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Market turns range bound

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Key benchmark indices were hovering in narrow range in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P Sensex, was up 82.21 points or 0.26% at 32,102.96. The 50 index was up 34.90 points or 0.35% at 9,921.25. Positive Asian stocks boosted investors sentiment.

Bluechips outperformed side counters. Among secondary barometers, the Mid-Cap index was down 0.04%. The Small-Cap index was up 0.12%. Both these indices underperformed the

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,303 shares rose and 1,289 shares fell. A total of 159 shares were unchanged.

Cigarette major ITC was down 2.92% to Rs 327.35 on fears of likely increase in cess on cigarette. According to media reports, the Goods and Services Tax (GST) Council may consider hiking the compensation cess on cigarettes if prices come down post the implementation of the GST. The GST Council will reportedly meet later today, 17 July 2017, to take stock of the implementation of the new indirect tax regime. After the rollout of GST, excise duty has automatically been removed on tobacco products. Now only GST and cess are levied on these products. GST and cess combined on cigarettes is currently 6-8% lower than pre-GST regime.

Jubilant FoodWorks advanced 4.52% to Rs 1,218.70 after net profit rose 25.53% to Rs 23.84 crore on 10.62% growth in total income to Rs 681.81 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 17 July 2017.

Jubilant FoodWorks' President & CFO Sachin Sharma has resigned from the services of the company. His last working day will be 21 July 2017. The Board will appoint his successor in due course.

Auto stocks were mixed. Ashok Leyland (up 1.94%), Mahindra & Mahindra (up 1.14%), Tata Motors (up 0.93%), TVS Motor Company (up 0.84%) and Eicher Motors (up 0.80%), edged higher. Hero MotoCorp (down 0.11%), Bajaj Auto (down 0.12%), Escorts (down 0.4%) and Maruti Suzuki India (down 0.53%), edged lower.

Realty shares were mixed. Unitech (up 13.59%), Godrej Properties (up 1.89%), Parsvnath Developers (up 1.11%), Sunteck Realty (up 1.01%), DLF (up 0.70%), Indiabulls Real Estate (up 0.56%) and Housing Development and Infrastructure (HDIL) (up 0.53%), edged higher. Omaxe (down 0.12%), Sobha (down 0.32%), Anant Raj (down 0.74%), D B Realty (down 0.76%), Mahindra Lifespace Developers (down 0.86%), Phoenix Mills (down 1.19%), Peninsula Land (down 1.52%), Oberoi Realty (down 1.9%) and Prestige Estates Projects (down 2.6%), edged lower.

On the macro front, the monsoon session of Parliament kickstarts today, 17 July 2017. The session will see a total of 19 sittings spread over a span of 26 days including four Private Members' days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.

Overseas, most European bourses declined as investors monitored the second round of formal Brexit talks in Brussels. Asian stocks rose, boosted by stronger-than-expected economic growth in China and bets that lackluster US data will keep the Federal Reserve cautious about the pace of policy tightening. Japan's Nikkei 225 was shut for a public holiday.

China reported stronger-than-expected economic growth data on Monday as the world's second-largest economy was supported by robust industrial output, retail sales and exports. The Chinese economy grew 6.9% (year-on-year) in the second quarter to keep pace with the first quarter of 2017, according to the National Bureau of Statistics.

US stocks closed higher on Friday, 14 July 2017, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month. The Dow Jones Industrial Average rose 84.65 points, or 0.4% to finish at 21,637.74. The S&P 500 index rose 11.44 points, or 0.5%, to finish at a record 2,459.27. The Nasdaq Composite Index gained 38.03 points, or 0.6%, to close at 6,312.47.

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

First Published: Mon, July 17 2017. 14:19 IST