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Realty stocks gain

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Domestic bourses are trading higher on positive lead from Asian stocks. The market breadth, indicating the overall health of the market, is strong. Overseas, Most Asian stock markets are trading higher as better-than-forecast trade figures in and a recovery in prices lifted sentiment.

Key benchmark indices were hovering in positive zone in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 30.53 points or 0.1% at 29,367.10. The Nifty 50 index was up 13.50 points or 0.15% at 9,117. Trading was confined in a narrow range amid a divergent trend in various index constituents.

Domestic bourses edged higher in early trade on positive lead from Asian stocks.

The BSE Mid-Cap index was up 0.43%. The BSE Small-Cap index was up 0.73%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. On the BSE, 1,546 shares rose and 684 shares fell. A total of 121 shares were unchanged.

Overseas, Asian stock markets were trading on a mixed note. On the macro front, Japanese exports grew at the fastest rate in more than two years in March, supporting the bullish view in the debate over the health of the global economy. Meanwhile, the Federal Reserve's Beige Book report showed the US economy continued to expand steadily and Fed Vice Chairman Stanley Fischer painted a picture of brightening global growth that can better manage the spillover of gradual monetary tightening.

Among US stocks, the Dow industrials and the S&P 500 ended lower yesterday, 19 April 2017 as a drop in prices fueled a selloff in energy shares while a drop in International Business Machines Corp. was responsible for half the session's losses in the blue-chip average. On the other hand, the Nasdaq Composite rose with big gains from shares of Intuitive Surgical Inc. and Lam Research Corp.

Back home, Reliance Industries rose 0.08% after the company announced successful and flawless completion of its Ethane project including commissioning of its ethane receipt & handling facilities and ethane cracking at its Dahej manufacturing facility in Gujarat in a record time of less than 3 years. The announcement was made after market hours yesterday, 19 April 2017.

The Shale gas industry in North America has grown exponentially in the past 5 years. Consequently ethane has become one of the most competitively priced feedstock for US crackers, RIL said. The supply of Ethane to RIL's crackers at Dahej, Hazira and Nagothane will provide feedstock security and flexibility enabling it to select the most optimal feed mix based on market conditions, the company said. This will improve the cost competitiveness of its existing crackers and enable it to optimize the portfolio in a volatile market environment, RIL said in a statement.

Realty stocks rose. Indiabulls Real Estate (up 3.28%), Housing Development and Infrastructure (up 1.11%), D B Realty (up 2.21%), DLF (up 1.47%), Sobha (up 2.01%), Godrej Properties (up 2.02%), Oberoi Realty (up 0.52%) and Parsvnath Developers (up 1.24%) rose. Unitech (down 0.35%) and Prestige Estates Projects (down 1.68%) fell.

Telecom stocks saw mixed trend. Bharti Airtel (up 0.25%), Idea Cellular (up 0.7%), and Reliance Communications (up 0.45%) rose. MTNL (down 0.19%) and Tata Teleservices (Maharashtra) (down 2.1%) fell.

Shares of Bharti Infratel fell 0.58%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Kitex Garments rose 5.56% after the company said its board will consider bonus issue of shares on Friday, 28 April 2017. The board will also consider audited financial results of the company for the year ended 31 March 2017. The announcement was made after market hours yesterday, 19 April 2017.

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

First Published: Thu, April 20 2017. 10:34 IST
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