The stock market continued the lackluster session with the two key benchmark indices languishing just a tad above the neutral line in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 25.99 points or 0.08% at 34,459.06. The Nifty 50 index advanced 3 points or 0.03% at 10,635.20.
The trading was lackluster so far with the movement for key indices confined to a narrow range around the flat line. Weak global cues also weighed on sentiment on the domestic bourses.
Overseas, Asian stocks edged lower after Wall Street slipped overnight on China bond report.
Back home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,680 shares rose and 999 shares declined. A total of 121 shares were unchanged.
Realty stocks advanced. Prestige Estates Projects (up 3.59%), Godrej Properties (up 3.28%), Indiabulls Real Estate (up 1.78%), DLF (up 1.08%), HDIL (up 1%), Sobha (up 0.5%), Oberoi Realty (up 0.63%) and Unitech (up 0.2%) gained.
Pharma stocks gained. Sun Pharmaceutical Industries (up 1.26%), Divi's Laboratories (up 1.2%), Aurobindo Pharma (up 0.9%), Lupin (up 0.6%) and Dr Reddy's Laboratories (up 0.34%) edged higher. Alkem Laboratories (down 2.5%) and Cipla (down 0.83%) edged lower.
On the macro front, according to the World Bank's Global Economic Prospects report released yesterday, 10 January 2018, India is likely to reclaim its position from China as the fastest growing major economy in 2018, with growth expected to accelerate to 7.3% in the year. The World Bank also revised India's growth estimate for 2017 to 6.7% from 7% projected in October, blaming short-term disruptions caused by the newly introduced goods and services tax (GST) and a softer-than-envisioned recovery in private investment. The report projected China's economic growth to slow to 6.4% in 2018 from 6.8% in 2017.
Meanwhile, the government is scheduled to announce industrial production data for November 2017 tomorrow, 12 January 2018. India's industrial production increased by 2.2% year-on-year in October, easing from an upwardly revised 4.1% gain in September.
The government will also announce tomorrow, 12 January 2018, inflation data based on consumer price index (CPI) for December 2017. Consumer prices increased 4.88% year-on-year in November, higher than 3.58% in October.
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