Key benchmark indices closed the range-bound trading session near the flat line. The barometer index, the S&P BSE Sensex lost 24.48 points or 0.08% at 32,609.16, as per the provisional closing data. The Nifty 50 index rose 7 points or 0.07% at 10,237.85, as per the provisional closing data. Both the Sensex and the Nifty hit record highs in intraday trade.
Key indices traded with small losses till morning trade after a subdued opening. Indices entered into positive zone for a brief phase in the mid-morning trade. Later, indices slipped into the negative zone and closed the session near the flat line.
Overall trading sentiment was subdued ahead of a long Diwali weekend. Also, investors remained on the sidelines in anticipation of a market correction after recent gains.
The Sensex rose 66.22 points or 0.2% at the day's high of 32,699 in mid-afternoon trade, its record high. The index lost 76.90 points or 0.23% at the day's low of 32,556.74 in morning trade. The Nifty rose 21 points or 0.2% at the day's high of 10,251.85 in mid-morning trade, its record high. The index fell 18.25 points or 0.17% at the day's low of 10,212.60 in morning trade.
Among secondary indices, the S&P BSE Mid-Cap index provisionally rose 0.4%. The S&P BSE Small-Cap index provisionally advanced 0.53%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,377 shares rose and 1,299 shares declined. A total of 129 shares were unchanged.
The total turnover on BSE amounted to Rs 2336.05 crore, lower than turnover of Rs 3457.79 crore registered during the previous trading session.
Telecom stocks surged. Idea Cellular (up 8.13%), Tata Teleservices (Maharashtra) (up 4.87%) and Bharti Infratel (up 1.86%) gained.
Bharti Airtel advanced 2.65% at Rs 465 after the company announced the launch of its latest digital innovation - the Online Store that will offer a range of premium smartphones with affordable down payments, instant credit verification and financing, and bundled monthly plans. The announcement was made after market hours yesterday, 16 October 2017.
Bajaj Auto was up 1.09% at Rs 3,257. The company's consolidated net profit fell 0.59% to Rs 1193.58 crore on 1.3% growth in total income to Rs 6863.61 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 17 October 2017.
ACC declined 0.19% at Rs 1,781.50. The company's consolidated net profit vaulted 102.22% to Rs 182 crore on 25.42% rise in net sales to Rs 3054 crore in Q3 September 2017 over Q3 September 2016. The result was announced during market hours today, 17 October 2017.
Neeraj Akhoury, Managing Director and CEO of ACC, said that the strong result was achieved through an increased focus on premium products, improved customer service levels and by relentlessly driving productivity and cost optimization.
In its outlook, the company said that it expects that demand for cement and related products will stay favourable in the coming quarter spurred by the government's increased spending on infrastructure, particularly roads, highways and affordable housing. The company is confident about the structural robustness of the cement industry and maintained a positive outlook.
Yes Bank rose 1.69% at Rs 373.70 after the bank said that India Ratings & Research has assigned IND AA with stable outlook for the bank's cumulative amount of Rs 7500 crore. The ratings are for Basel III compliant Tier I bonds for an amount of Rs 5000 crore on 11 October 2017 and additional ratings for Rs 2500 crore on 16 October 2017 for the purpose of issue of perpetual subordinated unsecured non-convertible Basel III compliant additional Tier I bonds in the nature of debentures aggregating to Rs 3000 crore, with a green shoe option to retain oversubscription to the extent of an additional Rs 3000 crore. The announcement was made during market hours today, 17 October 2017.
Separately, Yes Bank said that ICRA has assigned a rating of ICRA AA (hyb) with positive outlook for the bank's cumulative amount of Rs 7500 crore. The announcement was made after market hours yesterday, 16 October 2017.
Overseas, European and Asian stocks witnessed a mixed trend. British Prime Minister Theresa May reportedly met with leading EU officials in Brussels on yesterday, 16 October 2017. Both May and the European Commission President Jean-Claude Juncker called for the pace of Brexit negotiations to be accelerated. The two leading figures also went on to comment on strengthening security in Europe, terrorism, and preserving the Iran nuclear accord, reports added.
US stocks hit record highs yesterday, 16 October 2017 as Wall Street bets on another strong earnings season.
Among global news, reports suggested that North Korea's deputy UN ambassador warned yesterday, 16 October 2017 that the situation on the Korean Peninsula has reached the touch-and-go point and a nuclear war may break out any moment.
At the International Monetary Fund's (IMF) annual meeting, deputy managing director of the fund Tao Zhang was quoted as saying that China and emerging markets have to stay vigilant to possible risks. Emerging markets have major development needs, but they need to pay attention to how to better use their money, Zhang reportedly said.
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