Key benchmark indices continued to trade near the flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex declined 6.88 points or 0.02% at 33,335.92. The Nifty 50 index dropped 9.90 points or 0.1% at 10,273.70. Weakness in Asian stocks weighed on sentiment.
Indices, mostly, swung between gains and losses in a narrow range close to the flat line so far during the session.
The S&P BSE Mid-Cap index rose 0.2%. The S&P BSE Small-Cap index advanced 0.52%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On BSE, 1,469 shares rose and 886 shares declined. A total of 123 shares were unchanged.
Auto stocks traded mixed. Mahindra & Mahindra (M&M) (down 0.26%), Ashok Leyland (down 0.6%), and Eicher Motors (down 0.03%) declined.
Maruti Suzuki India (up 0.87%), Bajaj Auto (up 1.04%), Hero MotoCorp (up 0.27%), Tata Motors (up 0.08%) and TVS Motor Company (up 0.27%) gained.
IT stocks were also mixed. HCL Technologies rose 0.08%. TCS rose 0.24%. Tech Mahindra fell 1.02%.
IT major Infosys dropped 0.76% to Rs 963.55. The company's Rs 13000 crore buyback offer will open on 30 November 2017 and end on 14 December 2017. The offer will see the company buying back over 11.30 crore shares at Rs 1150 each. The announcement was made after market hours on Friday, 17 November 2017.
IT major Wipro gained 0.55% to Rs 296.40. The company's Rs 11000 crore share buyback offer will open on 29 November 2017 and end on 13 December 2017. The offer will see the company buying back over 34.37 crore shares at Rs 320 each. The announcement was made after market hours on Friday, 17 November 2017.
IndusInd Bank (up 1.29%) and Yes Bank (up 1.96%) edged higher. Cipla (down 0.93%) and Lupin (down 0.14%) edged lower. IndusInd Bank and Yes Bank will be included as constituents in the S&P BSE Sensex, while Cipla and Lupin will be excluded from the benchmark index. The changes are effective at the open of 18 December 2017.
Biocon rose 4.18% after the company said that its facility has been cleared by the US drug regulator after an inspection. The announcement was made before trading hours today, 20 November 2017.
Biocon confirmed that the US Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) in relation to the cGMP (current Good Manufacturing Practice) inspection of the company's aseptic drug product facility that was audited between 25 May 2017 and 3 June 2017. The USFDA has classified the outcome of this inspection as VAI (voluntary action indicated) and the EIR states that the inspection is closed.
Overseas, most Asian stocks declined pressured by a retreat on Wall Street on Friday, 17 November 2017, amid tax reform uncertainty. Meanwhile, among macroeconomic data from major economies, Japan's export growth held steady in October. Ministry of Finance (MOF) data showed that exports rose 14% year-on-year in October.
US stocks finished the week on a subdued note on Friday, 17 November 2017, as worries over US tax reform and a delay of the promises cut in corporate taxation, weighed on investors' minds. The US House of Representatives passed their version of a tax overhaul bill that would cut corporate taxes last week, but the Senate continued to wrangle over its rival tax bill, with investors uncertain about whether Congress will be able to reach a compromise.
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