Key benchmark indices were hovering in a narrow range in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 80.78 points or 0.24% at 33,869.32. The Nifty 50 index was up 19.80 points or 0.19% at 10,399.15. The Sensex and the Nifty managed to trade higher while the broader market witnessed selling pressure. Sugar shares were in demand.
Overseas, Asian markets advanced as investors digested comments from Chinese President Xi Jinping on measures planned to further open up the Chinese economy. Those measures, which Xi brought up in his speech at the Boao Forum for Asia, included lowering import tariffs for autos and other products, as well as enforcing legal intellectual property of foreign firms.
US stock futures also edged up amid improved investor confidence. Dow Jones industrial average futures were higher by 326 points in Asian trade.
US stock market finished well off session highs on Monday following a report that the Federal Bureau of Investigation (FBI) officers had raided the office of Michael Cohen, Trump's longtime personal lawyer. US stocks had rallied earlier in the session as comments from Trump and administration officials alleviated fears about rising trade hostilities between the US and China.
Back home, the market opened higher and hit fresh intraday high in morning trade. Indices pared gains in mid-morning trade as profit selling emerged at higher levels. Market turned range bound in early afternoon trade.
Broader market witnessed selling pressure. Among secondary barometers, the BSE Mid-Cap index was down 0.03%. The BSE Small-Cap index was down 0.08%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,292 shares fell and 1,165 shares rose. A total of 106 shares were unchanged.
Sugar shares rose. Dwarikesh Sugar Industries (up 10.89%), Sakthi Sugars (up 8.31%), Rana Sugars (up 7.99%), Balrampur Chini Mills (up 6.79%), Triveni Engineering & Industries (up 6.06%), Dhampur Sugar Mills (up 4.81%), KCP Sugar & Industries Corporation (up 2.36%), DCM Shriram Industries (up 1.76%), Empee Sugars and Chemicals (up 0.67%), EID Parry (India) (up 0.4%), Shree Renuka Sugar (up 0.32%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher. Simbhaoli Sugars was down 0.52%.
Realty shares were mixed. Sunteck Realty (down 3.16%), D B Realty (down 2.81%), Peninsula Land (down 1.89%), Sobha (down 1.53%), Indiabulls Real Estate (down 1.2%), Parsvnath Developers (down 1.07%), Mahindra Lifespace Developers (down 1%), Phoenix Mills (down 0.8%), Anant Raj (down 0.77%) and Omaxe (down 0.11%), edged lower. Housing Development and Infrastructure (HDIL) (up 0.36%), Prestige Estates Projects (up 0.37%), Godrej Properties (up 0.44%), DLF (up 0.56%), Unitech (up 1.65%) and Oberoi Realty (up 2.61%), edged higher.
Maruti Suzuki India was down 0.25%. The company announced that Suzuki Motor Corporation (SMC) has started export of the all-new Swift produced at Suzuki Motor Gujarat (SMG), SMC's 100% subsidiary to produce automobiles in India. Production of the all-new Swift started at SMG in January 2018. It was shipped from Mumbai Port to South Africa, with Maruti Suzuki as its merchant exporter. The announcement was made during trading hours today, 10 April 2018.
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