Key benchmark indices were trading flat-to-negative in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 15.24 points or 0.05% at 31,118.73. The Nifty 50 index was down 6.10 points or 0.06% at 9,600.80. Shares from cement and metal & mining sectors declined. Investors chose to stay on the sidelines and awaited clarity on the Federal Reserve's future path for US policy.
Domestic stocks saw a quiet start to the day's trading session with the key benchmark indices trading on a flat-to-positive note in early trade.
Overseas, Asian stocks were trading lower as investors awaited clarity on the Federal Reserve's future path for US policy after a likely rate rise later in the day. In US, the Dow and the S&P 500 closed at records yesterday, 13 June 2017, as technology shares rebounded following a two-day decline.
The US Federal Reserve's two-day meet ends today, 14 June 2017 and investors expect the central bank to raise interest rates for the third time since December. Super-low unemployment, gains in factory output and other economic data pointing to a recovery in the US economy have led investors to believe that the Fed will lift rates.
Back home, Reliance Industries (RIL) (up 2.05%), Dr Reddy's Laboratories (up 1.91%) and Power Grid Corporation of India (up 0.95%) edged higher from the Sensex pack.
Metal and mining stocks declined. Vedanta (down 1.3%), JSW Steel (down 0.23%), Tata Steel (down 0.97%), Steel Authority of India (Sail) (down 1.06%), Hindustan Zinc (down 1.15%), Jindal Steel & Power (down 1.55%), Hindalco Industries (down 1.55%) and NMDC (down 0.88%) edged lower. Hindustan Copper (up 1.96%) and National Aluminium Company (up 0.31%) rose.
Copper edged lower in the global commodities market. High Grade Copper for July 2017 delivery was currently up 0.04% at $2.5975 per pound on the COMEX.
Grasim Industries was off 0.21%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Gujarat Pipavav Port rose 3.62% to Rs 141.60 on bargain hunting after a recent slide. Shares of Gujarat Pipavav Port fell 5.33% in four trading sessions to settle at Rs 136.65 yesterday, 13 June 2017, from its close of Rs 144.35 on 7 June 2017.
Kellton Tech Solutions rose 2.35% after the company said it formed a partnership with BEC (Systems Integration). BEC (Systems Integration) is a specialist provider of automated data capture solutions for use in the supply chain and manufacturing industry. The announcement was made after market hours yesterday, 13 June 2017.
Kellton Tech Solutions said that the partnership will help infuse SAP's latest capabilities into BEC's solutions, enabling them to successfully implement S/4 HANA migration. Based on its eSmart Data Capture software suite, BEC's innovative solutions leverage the power of ERP to deliver improved accuracy and productivity within its clients' warehouse, distribution centre and manufacturing departments.
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