Key benchmark indices settled marginally lower after a rangebound trade amid subdued global cues. The barometer index, the S&P BSE Sensex, fell 64.71 points or 0.19% at 33,712.67, as per the provisional closing data. The Nifty 50 index declined 13.90 points or 0.13% at 10,430.30, as per the provisional closing data. Key indices dropped for the second straight day. Capital goods and power stocks bucked trend.
The market opened higher and swung between gains and losses around the flat line in a narrow range in a lackluster session of trade.
The Sensex gained 83.61 points or 0.25% at the day's high of 33,860.99 in early trade. The index fell 69.58 points or 0.2% at the day's low of 33,707.80 in late trade, its lowest level since 19 December 2017. The Nifty gained 29.75 points or 0.28% at the day's high of 10,473.95 in early trade. The index dropped 16.40 points or 0.16% at the day's low of 10,427.80 in late trade, its lowest level since 19 December 2017.
The S&P BSE Mid-Cap index provisionally rose 0.77%. The S&P BSE Small-Cap index provisionally gained 1.11%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,697 shares rose and 1,015 shares fell. A total of 183 shares were unchanged.
The total turnover on BSE amounted to Rs 6121.51 crore, higher than turnover of Rs 5524.71 crore registered during the previous trading session.
Shares of power generation and power distribution companies gained. NTPC (up 0.48%), Torrent Power (up 3.06%), NHPC (up 4.42%), Tata Power Company (up 0.11%), Adani Power (up 2.11%), Power Grid Corporation of India (up 0.37%), Reliance Infrastructure (up 9.34%) and Reliance Power (up 1.77%) gained.
Capital goods stocks extended recent gains. Bharat Heavy Electricals (Bhel) (up 1.11%), BEML (up 0.37%), Bharat Electronics (up 0.14%), L&T (up 2.51%), Thermax (up 0.67%), and Siemens (up 3.59%) gained. Havells India (down 1.59%) and ABB India (down 0.24%) declined.
Overseas, European stocks declined with the passage of a historic tax reform in the US failing to keep the December rally alive. UK consumer sentiment worsened again in December as Britons turned more pessimistic about their finances, a survey published showed. The long-running barometer of consumer confidence, conducted by market researcher GfK U.K. for the European Union's executive, dropped by one point in December and stood at minus 13, the lowest reading in four years.
Confidence in France's manufacturing sector fell in December, statistics agency Insee said. Business confidence in manufacturing declined in December to 112 points from 113 points in November, in line with economists' expectations.
Asian stocks were mixed. The Bank of Japan (BOJ) kept monetary policy steady despite growing signs of strength in the economy. In a widely expected move, the BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park at the central bank.
US stocks closed marginally lower yesterday, 20 December 2017, as congressional Republicans sent tax-cut legislation to President Donald Trump for his signature. The House of Representatives yesterday, 20 December 2017 passed a historic tax bill, which they voted on for the second time due to a technical irregularity the day before. The bill includes a reduction in the corporate tax rate from 35% to 21%. The Senate passed the overhaul early on Wednesday.
In the economic data, existing-home sales in US rose to a 5.81 million seasonally adjusted annual rate in November, the National Association of Realtors said. The number came in well above expectations.
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