Key benchmark indices trimmed gains and were hovering slightly above the flat line in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 33.75 points or 0.11% at 31,780.84. The Nifty index was up 15.65 points or 0.16% at 9,801.70.
Domestic stocks drifted higher in early trade led by index heavyweights Reliance Industries (RIL) and ITC.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,213 shares rose and 883 shares fell. A total of 116 shares were unchanged.
Overseas, Asian stocks were trading mixed. 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.
Back home, IT stocks declined. MphasiS (down 1.03%), TCS (down 0.48%), Infosys (down 0.05%), Wipro (down 0.17%), HCL Technologies (down 0.11%), Tech Mahindra (down 0.03%), MindTree (down 0.93%) and Hexaware Technologies (down 0.67%) fell. Oracle Financial Services Software (up 0.24%) rose.
Cement stocks rose. ACC (up 1.14%), Ambuja Cements (up 0.9%) and UltraTech Cement (up 0.05%) gained. Shree Cement (down 2.83 %) fell.
Grasim Industries was up 0.58%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Camlin Fine Sciences rose 1.21% after the company said it acquired 51% stake in a Chinese company. Camlin Fine Sciences along with its subsidiary CFS Europe SpA, Italy has acquired 51% stake in China's Ningbo Wanglong Flavors and Fragrances Company (NWFFCL) from Wanglong Technology Company for $6.28 million. The announcement was made before trading 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.
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