Market continued to hover near the flat line in morning trade on softer global cues and weaker gross domestic product (GDP) data in Q4 FY 2017. At 10:18 IST, the barometer index, the S&P BSE Sensex was up 14.28 points or 0.05% at 31,160.08. The Nifty 50 index declined 2.30 points or 0.02% at 9,618.95.
The S&P BSE Mid-Cap index rose 0.48%. The S&P BSE Small-Cap index advanced 0.79%. Both these indices outperformed the Sensex.
Overseas, Asian stocks were mixed. US equities closed lower yesterday, 31 May 2017, as a drop in the financial sector pressured stocks.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,210 shares rose and 804 shares declined. A total of 113 shares were unchanged.
Telecom stocks were mixed. Bharti Infratel (up 1.96%) and Reliance Communications (up 0.75%) edged higher. Bharti Airtel (down 1.08%) and Idea Cellular (down 0.44%) edged lower.
Realty stocks advanced. Prestige Estates Projects (up 2.33%), HDIL (up 2.3%), D B Realty (up 1.34%), Sobha (up 1.17%), Oberoi Realty (up 0.68%), DLF (up 0.17%) and Indiabulls Real Estate (up 0.18%) edged higher. Unitech (down 0.79%) edged lower.
MOIL rose 1.97% at Rs 336.35 after the company announced increase in price of various grades of manganese ore effective from 1 June 2017. MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades of ore. The announcement was made after market hours yesterday, 31 May 2017.
The prices have been increased by 10% on all grades of fines and chemical grades ore on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged. MOIL announced that the latest price increase is in-line with the company's business practice of fixing/revising prices of different grades of manganese ore.
On the macro front, India's Gross Domestic Product (GDP) rose at moderated pace of 6.1% in Q4 March 2017, which is the lowest pace of growth in last nine quarters. The GDP growth decelerated sharply from 7% growth recorded in the preceding last quarter and 8.7% surge posted in the corresponding quarter last year. The data was released by the government after market hours yesterday, 31 May 2017.
The Eight core infrastructure industries have showed 2.5% growth in output for April 2017 over April 2016. Its cumulative output growth had stood at 4.8% in FY 2017.
The Base Year of the Index of Eight Core Industries has been revised from the year 2004-05 to 2011-12 from April 2017. The shift is in line with the new base year of Index of Industrial Production (IIP). The data was released by the government after market hours yesterday, 31 May 2017.
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