After a positive start, key benchmark indices hovered near the flat line in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, rose 34.34 points or 0.1% at 33,087.38. The Nifty 50 index advanced 17.60 points or 0.17% at 10,210.55.
The stock market opened higher as bargain hunting emerged after previous two sessions of losses. The market also took note of the US Federal Reserve's decision of raising interest rates for the third time this year, underlining the confidence that the United States remains on solid footing.
The S&P BSE Mid-Cap index rose 0.19%, outperforming the Sensex. The S&P BSE Small-Cap index advanced 0.05%, underperforming the Sensex.
The breadth, indicating the overall health of the market, was almost flat. On the BSE, 1,060 shares rose and 1,004 shares declined. A total of 116 shares were unchanged.
Shares of telecom and telecom tower infrastructure providers advanced. Reliance Communications (up 1.33%), Bharti Infratel (up 1.05%), Idea Cellular (up 0.22%) and Bharti Airtel (up 0.17%) edged higher.
Realty stocks were mixed. Oberoi Realty (up 4.44%), Unitech (up 0.75%), HDIL (up 0.47%), Indiabulls Real Estate (up 0.3%) and D B Realty (up 0.14%) gained. Sobha (down 1.2%), Prestige Estates Projects (down 0.91%), Godrej Properties (down 0.87%) and DLF (down 0.26%) edged lower.
IndusInd Bank fell 0.07% after the bank said that the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 crore on the bank for non-compliance of the central bank's directions. The announcement was made during market hours today, 14 December 2017.
Prataap Snacks surged 4.66% at Rs 1,338.30 after consolidated net profit jumped 142.4% to Rs 12.92 crore on 10.1% rise in total income to Rs 264.10 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 13 December 2017.
Bodal Chemicals tumbled 7.07% to Rs 158.95 after net profit dropped 27% to Rs 26.18 crore on 23.5% fall in total income to Rs 264.30 crore in Q2 September 2017 over Q2 September 2016. The announcement was made after market hours yesterday, 13 December 2017.
On the macro front, the government will announce inflation data based on wholesale price index (WPI) for November at 12:00 IST today, 14 December 2017. Wholesale prices rose 3.59% year-on-year in October, following a 2.6% increase in September.
Among other news, the second phase of polling in Gujarat is underway today, 14 December 2017 in 93 assembly constituencies. Counting of votes will take place on 18 December 2017. Gujarat recorded a polling of 68% in the first phase of assembly elections for 89 assembly constituencies held on 9 December 2017. The Gujarat assembly has 182 seats.
Overseas, Asian stocks were mixed. US stocks rose yesterday, 13 December 2017, with the Dow posting a record closing, after the Federal Reserve hiked interest rates. Investors also digested news of Congressional leaders reaching a tentative agreement on a tax overhaul plan.
The Fed raised interest rates by a quarter point after the conclusion of its two-day policy meeting yesterday, 13 December 2017, in a move that was widely expected by markets. That increased the central bank's target range to between 1.25% and 1.5%. The Fed also raised its GDP forecast from 2.1% to 2.5%. Its inflation forecast was raised from 1.6% to 1.7%.
In Europe, a meeting of the European Central Bank (ECB) is scheduled today, 14 December 2017, to announce its interest rate decision. The ECB held its benchmark refinancing rate at 0% on 26 October, as widely expected, and decided to reduce its quantitative easing programme to a monthly pace of 30 billion from January with the option of extending it in September 2018.
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