Key benchmark indices recovered after hitting fresh intraday low in early afternoon trade. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 42.90 points or 0.13% at 32,229.31. The Nifty 50 index was up 3.40 points or 0.03% at 10,082.70.
On macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.24% (provisional) for August 2017, compared with 1.88% (provisional) in July 2017 and 1.09% in August 2016. The data was announced during trading hours today, 14 September 2017.
The Sensex pared gains after hitting fresh intraday high in mid-morning trade. The Sensex rose 142.20 points, or 0.44% at the day's high of 32,328.61 in mid-morning trade. The index rose 0.79 points at the day's low of 32,187.20 in early afternoon trade. The Nifty rose 47.20 points, or 0.47% at the day's high of 10,126.50 in morning trade. The index fell 6.80 points, or 0.07% at the day's low of 10,072.50 in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.40%. The BSE Small-Cap index was up 0.52%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,236 shares rose and 1,151 shares fell. A total of 124 shares were unchanged.
Telecom shares declined. Idea Cellular (down 0.3%), MTNL (down 0.25%) and Bharti Airtel (down 0.16%), edged lower. Tata Teleservices (Maharashtra) was up 0.45%.
Reliance Communications (RCom) was down 1.83% after the Indian unit of Sweden's Ericsson has filed insolvency petitions against RCom and two of its subsidiaries before the National Company Law Tribunal (NCLT) in Mumbai. Network services provider Ericsson India, an operational creditor to RCom, has sought the intervention of the tribunal for recovering dues totalling about Rs 1154 crore from RCom and subsidiaries Reliance Infratel and Reliance Telecom, the Anil Ambani-led company said in a stock exchange filing after market hours yesterday, 13 September 2017.
RCom owes Rs 491.41 crore and Reliance Infratel and Reliance Telecom owe Rs 534.75 crore and Rs 129.34 crore, respectively to Ericsson India. The company intends to challenge the said petitions, RCom stated. NCLT will take up the petition on 26 September 2017.
Telecom tower infrastructure provider Bharti Infratel was down 0.39%
Realty shares were mixed. Parsvnath Developers (up 4.62%), Anant Raj (up 1.15%), Omaxe (up 0.6%), Mahindra Lifespace Developers (up 0.49%), Indiabulls Real Estate (up 0.28%) and DLF (up 0.03%), edged higher. Phoenix Mills (down 0.03%), Prestige Estates Projects (down 0.12%), D B Realty (down 0.26%), Unitech (down 0.4%), Godrej Properties (down 0.51%), Housing Development and Infrastructure (HDIL) (down 0.62%), Oberoi Realty (down 0.9%), Sunteck Realty (down 1.38%) and Peninsula Land (down 2.03%), edged lower.
Sobha was up 0.85%. The company announced after market hours yesterday, 13 September 2017, that its board of directors approved the buyback of up to 14.58 lakh equity shares representing up to 1.5% of the total paid-up equity share capital of the company at a price of Rs 425 per equity share.
Overseas, most Asian shares declined after disappointing economic data out of China. China's Shanghai Composite index was down 0.39%. China's National Bureau of Statistics said the world's second-largest economy saw 6% annual growth in its industrial output in August, slower than 6.4% growth in July. Retail sales expanded 10.1% on year in August, compared with 10.4% in July. The data suggested that China's economy continued to cool.
Investors are waiting for the latest updates on the US economy ahead of the Federal Reserve meeting due next week. Later in the global day today, the US Labor Department is scheduled to release reports on consumer price for August and the number of people who applied for unemployment benefit last week.
US market edged higher overnight, but trading was subdued as investors searched for catalysts that could breathe new life into the rally.The S&P 500 added 1.89 points to finish at 2,498.37. The Dow Jones Industrial Average edged up 39.32 points, or 0.2%, to end at 22,158.18 while the Nasdaq Composite Index rose 5.91 points to close at 6,460.19.
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