Key benchmark indices once again dipped in negative zone and hit fresh intraday low in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 16.67 points or 0.05% at 33,923.63. The Nifty 50 index was off 4.40 points or 0.04% at 10,488.60. Metal and mining stocks rose as copper prices edged higher in the global commodities markets. Pharma stocks rose.
Domestic stocks edged higher in early trade as trading resumed after a long weekend. The Sensex scaled record high above the psychological 34,000 mark at onset of the day's trading session. The Nifty also hit record high above the 10,500 mark in early trade. A bout of volatility was seen as the key benchmark indices were trading on a flat note in morning trade after alternately moving above and below the flat line.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.52%. The S&P BSE Small-Cap index gained 0.7%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,581 shares rose and 877 shares fell. A total of 150 shares were unchanged.
Overseas, Asian stocks were mixed in trading thinned by year-end holidays as several regional markets re-opened after the Christmas break. Hong Kong, Australia and New Zealand markets remain closed today, 26 December 2017. In Japan, the nationwide core consumer price index (CPI), which includes oil goods but excludes volatile fresh food prices, rose 0.9% in November from a year earlier, government data showed today, 26 December 2017. The pace of price growth was just ahead of October's 0.8%. US markets remained shut yesterday, 25 December 2017 on account of Christmas.
Back home, metal and mining stocks rose as copper prices edged higher in the global commodities markets. NMDC (up 2.3%), JSW Steel (up 0.87%), National Aluminium Company (up 1.22%), Tata Steel (up 0.65%), Steel Authority of India (up 3.39%), Jindal Steel & Power (up 4.18%), Vedanta (up 1.28%), Hindustan Copper (up 0.69%), Hindustan Zinc (up 0.81%) and Hindalco Industries (up 0.32%) edged higher.
Copper edged higher in the global commodities market. High Grade Copper for March 2018 delivery was currently up 0.56% at $3.2565 per pound on the COMEX.
Pharma stocks rose. Sun Pharmaceutical Industries (up 1.02%), Cipla (up 1.13%), Lupin (up 0.11%), Aurobindo Pharma (up 0.37%), Dr Reddy's Laboratories (up 0.64%) and Cadila Healthcare (up 0.9%) rose. Divi's Laboratories (down 0.46%) fell.
L&T was down 0.02% to Rs 1,266.45. The buildings & factories business of L&T Construction has bagged orders worth Rs 3355 crore. The announcement was made during market hours today, 26 December 2017.
Yes Bank rose 0.66% to Rs 312.10 after the bank said that it has on 22 December 2017, established a Medium Term Note Programme (MTN Programme) for an amount of $1 billion, in order to enable the bank to issue debt instruments in the international capital markets, to eligible investors, from time to time, in one or more tranches and/or series. The establishment of the MTN Programme is only an enabling step and presently, no instruments are being issued by the bank. The announcement was made on Saturday, 23 December 2017.
Adani Transmission fell 2.93% to Rs 228.70 on profit booking after a recent rally. Shares of Adani Transmission rose 16.09% in four trading sessions to settle at Rs 235.60 on Friday, 22 December 2017, from its close of Rs 202.95 on 18 December 2017.
Suzlon Energy rose 1.13% after Suzlon Group along with associates commissioned their first operational offshore met station in the Arabian sea. Suzlon along with its associates, under the guidance from National Institute of Ocean Technology (NIOT) Chennai and approvals through National Institute of Wind Energy (NIWE) Chennai, have installed their first Operational Offshore LiDAR (Light Detection And Ranging) based wind measurement station in the Arabian Sea, south west of Jakhau port in Kutch, Gujarat. The met station is expected to collect data for a period of two years. The announcement was made during market hours today, 26 December 2017.
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