Key indices were trading with small gains in morning trade after hovering near the flat line so far during the session in listless trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 35.88 points or 0.12% at 29,962.03. The Nifty 50 index rose 4.80 points or 0.05% at 9,318.85.
The Sensex had managed to move slightly above the psychological 30,000 mark in early trade but couldn't hold on to that level for long. Indian stocks tracked small gains in Asian stocks and tiny gains in US stocks overnight. Capital goods stocks traded mixed. Realty stocks extended previous sessions' gains.
The BSE Mid-Cap index rose 0.2%. The BSE Small-Cap index gained 0.45%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,268 shares rose and 901 shares fell. A total of 101 shares were unchanged.
Capital goods stocks traded mixed. Bharat Heavy Electricals (Bhel) (up 0.57%), Havells India (up 0.21%), and Siemens (up 0.47%) gained. Bharat Electronics (down 0.11%), L&T (down 0.06%), and Thermax (down 0.03%) declined.
ABB India jumped 8.57% after net profit rose 3.2% to Rs 88.17 crore on 8.4% increase in net sales to Rs 2146.04 crore in Q1 March 2017 over Q1 March 2016. The result was announced after market hours yesterday, 9 May 2017.
The orders received in Q1 March 2017 was Rs 2342 crore. An order backlog of Rs 12023 crore, as on 31 March 2017, provides solid visibility for future revenue, ABB India said in a statement.
ABB India said its operational EBITA rose 8.2% to Rs 132 crore in Q1 March 2017 over Q1 March 2016.
Realty stocks extended previous sessions' gains. DLF (up 2.34%), D B Realty (up 1.92%), Sobha (up 0.92%), Indiabulls Real Estate (up 0.65%), Unitech (up 2.64%), Godrej Properties (up 0.85%), Housing Development & Infrastructure (HDIL) (up 6.78%), and Oberoi Realty (up 0.77%) edged higher.
Powergrid Corporation of India declined 0.05%. The company said that Department of Telecommunications, Ministry of Communications, Government of India has granted unified license dated 2 May 2017 to the company with national long distance and internet service provider-category A service authorizations for providing telecom services. The license is valid for 20 years. The announcement was made during market hours today, 9 May 2017.
Overseas, Asian stocks edged higher after US stocks hit record highs overnight. Markets in Korea are closed as voters there elect a new president after former President Park Geun-hye was removed from office over a corruption scandal.
Meanwhile, the International Monetary Fund said Asia's economic outlook faces "significant" uncertainty and downside growth risks from any sudden tightening in global financial conditions or rise in protectionist trade policies. The IMF, which in April raised its 2017 Asia-Pacific growth forecast to 5.5% from its previous October forecast of 5.4%, said loose monetary and fiscal policies across most of the region would underpin domestic demand. India's growth is expected to rebound to 7.2% in the FY 2018 and 7.7% in FY 2019 after disruptions caused by demonetisation, the IMF said.
In US, the S&P 500, and Nasdaq Composite indices notched records yesterday, 8 May 2017, but indexes finished little-changed as materials shares capped a climb in the energy sector. Trading activity was listless after Emmanuel Macron's closely watched, but expected, presidential election victory in France on Sunday, 7 May 2017.
In the latest commentary from Federal Reserve officials, Cleveland Federal Reserve President Loretta Mester said the Fed must be very vigilant against falling behind on needed interest-rate hikes, adding that we could risk a recession if the central bank delayed too long on normalizing rates. Separately, St. Louis Fed President James Bullard said the Fed's benchmark federal-funds rate is close to where a famous mathematical rule recommends it should be.
A measure of fear on Wall Street ended at its lowest level since 1993 yesterday, 8 May 2017, according to FactSet data. The CBOE Volatility Index VIX, -7.57% or VIX, closed at 9.77, off 7.6%, and marking its lowest level since 27 December1993.
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