Key benchmark indices traded in a small range near the flat line in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 2.07 points or 0.01% at 33,913.88. The Nifty 50 index was up 8.80 points or 0.08% at 10,499.55. Firmness in Asian stocks supported gains on the domestic bourses.
Trading was lackluster and rangebound around the flat line so far during the session. Key indices opened higher and traded with small gains in early trade. Stocks traded in a small range around the flat line later during the session.
Trading may remain volatile during the latter part of the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2017 series to January 2018 series. The December 2017 derivatives contracts expire today, 28 December 2017.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.23%. The S&P BSE Small-Cap index gained 0.55%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,506 shares rose and 1,111 shares fell. A total of 179 shares were unchanged.
Shares of power generation and power distribution companies gained. NTPC (up 0.01%), NHPC (up 1.58%), Tata Power Company (up 0.87%), Adani Power (up 0.37%), Power Grid Corporation of India (up 0.05%), Reliance Infrastructure (up 2.12%) and Reliance Power (up 2.13%) gained. Torrent Power declined 0.95%.
Shares of psu coal mining major Coal India rose 0.91%.
Auto stocks declined. Tata Motors (down 0.19%), Ashok Leyland (down 0.46%), Eicher Motors (down 0.08%), Hero MotoCorp (down 1.1%), Bajaj Auto (down 0.46%) and TVS Motor Company (down 0.1%) declined. Mahindra & Mahindra (M&M) rose 0.25%.
Maruti Suzuki India (MSIL) rose 0.08% after the company entered into an agreement with the Government of NCT of Delhi to set up state-of-the-art automated driving test centres across 12 locations in the city. A memorandum of agreement (MoA) was signed between the Department of Transport, NCT of Delhi and MSIL. As per the MoA, MSIL will set up automated driving test centres comprising scientifically laid driving test tracks, advanced high definition cameras and an integrated IT system, as approved by the Transport Department. The announcement was made after market hours yesterday, 27 December 2017.
United Bank of India rose 1.14% after the bank said that it raised Rs 100 crore by issuing Basel III compliant bonds on a private placement basis. The announcement was made after market hours yesterday, 27 December 2017.
The bank has concluded issuance and allotment of 1,000 units of 11% unsecured, subordinated, fully paid-up, non-convertible, listed, Basel III compliant, perpetual debt instruments in the nature of debentures for inclusion in additional tier-1 capital aggregating to Rs 100 crore on private placement basis. The issue was fully subscribed by 3 investors.
Overseas, Asian markets rose following a rally in oil and copper prices this week. Trade was thin ahead of the long New Year's weekend. Japan's factories and retailers posted better-than-expected growth in activity in November, while minutes from the central bank's last policy meeting showed board members raising the prospect of reducing stimulus. The 0.6% increase in industrial output in November was more than the median market projection and followed a 0.5% gain in October.
US stocks eked out a positive close yesterday, 27 December 2017 with gains in real estate and utilities offsetting declines in energy and telecommunications stocks. In US economic reports, the Conference Board's consumer confidence index fell to 122.1 in December from 128.6 in November.
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