Key benchmark indices traded near the flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex fell 1.51 points to 34,298.96. The Nifty 50 index gained 5.70 points or 0.05% at 10,545.45.
Indices opened higher on firm Asian stocks. The market soon pared gains and swung between the gains and losses near the flat line in morning trade. After trading with small gains, stocks once again turned flat in mid-morning trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.64%. The S&P BSE Small-Cap index gained 0.89%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,564 shares rose and 983 shares dropped. A total of 112 shares were unchanged.
Capital goods stocks gained. Bharat Heavy Electricals (Bhel) rose 0.97%, Havells India 0.64%, Bharat Electronics 2.47%, L&T 0.66%, Thermax 0.49%, and Siemens gained 1.95%. However, ABB India shed 0.66%.
Realty stocks rose for the second straight day. DLF was up 0.6%, D B Realty 2.98%, Sobha 1.41%, Indiabulls Real Estate 3.05%, Unitech 3.14%, Godrej Properties 0.23%, Housing Development & Infrastructure (HDIL) 1% and Oberoi Realty gained 2.65%. However, NBCC declined 1.2%.
JK Tyre & Industries slumped 4.94% after consolidated net profit plunged 86.91% to Rs 11.32 crore on 15.54% rise in net sales to Rs 2123.24 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018.
In a separate announcement after market hours on Monday, 12 February 2018, JK Tyre & Industries said that its board approved raising of funds by issue of securities, convertible/non-convertible, by way of private offerings/qualified institutions placement or any combination thereof, subject to such approvals as may be required, for an amount upto Rs 1000 crore, in one or more tranches, to eligible investors in such manner and on such terms and conditions including security, rate of interest, etc. as may be permitted under applicable laws.
Indoco Remedies fell 2.28% after the company said that its Goa plant has received 8 observations from the US Food and Drug Administration. The announcement was made after market hours on Monday, 12 February 2018.
Indoco Remedies said that the US Food and Drug Administration (USFDA) had inspected the company's solid dosage plant in Goa (plant I). The company has received 8 observations (483s). All the observations are correctable and the company is in the process of preparing its response for the same. Exports from the solid dosage plant constitute less than 10% of the company's total export sales.
Finolex Industries lost 2.73% after net profit fell 3.34% to Rs 69.55 crore on 26.52% rise in total income to Rs 732.98 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018.
Hathway Cable & Datacom rose 2.55% after the company reported net profit of Rs 23.87 crore in Q3 December 2017, compared with net loss of Rs 44.40 crore in Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018. Total income dropped 57.39% to Rs 144.57 crore in Q3 December 2017 over Q3 December 2016.
Reliance Communications jumped 5.54% after the company said that it will hold a meeting of all holders of its outstanding $300 million senior secured 6.5% notes due 2020, in London on 6 March 2018. The announcement was made after market hours on Monday, 12 February 2018. The company has convened a meeting of the holders of its $300 million senior secured notes due 2020 (the bonds) for the purpose of considering, and if thought fit, passing, certain proposals relating to its asset monetisation as more fully described in the notice of meeting issued to the holders of the Bonds. The transaction is subject to requisite consents and approvals as may be required.
On the macro front back home, industrial production continued to record strong growth for second straight month at 7.1% in December 2017 over December 2016, while the growth figure for November 2017 has revised upwards to 8.8% from 8.4% reported earlier. The manufacturing sector's production surged 8.4% in December 2017, supporting overall growth in industrial production. The mining output growth also improved 1.2% in December 2017, while the electricity generation moved up 4.4% in December 2017, contributing to the improvement in overall industrial production growth in December 2017.
The all-India general inflation based on consumer price index (CPI) eased to 5.07% in January 2018 compared with 5.21% in December 2017. The corresponding provisional inflation rate for rural area was 5.21% and urban area 4.93% in January 2018 as against 5.27% and 5.09% in December 2017. The core CPI inflation was flat at 5% in January 2018 compared with 4.98% in December 2017. The cumulative CPI inflation was lower at 3.43% in April-January FY2018 compared with 4.68% in April-January FY2017. Inflation and IIP data were announced after market hours on Monday, 12 February 2018.
Overseas, most Asian stocks gained after slightly firmer lead from Wall Street, which recorded a third consecutive day of gains in the last session. Meanwhile, fourth-quarter Japan gross domestic product data released showed the economy grew at an annualized 0.5%, below a median forecast.
It will be a shortened week for greater China markets, with mainland China markets closing from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Other regional markets, including South Korea, Taiwan and Singapore, will also finish the week early due to the holiday.
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