A bout of volatility was witnessed as key benchmark indices swung between gains and losses in afternoon trade. At 13:21 IST, the barometer index, the S&P BSE Sensex, was down 19.12 points or 0.06% at 33,130.23. The Nifty 50 index was down 4.30 points or 0.04% at 10,222.25.
Key benchmark indices edged higher in early trade boosted by data showing India's economic growth has bounced back in the July-September quarter boosted sentiment. Stocks hovered in positive zone in morning trade. A bout of volatility was witnessed in mid-morning trade as key benchmark indices reversed intraday gains to hit intraday low in negative zone.
The S&P BSE Mid-Cap index was up 0.42%. The S&P BSE Small-Cap index was up 0.54%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,567 shares rose and 967 shares fell. A total of 147 shares were unchanged.
Most power generation stocks declined. GMR Infrastructure (down 1.63%), Tata Power (down 1.43%), Torrent Power (down 0.89%), NHPC (down 0.71%), Jaiprakash Power Ventures (down 0.57%), CESC (down 0.43%) and Reliance Infrastructure (down 0.22%), edged lower. NTPC (up 0.11%), Reliance Power (up 0.39%), Adani Power (up 1.27%) and JSW Energy (up 3.46%), edged higher.
State-run Coal India was down 1.1%. State-run Power Grid Corporation of India was down 0.92%.
IT shares were mixed. Tech Mahindra (down 1.87%), HCL Technologies (down 1.29%), Infosys (down 0.98%), MphasiS (down 0.51%) and Wipro (down 0.27%), edged lower. Persistent Systems (up 0.45%), MindTree (up 0.64%), Oracle Financial Services Software (up 0.68%), TCS (up 0.69%) and Hexaware Technologies (up 1.77%), edged higher.
On the macro front, India's gross domestic product (GDP) growth recovered to 6.3% in quarter ended September 2017 from low of 5.7% recorded in the previous quarter ended June 2017. Quarterly GVA at basic price at constant (2011-12) prices improved 6.1% in Q2 of 2017-18, showing improvement in growth from 5.6% in Q1 of 2017-18. The GDP growth stood at 6% in April-September 2017, compared with 7.7% recorded in the corresponding period last year. The data was released by government after market hours yesterday, 30 November 2017.
The Eight Core Industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) recorded 4.7% growth in its output in October 2017 over October 2016. Its cumulative growth was 3.5% during April to October 2017-18. The data was announced after market hours yesterday, 30 November 2017.
Overseas, most Asian stocks were trading higher buoyed by record highs in US equities. Growth in China's manufacturing sector slowed in November, according to a private gauge. The Caixin China manufacturing purchasing managers' index fell to 50.8 in November, its lowest level in five months, from 51 in October, Caixin Media Co. and research firm Markit said today, 1 December 2017.
US stocks rallied yesterday, 30 November 2017 with the Dow finishing above 24,000 for the first time in history, as investors grew more optimistic about the prospects for a tax overhaul out of Washington.
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