Key benchmark indices were hovering near flat line in early afternoon trade as gains in car major Maruti Suzuki India were offset by losses in index heavyweight Reliance Industries. At 12:17 IST, the barometer index, the S&P BSE Sensex, was almost flat at 33,684.90. The Nifty 50 index was down 8 points or 0.08% at 10,444.50. Realty shares were in demand. Most cement shares rose.
Indices opened lower, tracking mixed cues from other Asian stocks. Key benchmarks hit fresh intraday low in morning trade. The indices, however, recovered as buying emerged at lower levels in mid-morning trade. Shares turned range bound in early afternoon trade.
The Sensex rose 26.73 points, or 0.08% at the day's high of 33,712.29 in mid-morning trade. The index fell 103.18 points, or 0.31% at the day's low of 33,582.38 in morning trade. The Nifty rose 0.75 points, or 0.01% at the day's high of 10,453.25 in mid-morning trade. The index fell 38.75 points, or 0.37% at the day's low of 10,413.75 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.44%. The BSE Small-Cap index was up 0.64%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,441 shares rose and 1,120 shares fell. A total of 148 shares were unchanged.
State-run Coal India was almost flat at Rs 286.65. The company issued a clarification with reference to media reports suggesting that Odisha government slapped Rs 20169 crore penalty on Coal India arm. The company clarified that 24 show cause notices have been received in different projects of Mahanadi Coalfields for total amount of Rs 20169 crore.
Car major Maruti Suzuki India was up 1.63% at Rs 8,350.
Index heavyweight Reliance Industries (RIL) was down 1.10% at Rs 935.20.
Most cement shares rose. UltraTech Cement (up 1.29%) and ACC (up 0.25%), edged higher. Ambuja Cements was down 0.53%.
Grasim Industries was up 0.30%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Realty shares were in demand. Housing Development and Infrastructure (HDIL) (up 3.30%), Sunteck Realty (up 3.28%), Indiabulls Real Estate (up 2.57%), Sobha (up 2.15%), Godrej Properties (up 2.04%), Prestige Estates Projects (up 1.85%), Mahindra Lifespace Developers (up 1.64%), Peninsula Land (up 1.20%), DLF (up 1.05%), Anant Raj (up 0.82%), Parsvnath Developers (up 0.81%), D B Realty (up 0.80%), Oberoi Realty (up 0.77%), Phoenix Mills (up 0.58%) and Omaxe (up 0.56%), edged higher. Unitech was down 1.43%.
Natco Pharma gained 1.08% after the company announced that it has executed definitive agreement and subscribed to 7.5% of the paid-up equity share capital of OMRV Hospitals. The announcement was made on Saturday, 4 November 2017.
Natco Pharma said that the investment amount was Rs 7.5 crore. OMRV operates under the brand name of PACE Hospital which is a super specialty hospital presently operating in Hyderabad, Telangana and focused on tertiary care services in the field of medical and surgical gastroenterology, hepatology, nephrology, urology, GI oncology and andrology.
Overseas, Asian stocks were mixed as investors were cautious after a surprise shakeup over the weekend in Saudi Arabia and with President Donald Trump in Asia for more than a week of high-profile meetings.
Minutes from the Bank of Japan's (BoJ) September meeting released Monday showed most policymakers thought the central bank should keep its current policy guidelines. Meanwhile, Japan's service sector grew at its fastest pace in two years in October as new orders rose sharply in a strong start to the fourth quarter. The Nikkei-Markit services purchasing managers' index rose to 53.4 in October, up from 51.0 in the previous month and its strongest since August 2015.
Traders are keeping an eye on President Donald Trump's first trip to Asia. After a few days in Tokyo and Seoul, Trump will arrive in China on Wednesday, 8 November 2017, with executives from some 40 companies seeking deals in sectors ranging from energy to aviation to financial services.
Investors were also cautious as Saudi Arabia's crown prince cemented his power through an anti-corruption crackdown, leading to arrests of royals, ministers and investors including prominent business billionaire Alwaleed bin Talal.
US stocks closed at records on Friday, 3 November 2017, with major indexes extending their lengthy upward moves on the back of strong results at Apple, which offset a mixed set of economic data, including a lackluster October jobs report. The Dow Jones Industrial Average rose 0.1%, the Nasdaq Composite Index climbed 0.7%, and the S&P 500 gained 0.3%.
US payrolls data provided a mixed picture of the strength of the labor market, though distortions from the hurricanes in August made it difficult to draw firm conclusions. The US economy added 261,000 jobs in October and the unemployment rate was 4.1% as labor conditions returned to normal following the storm-weakened September.
Meanwhile, Trump announced last week that US Fed Governor Jerome Powell will be nominated to replace Janet Yellen as the future chairman when her term expires in February 2018.
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