Key benchmark indices gyrated in a small range near the flat line in early afternoon trade. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 10.22 points or 0.03% at 31,757.31. The Nifty index was up 16.40 points or 0.17% at 9,802.45.
Domestic stocks drifted higher in early trade led by index heavyweights Reliance Industries (RIL) and ITC. Stocks trimmed gains in morning trade. Key benchmark indices were trading with small gains in mid-morning trade.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,351 shares rose and 1,110 shares fell. A total of 145 shares were unchanged.
FMCG stocks gained. Hindustan Unilever (up 1.7%), Marico (up 0.53%), Nestle India (up 0.35%), Tata Global Beverages (up 2.19%), Britannia Industries (up 0.35%), GlaxoSmithkline Consumer Healthcare (up 0.8%), Dabur India (up 0.72%), Godrej Consumer Products (up 0.43%), Procter & Gamble Hygiene and Health Care (up 0.72%), Jyothy Laboratories (up 0.18%) and Bajaj Corp (up 0.88%) rose. Colgate-Palmolive (India) (down 0.22%) fell.
Most realty stocks rose. Sobha (up 3.74%), D B Realty (up 1.25%), Housing Development and Infrastructure (up 0.36%), Prestige Estates Projects (up 1.09%), Oberoi Realty (up 0.27%) and Parsvnath Developers (up 1.62%) rose. Godrej Properties (down 0.11%), DLF (down 0.05%), Indiabulls Real Estate (down 0.25%) and Unitech (down 5.69%) fell.
Steel Strips Wheels (SSWL) rose 1.35% after the company said it has received export order for supply of steels wheels for EU after market.
SSWL announced that the company has bagged of export order for supply of 20,000 steel wheels for EU aftermarket. This order covers supplies of over 20,000 wheels in a period of 3 months. Wheels would be dispatched from SSWL's Chennai plant from July 2017 onwards. This repeat order of 10,000 more wheels is expected by end of September 2017. The announcement was made during market hours today, 12 July 2017.
Among macro economic data, investors are awaiting industrial output data for the month of May and retail inflation data of June by the government today, 12 July 2017. The government will announce industrial production data for the month of May 2017 after market hours today, 12 July 2017. The data on inflation based on consumer price index (CPI) or retail inflation for June 2017 will also be announced after market hours today, 12 July 2017.
Overseas, most Asian stocks were trading higher as investors looked ahead to US Federal Reserve Chair Janet Yellen's comments. The US stock market remained resilient yesterday, 11 July 2017 with the Nasdaq extending its winning streak to a third session as a pair of political developments dominated the news cycle. The Dow Jones Industrial Average, edged up less than a point to close at 21,409.07. The S&P 500 lost 1.90 points to finish at 2,425.53. The Nasdaq Composite Index rose 16.91 points, or 0.3%, to end at 6,193.30.
In a development in claims that Russia might have meddled in the 2016 US presidential election, Donald Trump's eldest son released correspondence on Tuesday that showed communication with a Russian government attorney.
Meanwhile, investors are awaiting testimony from Federal Reserve Chair Janet Yellen on Wednesday and Thursday for more cues on the pace of interest-rate increases. On the Fed front, Fed Gov. Lael Brainard, speaking at a conference held at Columbia University, indicated she supports the central bank beginning to reverse its $4.5 trillion balance sheet, but wasn't persuaded on more rate increases after that.
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