Market witnesses steady start to trade

Key indices were trading with small gains in early trade amid mixed Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, gained 52.28 points or 0.15% at 33,829.66. The Nifty 50 index rose 20.60 points or 0.2% at 10,464.80. Metal and power stocks gained.

The S&P BSE Mid-Cap index rose 0.42%. The S&P BSE Small-Cap index gained 0.6%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was very strong. On the BSE, 1,212 shares rose and 324 shares fell. A total of 61 shares were unchanged.

Hero MotoCorp (up 1.78%), L&T (up 0.91%) and Cipla (up 0.85%) gained.

 

HDFC rose 0.66% after the company said that it has approved the sale of 6.3% of the equity of Computer Age Management Services to Great Terrain Investment, Mauritius, an affiliate of Warburg Pincus group at a total consideration of Rs 209.05 crore. Post sale, company will continue to hold 4.8% of the equity capital of CAMS. The announcement was made after market hours yesterday, 20 December 2017.

Overseas, Asian stocks were mixed. The Bank of Japan kept monetary policy steady despite growing signs of strength in the economy. In a widely expected move, the BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park at the central bank.

US stocks closed marginally lower yesterday, 20 December 2017, as congressional Republicans sent tax-cut legislation to President Donald Trump for his signature. The House of Representatives yesterday, 20 December 2017 passed a historic tax bill, which they voted on for the second time due to a technical irregularity the day before. The bill includes a reduction in the corporate tax rate from 35% to 21%. The Senate passed the overhaul early on Wednesday.

Existing-home sales rose to a 5.81 million seasonally adjusted annual rate in November, the National Association of Realtors said. The number came in well above expectations.

Powered by Capital Market - Live News