A bout of volatility was witnessed in mid-morning trade as key benchmark indices reversed intraday gains to hit intraday low in negative zone. At 11:22 IST, the barometer index, the S&P BSE Sensex, was off 49.77 points or 0.15% at 33,099.58. The Nifty 50 index was off 12.35 points or 0.12% at 10,214.20. Telecom stocks saw mixed trend. Metal and mining stocks saw mixed trend.
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.
The S&P BSE Mid-Cap index was up 0.27%. The S&P BSE Small-Cap index was up 0.35%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,443 shares rose and 904 shares fell. A total of 140 shares were unchanged.
Telecom stocks saw mixed trend. MTNL (up 2.58%) and Tata Teleservices (Maharashtra) (up 0.13%) rose. Reliance Communications (down 0.24%) and Idea Cellular (down 0.85%) fell.
Bharti Airtel fell 1.37%. In clarification to media reports indicating UIDAI orders probe against Bharti Airtel, the company said it is dealing with the notices received from the authority and is in the process of providing the response thereto. The company is fully compliant with the requirements of UIDAI and is taking steps to satisfy the UIDAI of this position, Bharti Airtel said. The clarification was issued during market hours today, 1 December 2017.
Bharti Airtel provides telecommunication services and uses the Aadhaar data base for the purposes of mobile services KYC. Bharti Airtel is an authorised AUA, KUA and ASA of UIDAI having signed the License Agreements. The company also clarified that the re-verification for mobile phones and the opening of Airtel Payment Bank Account are separate transactions and not linked.
Shares of Bharti Infratel rose 0.54%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Metal and mining stocks saw mixed trend. Vedanta (down 1.34%), JSW Steel (down 0.1%), Tata Steel (down 1.54%), Hindustan Zinc (down 0.12%) and Hindalco Industries (down 0.5%) edged lower.
Steel Authority of India (Sail) (up 4.1%), National Aluminium Company (up 0.06%), Jindal Steel & Power (up 1.37%), NMDC (up 2.39%) and Hindustan Copper (up 1.32%) edged higher.
Copper edged lower in the global commodities market. High Grade Copper for March 2018 delivery was currently up 0.34% at $3.0745 per pound on the COMEX.
Laurus Labs rose 2.76% after the company said it received maiden tentative approval from US drug regulator for Tenofovir Disoproxil Fumarate tablets. The announcement was made after market hours yesterday, 30 November 2017.
Laurus Labs announced that it has received its maiden tentative approval from United States Food and Drug Administration (USFDA) for Tenofovir Disoproxil Fumarate tablets 300 milligram (mg). Tenofovir Disoproxil Fumarate tablets 300 mg is therapeutically equivalent to VIREAD tablets 300mg of Gilead Science. Tenofovir Disoproxil Fumarate tablets 300mg is used for treatment of HIV-1 infection in adults and paediatric patients 2 years of age and older.
Warren Tea rose 3.99% after net profit rose 9.7% to Rs 14.55 crore on 33.2% increase in net sales to Rs 43.82 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 November 2017.
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. 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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