Key benchmark indices were trading in a small range near the flat line in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 1.20 points at 33,601.48. The Nifty 50 index was down 11.30 points or 0.11% at 10,429.20. Profit booking set in after indices hit record high levels in intraday trade. Mostly lower Asian stocks kept sentiment subdued.
Lackluster and rangebound session of trade was witnessed so far during the day. Indices opened with small gains and firmed up till mid-morning trade. The Nifty hit record high level in morning trade and the Sensex hit record high level in mid-morning trade. Indices, however, failed to sustain at higher levels as profit booking dragged indices in the negative terrain in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.41%. The BSE Small-Cap index was up 0.2%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,384 shares fell and 1,200 shares rose. A total of 134 shares were unchanged.
Most metal and mining stocks dropped as copper prices in global markets edged lower. Jindal Steel & Power (down 1.46%), Tata Steel (down 1.1%), Hindalco Industries (down 2.71%), Steel Authority of India (down 2.21%), JSW Steel (down 0.94%), Hindustan Zinc (down 0.99%) and National Aluminium Company (down 1.53%) edged lower. Bhushan Steel (up 3.53%), Hindustan Copper (up 8.64%) and NMDC (up 0.58%) gained.
Vedanta dropped 1.28% ahead of its Q2 results today, 2 November 2017.
High Grade Copper for December 2017 delivery was currently down 0.1% at $3.137 per pound on the COMEX.
Realty stocks declined on profit booking after recent gains. Indiabulls Real Estate (down 1.39%), Unitech (down 1.62%), DLF (down 1.39%), Godrej Properties (down 0.61%), Housing Development & Infrastructure (HDIL) (down 2.88%), and Omaxe (down 1.07%) edged lower. Sobha (up 0.21%), Oberoi Realty (up 1.56%), and NBCC (up 0.32%) gained.
Overseas, most Asian stocks fell as investors locked in profit from recent gains. Investors were waiting for the announcement on the next US Federal Reserve chief, shrugging off results of a Fed meeting that met their expectations. President Donald Trump is expected to name the successor to Fed Chair Janet Yellen later in the global day.
US stocks mostly closed higher yesterday, 1 November 2017, with the Dow Jones Industrials Average and the S&P 500 index ending near record levels after the US Federal Reserve kept interest rates unchanged on that day, but referred to the US economy in positive terms. The Dow Jones Industrial Average rose 0.25% and the S&P 500 climbed 0.16% Both ended mere points from record levels. The Nasdaq Composite Index, however, bucked the trend to slip 0.17%.
The US central bank, in its statement following a two-day meeting, said economic activity has been picking up at a solid rate, versus the moderate rate that it had referenced in September. The rosier view of the economy also suggests that it is on track to hike interest rates in December, as has been widely expected.
Private-sector employment in the US bounced back in October as employers added 235,000 jobs, ADP reported Wednesday. The gain in October ADP was higher than the 110,000 gain in September.
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