After a subdued start, key benchmark indices languished near the flat line in morning trade amid weak global cues. At 10:16 IST, the barometer index, the S&P BSE Sensex, fell 10.50 points or 0.03% at 34,422.57. The Nifty 50 index was down 7.50 points or 0.07% at 10,624.70.
Overseas, Asian stocks edged lower after Wall Street slipped overnight on China bond report. US stocks fell yesterday, 10 January 2018 as investors fretted over the possibility of China halting its Treasury bond purchases and the US pulling out of North American Free Trade Agreement (NAFTA).
Back home, the breadth, indicating the overall health of the market, was positive. On the BSE, 1,234 shares rose and 967 shares declined. A total of 92 shares were unchanged.
TCS was down 0.39% at Rs 2,796.20. The company is scheduled to announce Q3 December 2017 results today, 11 January 2018.
Infosys advanced 0.93%. The company is scheduled to announce Q3 December 2017 earnings tomorrow, 12 January 2018.
Auto stocks were mixed. Ashok Leyland (down 0.55%), Eicher Motors (down 0.53%), Bajaj Auto (down 0.33%) and Hero MotoCorp (down 0.26%) edged lower. Tata Motors (up 1.01%), Mahindra & Mahindra (up 0.02%) and TVS Motor Company (up 0.02%) edged higher.
Maruti Suzuki India was up 0.14% at Rs 9,397.40 after the company announced a price increase ranging from Rs 1,700 to Rs 17,000 (ex-showroom- Delhi) across models with effect from 10 January 2018, owing to increase in commodity and other administrative & distribution costs. The announcement was made after market hours yesterday, 10 January 2018.
India Nippon Electricals jumped 9.77% to Rs 1,200 after the company scheduled a board meeting on 29 January 2018 to consider the proposal of sub-division of equity shares of the company.
On the macro front, according to the World Bank's Global Economic Prospects report released yesterday, 10 January 2018, India is likely to reclaim its position from China as the fastest growing major economy in 2018, with growth expected to accelerate to 7.3% in the year. The World Bank also revised India's growth estimate for 2017 to 6.7% from 7% projected in October, blaming short-term disruptions caused by the newly introduced goods and services tax (GST) and a softer-than-envisioned recovery in private investment. The report projected China's economic growth to slow to 6.4% in 2018 from 6.8% in 2017.
Meanwhile, the government is scheduled to announce industrial production data for November 2017 tomorrow, 12 January 2018. India's industrial production increased by 2.2% year-on-year in October, easing from an upwardly revised 4.1% gain in September.
The government will also announce tomorrow, 12 January 2018, inflation data based on consumer price index (CPI) for December 2017. Consumer prices increased 4.88% year-on-year in November, higher than 3.58% in October.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)