Key benchmark indices hovered near flat line after paring losses in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, fell 14.57 points or 0.04% at 34,428.62. The Nifty 50 index declined 9.80 points or 0.09% at 10,627.20.
The Sensex had hit a record high in early trade. Later, the movement of key indices was confined to a narrow range around the flat line till mid-morning trade before extending losses amid weakness in Asian stocks. Key indices pared losses and were hovering in narrow range in negative terrain in afternoon trade.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.5%. The S&P BSE Small-Cap index also dropped 0.11%. Both these indices underperformed the Sensex.
Back home, the breadth, indicating the overall health of the market, was negative. On the BSE, 1,612 shares declined and 1,234 shares advanced. A total of 129 shares were unchanged.
Aviation stocks shrugged off surge in crude oil prices. Jet Airways (India) (up 0.91%) and InterGlobe Aviation (up 1.07%) gained. SpiceJet (down 1.96%) edged lower. Aviation turbine fuel (ATF) or jet fuel is directly linked to international crude oil prices.
Most realty stocks nudged higher. Oberoi Realty (up 3.13%), Godrej Properties (up 2.81%), Indiabulls Real Estate (up 2.55%), HDIL (up 0.93%), D B Realty (up 0.73%) and Prestige Estates Projects (up 0.19%) gained. DLF (down 0.44%), Unitech (down 0.2%) and Sobha (down 0.02%) edged lower.
Lupin was up 0.78% at Rs 928.05 after the company said it has received final approval for its Oseltamivir Phosphate Capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) from the United States Food and Drug Administration (FDA) to market a generic version of Hoffman-La Roche, Inc's Tamiflu Capsules, 30 mg, 45 mg, and 75 mg. They are indicated for the treatment of acute, uncomplicated influenza A and B in patients 2 weeks of age and older who have been symptomatic for no more than 48 hours, and prophylaxis of influenza A and B in patients 1 year and older. The announcement was made during market hours today, 10 January 2018.
Steel Strips Wheels rose 2.48% at Rs 1,193.90 after the company announced securing a maiden truck wheels order worth close to $2 million from USA. The announcement was made during market hours today, 10 January 2018.
Overseas, European stocks edged lower in early trade as investors watch out for corporate earnings and fresh data. Asian stocks were mixed as investors booked profits in shares while oil prices hit three-year highs due to production cuts and a fall in inventories. US equities rose to record highs yesterday, 9 January 2018 as investors remained optimistic about the market heading into the corporate earnings season.
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