Key indices were flat after swinging between gains and losses near the flat line in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 4.06 points or 0.01% at 31,666.03. The Nifty 50 index was up 9.85 points or 0.1% at 9,926.05.
Domestic stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices gradually trimmed intraday gains till early afternoon trade. Stocks swung between gains and losses around the flat line in afternoon trade.
The S&P BSE Mid-Cap index was up 0.59%. The S&P BSE Small-Cap index was up 0.66%. Both these indices outperformed the Sensex.
The breadth indicating the overall health of the market was positive. On BSE, 1,385 shares gained and 1,037 shares fell. A total of 136 shares were unchanged.
NMDC declined 0.56%. The company said that N, Baijendra Kumar, IAS, has assumed the charge of the post of Chairman cum Managing Director of the company on 6 September 2017. The announcement was made during market hours today, 7 September 2017.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 1.05%), Maruti Suzuki India (up 0.72%), Hero MotoCorp (up 1.17%), and TVS Motor Company (up 2.94%) gained. Ashok Leyland (down 0.49%), and Bajaj Auto (down 0.41%) declined.
Tata Motors lost 1.4% after report suggested that a section of workers are staging protests at the heavy and medium truck making facility of Tata Motors in Jamshedpur seeking clarity on the pay hike.
Eicher Motors rose 2.51% on reports the company is preparing an offer to acquire superbike major Ducati for $1.8 to 2 billion.
Most IT stocks rose. Tech Mahindra (up 0.65%), Mphasis (up 1.06%) and Oracle Financial Services (up 0.02%) gained. Infosys (down 0.22%) and TCS (down 0.02%) declined.
HCL Technologies rose 0.25% after the company announced a new strategic partnership with Alpha Insight, an intelligent products and solutions company headquartered in London, UK, with industry leading expertise in Business Flow Monitoring and Operational Intelligence. The announcement was made after market hours yesterday, 6 September 2017.
The transaction, which includes purchase of select assets, bolsters HCL's DRYiCE Platform and its positioning as an Enterprise A.I Foundation. Integration of Alpha Insight's iControl product into the DRYiCE suite of products, provides deep visibility into end-to-end horizontal business flows and robust operational intelligence to digital enterprises, HCL Technologies said in a statement.
Wipro rose 0.4% after the company announced that it has won a five-year IT applications management contract from Outokumpu, a global leader in stainless steel, headquartered in Finland. As part of the five-year contract, Wipro will provide applications management services for Outokumpu's SAP landscape along with legacy applications support to cover Outokumpu locations, globally. The announcement was made before market hours today, 7 September 2017.
Overseas, European stocks edged higher in early trade. The European Central Bank holds a policy meeting today, 7 September 2017 and investors are keen to see whether it will send a message regarding the timing of an exit from its ultra-loose monetary policy.
German industrial production remained flat in July as slightly increased output in manufacturing and construction was not enough to compensate for a plunge in the energy sector, data showed. France's current-account deficit widened significantly in July, with a significant increase in imports outpacing a slight increase in exports, the French government said. The eurozone's second-largest economy recorded a 4.2 billion-euro ($5.01 billion) current-account deficit in July, compared with EUR2.4 billion in June.
Asian stocks rose, tracking overnight gains in the US stocks, following a deal to extend the federal government's borrowing limit for three months. US stock benchmarks closed slightly higher yesterday, 6 September 2017, after congressional leaders and President Donald Trump agreed to extend the debt limit deadline and fund the government through mid-December.
In US economic data, the trade deficit rose slightly in July, keeping the US on track to post a larger gap in 2017 than in 2016. The deficit edged up to $43.7 billion in July from $43.5 billion in June. A reading on services activity, meanwhile, came in better than expected, providing an added lift to the outlook for the health of the US economy. ISM services were at 55.3 in August, compared with 53.9 in the prior period. A reading of at least 50 indicates expansion.
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