Key benchmark indices gyrated in a small range amid negative bias in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 83.27 points or 0.25% at 33,595.97. The Nifty 50 index was down 31.70 points or 0.31% at 10,358. Most capital goods stocks rose. Telecom stocks saw mixed trend. Negative Asian stocks and profit booking after recent upmove weighed on the domestic stocks.
Domestic stocks edged lower in early trade on negative Asian stocks. Stocks hovered in negative zone in morning trade. Key equity benchmarks had logged gains for prior seven trading days in a row to Friday, 24 November 2017. The Sensex had jumped 918.80 points or 2.8% in seven sessions, from a close of 32,760.44 on 15 November 2017.
The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.46%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,422 shares rose and 937 shares fell. A total of 147 shares were unchanged.
Overseas, Asian stocks were trading lower weighed by weakness in the Chinese and South Korean stocks. A drop in the Chinese industrial profits data also weighed down on the sentiment. China's industrial profits grew 25.1% in October compared to the year before, against a 27.7% rise seen in September.
In US, the S&P 500 and Nasdaq Composite finished at all-time highs on Friday, 24 November 2017 as retailers were in focus amid the Black Friday shopping holiday, a day after domestic markets were closed in observance of Thanksgiving.
On the data front, a survey of purchasing managers showed that businesses grew in November at the slowest pace in four months. The Markit flash manufacturing PMI fell to 53.8 from 54.6, while the flash services PMI fell to 54.3 from 54.6. A reading of 50 or better indicates improving conditions.
Back home, most capital goods stocks rose. Bharat Heavy Electricals (Bhel) (up 0.22%), BEML (up 0.18%), Bharat Electronics (up 0.14%), Punj Lloyd (up 0.71%) and Thermax (up 0.63%) rose. ABB India (down 1.06%) and Siemens (down 0.59%) fell.
L&T rose 0.55% after the company said its construction arm has won orders worth Rs 3572 crore across various business segments. The announcement was made before trading hours today, 27 November 2017.
The transportation infrastructure business of L&T Construction won contract worth Rs 1358 crore for the construction of a new South Parallel runway, apron and associated works at the Kempegowda International Airport, Bengaluru, on EPC basis from Bangalore International Airport. The metallurgical & material handling business of L&T Construction bagged orders worth Rs 1264 crore.
The power transmission & distribution business of L&T Construction has bagged orders worth Rs 595 crore in the international market. The buildings & factories business of L&T Construction bagged orders worth Rs 355 crore.
Telecom stocks saw mixed trend. Reliance Communications (down 1.11%), Tata Teleservices (Maharashtra) (down 0.42%) and Bharti Airtel (down 0.46%) fell. Idea Cellular (up 0.32%)and MTNL (up 0.24%) rose.
Shares of Bharti Infratel rose 0.2%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Autoline Industries was locked in 5% upper circuit at Rs 103.15 after the company said its subsidiary, Autoline Industrial Parks, on 23 November 2017, has received environmental clearance from Ministry of Environment, Forest and Climate Change, New Delhi for the proposed special township project of the subsidiary company spread in its 104 acre land located at Mahalunge, Chakan, Pune under the provisions of the Environment Impact Assessment (EIA), Notification 2006 under the Environment (Protection) Act, 1986. The announcement was made after market hours on Friday, 24 November 2017.
Meanwhile, global ratings agency Standard & Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook remains stable. The ratings on India reflect the country's sound external profile and improved monetary credibility. The announcement was made after market hours on Friday, 24 November 2017.
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