Aviation stocks nudge higher

After hitting fresh intraday lows in afternoon trade, key indices traded with minuscule losses in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, fell 10.23 points or 0.03% at 34,046.60. The Nifty 50 index declined 8.85 points or 0.08% at 10,521.85. The Sensex briefly slipped below the 34,000 level in afternoon trade.

Key indices started the first trading session of the calendar year 2018 on a subdued note and languished around the flat line so far in the absence of any major global or domestic cues.

Among the secondary indices, the S&P BSE Mid-Cap index rose 0.95%. The S&P BSE Small-Cap index advanced 1.08%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers for every loser on the BSE. 1,971 shares advanced and 874 shares declined. A total of 118 shares were unchanged.

Aviation stocks advanced. Jet Airways (India) (up 1.91%), InterGlobe Aviation (up 1.02%) and SpiceJet (up 0.96%) nudged higher.

FMCG stocks were mixed. Emami (up 1.57%), P&G Hygiene and Health Care (up 1.56%), Colgate-Palmolive (India) (up 1.13%), Britannia Industries (up 0.85%), Dabur India (up 0.59%) and Godrej Consumer Products (up 0.31%) gained. Hindustan Unilever (down 0.92%), Marico (down 0.33%), Tata Global Beverages (down 0.25%) and Nestle India (down 0.05%) dropped.

Gayatri Projects gained 2.87% to Rs 232.90 after the company announced bagging a new order of Rs 583 crore from the National Highways Authority of India. The announcement was made during market hours today, 1 January 2018.

Overseas, European and Asian stock markets remain closed due to New Year Holiday. Growth in China's manufacturing sector slowed slightly in December. The official Purchasing Managers' Index (PMI) released on Sunday dipped to 51.6 in December, down from 51.8 in November. The 50-point level divides growth from contraction on a monthly basis. The official non-manufacturing Purchasing Managers' Index (PMI) rose to a three-month high of 55 from 54.8 in November.

US stocks closed lower on Friday, 29 December 2017 as selling pressure accelerated towards the close of the session. US markets remain closed today, 1 January 2018 on account of New Year's Day.

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