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Market registers small gains in range-bound session

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The key benchmark indices registered small gains in a range bound session of trade. The barometer index, the Sensex, rose 78.26 points or 0.23% at 34,431.05, as per the provisional closing data. The 50 index advanced 4.75 points or 0.04% at 10,628.35, as per the provisional closing data.

Continuous foreign fund inflows and bets by investors amid optimism over Q3 FY 2018 earnings and upcoming budget helped the key indices to hit record highs. Positive global cues also lifted investors' spirit. However, the movement for the key indices was confined to a narrow range around the flat line throughout the session.

The advanced 135.24 points, or 0.39%, at the day's high of 34,488.03 in late trade, a record high. The index fell 9.38 points, or 0.03%, at the day's low of 34,343.41 in early trade. The advanced 35.55 points, or 0.33%, at the day's high of 10,659.15 in early trade, a record high. The index fell 20 points, or 0.18%, at the day's low of 10,603.60 in afternoon trade.

Among secondary indices, the Mid-Cap index provisionally fell 0.42%. The Small-Cap index provisionally advanced 0.06%. Both these indices underperformed the

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,617 shares fell and 1,378 shares rose. A total of 99 shares were unchanged.

The total turnover on BSE amounted to Rs 5442.86 crore, lower than turnover of Rs 6007.76 crore registered during the previous trading session.

Metal and mining stocks dropped. (down 2.53%), (down 2.72%), (down 1.45%), Vedanta (down 0.49%), (down 0.44%), (down 1.51%), SAIL (down 0.56%) and (down 0.6%) declined. (up 0.14%) edged higher.

NMDC was down 4.42% at Rs 154.70. The promoter Government of (GoI) after market hours yesterday, 8 January 2018, announced a stake sale in the company through an offer for sale (OFS) at a floor price of Rs 153.50 per share. GoI is selling up to 4.74 crore (or 1.5%) equity shares today, 9 January 2018 for only and and for who choose to carry forward their un-allotted bids tomorrow, 10 January 2018, with an option to additionally sell up to 4.74 crore (or 1.5%) equity shares of the company.

Separately, NMDC reported ore production of 24.23 million tonnes (MT) in December 2017. The company reported ore sales to 25.64 MT in December 2017. The announcement was made during market hours today, 9 January 2018.

Coal advanced 5.54% at Rs 303.80 after the company's board at its meeting held on 8 January 2018, approved revision of non-coking coal prices with effect from 9 January 2018. This will be applicable to all subsidiaries of Coal including for regulated and non-regulated sectors. Due to this revision, will earn incremental revenue of about Rs 1956 crore for the balance period of FY 2018. The projected annual incremental revenue would be Rs 6241 crore. The announcement was made after market hours yesterday, 8 January 2018.

of India (SBI) was down 0.51% at Rs 304.10. The said that its is scheduled to meet on 17 January 2018, to consider approval for issuance of long term bonds of Rs 5000 crore for financing of infrastructure and affordable housing in domestic and overseas market. The announcement was made during market hours today, 9 January 2018.

Index heavyweight and cigarette ITC advanced 1.92% at Rs 270.45. The company said that the by an order dated 8 January 2018 has stayed operation of the judgement and order dated 15 December 2017 passed by the High Court. The announcement was made during market hours today, 9 January 2018.

It may be recalled that the High Court by its judgement and order dated 15 December 2017, held a notification issued by the Ministry of Health and Family Welfare, Government of India, as unconstitutional. The said notification, inter alia, prescribed textual and pictorial warnings to occupy 85% of the front and back panels of tobacco product packages. The High Court also held that the earlier rules prescribing 40% warning on the front panel of tobacco product packages shall revive. Certain individuals and NGOs have filed special leave petitions against this judgment, along with a prayer for stay of the judgment.

Overseas, European stocks edged higher as investors monitored a fresh batch of economic data. Official data released today, 9 January 2018 showed that industrial production in Germany, Europe's biggest economy, picked up strongly in November after two months of declines. The said that production was up 3.4% compared with the previous month.

Most Asian stocks closed higher as investors in the region digested earnings guidance from tech heavyweight and kept an eye on inter-talks. North and have begun high-level talks, the first between the countries in two years. will reportedly send athletes and cheerleaders to next month's in South Korea, after the two countries held their first official talks for more than two years. The talks represent a cautious diplomatic breakthrough after months of rising tensions over Pyongyang's nuclear weapons programme. US called the talks a "big start", adding that it would be a "great thing for all of humanity" if they resulted in a positive outcome.

In the US, the and Nasdaq composite finished Monday's session at all-time highs as investors remained optimistic on the US economy.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 15:32 IST