq Composite Index bucked the broader trend to finish at a record, logging its third gain in a row.
The Fed viewed a near-term increase in interest rates as possible but central bank officials also expressed concerns about persistently low inflation, hinting that the bank may dial back its rate increases in 2018. The minutes also showed that several members worried that keeping interest rates too low could create a financial bubble.
US durable-goods orders fell 1.2% in October. Excluding transportation orders increased 0.4%. Initial jobless claims a tool to measure US layoffs, fell by 13,000 to 239,000 in the week ended 18 November. The University of Michigan's latest read on consumer sentiment came in at 98.5, topping expectations.
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