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Market turns range bound

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Key benchmark indices were range bound in early afternoon trade. At 12:16 IST, the barometer index, the S&P Sensex, was up 29.15 points or 0.09% at 31,340.72. The 50 index was up 9.25 points or 0.10% at 9,666.80.

Among secondary barometers, the Mid-Cap index was up 0.43%. The Small-Cap index was up 0.45%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,212 shares rose and 1,200 shares fell. A total of 138 shares were unchanged.

Most FMCG shares rose. Marico (up 2.84%), Jyothy Laboratories (up 1.17%), Godrej Consumer Products (up 1%), Procter & Gamble Hygiene & Health Care (up 0.98%), Dabur India (up 0.52%), Tata Global Beverages (up 0.48%), Bajaj Corp (up 0.19%) and Britannia Industries (up 0.10%), edged higher. Hindustan Unilever (down 0.04%), GlaxoSmithKline Consumer Healthcare (down 0.06%), Nestle India (down 0.28%) and Colgate Palmolive (India) (down 0.4%), edged lower.

Shares of three airliners rose after the traffic data showed passengers carried by domestic airlines rose 17.36% to 1.01 crore in May 2017 over May 2016. The traffic data was announced by the Ministry of Civil Aviation after market hours yesterday, 19 June 2017. Jet Airways (up 1.48%) and Interglobe Aviation (up 2.50%), gained.

SpiceJet gained 1.81% after the company and Boeing signed a memorandum of understanding for 40 737 MAX airplanes. The company made the announcement after market hours yesterday, 19 June 2017. SpiceJet said that the agreement, valued at approximately $4.74 billion at current list prices, is split evenly between 20 new orders for the 737 MAX 10 and conversions of 20 of the low-cost carrier's 737 MAX 8 airplanes of its current order to 737 MAX 10s. The traffic data showed passengers carried by domestic airlines rose 17.63% to 4.65 crore in January-May, 2017 over January-May, 2016.

Meanwhile, oil prices held steady on the heels of seven-month lows, with investors remaining dubious about how effective the production cuts spearheaded by Saudi Arabia and Russia have been and will be. In the global commodities markets, Brent for August 2017 settlement was up 5 cents at $46.96 a barrel. The contract had fallen 46 cents to settle at $46.91 a barrel during the previous trading session.

Jet fuel or aviation turbine fuel (ATF) typically makes up almost half of an airline's operating cost. Prices of jet fuel are directly linked to crude oil prices. State-run oil marketing companies revise jet fuel prices on the last day of every month based on the average international crude price.

Satin Creditcare Network was up 2.60% to Rs 290.50 after the Reserve bank of India yesterday, 19 June 2017, notified increasing the foreign investment limit in the company to 49% from 24% earlier.

Overseas, Asian shares were mixed amid speculation on whether China would be added to the MSCI emerging markets index on the fourth try. Investors are keeping an eye on the decision on whether to include China A-shares in the MSCI Emerging Markets Index. This will be China's fourth attempt at MSCI inclusion, after being passed over the first three times.

US stocks rose overnight with both the Dow and the S&P 500 ending at new records as technology shares rebounded from a recent bout of sharp weakness to lead the market higher. The Dow Jones Industrial Average rose 144.71 points, or 0.7%, to 21,528.99. The S&P 500 gained 20.31 points, or 0.8% to 2,453.46. The Nasdaq Composite Index rose 87.25 points, or 1.4% to 6,239.01.

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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, June 20 2017. 12:16 IST