Trading was indecisive as key benchmark indices were hovering near the flat line in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex was up 12.92 points or 0.04% at 34,208.86. The Nifty 50 index up 15.10 points or 0.14% at 10,513.35. Investors were cautious ahead of the central bank's policy decision later in the day.
Key indices opened the session on a positive note on higher global stocks after witnessing a slide in the previous six trading sessions. Indices trimmed intraday gains in mid-morning trade. Indices slipped into the negative zone in early afternoon trade. Key indices bounced back and were hovering near the flat line in afternoon trade.
Overseas, Asian stocks were mixed. US stocks closed higher yesterday, 6 February 2018, albeit with wild swings witnessed in the day's trading, after two huge sell-offs in a row. The wild moves were attributed to a combination of factors like interest-rate fears, computer-driven trading and the obscure volatility funds that use leverage.
Back home to today's trade, among secondary indices, the S&P BSE Mid-Cap index rose 0.80%. The S&P BSE Small-Cap index rose 2.05%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on the BSE. 1,998 shares rose and 641 shares declined. A total of 106 shares were unchanged.
Most metal shares rose. Bhushan Steel (up 6.19%), NMDC (up 2.35%), JSW Steel (up 2.10%), Hindalco Industries (up 2.04%), National Aluminium Company (up 1.78%), Hindustan Zinc (up 1.62%), Jindal Steel & Power (up 1.48%), Hindustan Copper (up 1.36%) and Tata Steel (up 0.11%), edged higher. Steel Authority of India (down 0.12%) and Vedanta (down 1.82%), edged lower.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2018 delivery was currently up 0.42% at $3.2025 per pound on the COMEX.
FMCG shares were mixed. Tata Global Beverages (up 6.05%), Godrej Consumer Products (up 1.41%), Bajaj Corp (up 1.21%), Marico (up 1.16%), Dabur India (up 0.95%), Jyothy Laboratories (up 0.76%), Nestle India (up 0.54%) and Procter & Gamble Hygiene & Health Care (up 0.37%), edged higher. Colgate Palmolive (India) (up 0.11%), Britannia Industries (down 0.19%), Hindustan Unilever (down 0.42%) and GlaxoSmithKline Consumer Healthcare (down 0.48%), edged lower.
Gandhi Special Tubes rose 0.87% after net profit rose 22.34% to Rs 9.31 crore on 26.12% growth in net sales to Rs 28.10 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 6 February 2018.
Cosmo Films gained 1.23% after the company said that CF (Netherland) Holding B.V., a wholly owned subsidiary of the company, has setup a wholly owned step down subsidiary in Poland namely Cosmo Films Poland SP.Z.O.O. for the purpose of sale and distribution of the products manufactured by the company and/or its subsidiaries. The announcement was made during market hours today, 7 February 2018.
Among key events in the domestic market, the Reserve Bank of India's (RBI) two-day Monetary Policy Committee (MPC) meeting concludes today, 7 February 2018 at 14:30 IST. The central bank is likely to keep its policy rate on hold, but could toughen its warnings against inflation. The MPC is expected to tilt towards a hawkish tone from its neutral tone following higher fiscal targets, oil price increases and higher MSP for agriculture crops.
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