Key benchmark indices were hovering near flat line in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 27.46 points or 0.08% at 33,696.98. The Nifty 50 index was down 2.45 points or 0.02% at 10,397.10.
Domestic stocks edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices once again extended losses after staging an intraday recovery in morning trade.
The S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.55%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,472 shares rose and 1,082 shares fell. A total of 139 shares were unchanged.
Cement shares were mixed. UltraTech Cement (up 1.08%) and Ambuja Cements (up 0.88%), edged higher. ACC was down 0.11%. Grasim Industries was down 1.01%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Auto shares were mixed. Ashok Leyland (down 1.66%), Escorts (down 0.65%), Tata Motors (down 0.63%), Eicher Motors (down 0.32%) and TVS Motor Company (down 0.17%), edged lower. Hero MotoCorp (up 0.16%), Mahindra & Mahindra (up 0.28%), Bajaj Auto (up 0.49%) and Maruti Suzuki India (up 1.33%), edged higher.
Eris Lifesciences surged 5.13% on reports a global brokerage house has initiated coverage with outperform call on the stock. The global brokerage house has reportedly set a target price of Rs 770 for Eris Lifesciences, implying 18.41% upside from yesterday's closing of Rs 770 on the BSE. The research house believes existing business of Eris Lifesciences to grow at 15% compound annual growth rate (CAGR) going forward and entry into new areas should boost growth.
Overseas, Asian stocks were trading mixed amid uncertainty over the US tax bill. US stocks closed mostly lower yesterday, 27 November 2017 after touching intraday records as an early rally in retail shares largely fizzled. However, the blue-chip Dow bucked the weak trend to eke out a gain.
US President Donald Trump is scheduled to address Senate Republicans today, 28 November 2017 ahead of a potential vote on a tax overhaul. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing is due for her nominated successor, Jerome Powell.
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