Broad market depicts strength

Key benchmark indices recovered and were trading with small to miniscule gains in morning trade after witnessing volatile session of trade so far as near month derivatives contracts expire today, 28 September 2017. The movement of indices was restricted in a range around the flat line. At 10:20 IST, the barometer index, the S&P BSE Sensex rose 52.16 points or 0.17% at 31,211.97. The Nifty 50 index rose 0.55 points or 0.01% at 9,736.30.

The S&P BSE Mid-Cap index rose 0.65%. The S&P BSE Small-Cap index gained 0.61%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,299 shares rose and 637 shares fell. A total of 113 shares were unchanged.

Oil stocks dropped on profit booking after the recent gains. ONGC (down 1.15%), Oil India (down 0.82%), HPCL (down 4.37%), BPCL (down 3.13%) and Indian Oil Corporation (IOCL) (down 3.43%) declined.

Reliance Industries (RIL) dropped 0.67%. The company announced that its telecom unit, Reliance Jio Infocomm (Jio) and Roy Kapur Films (RKF), a leading film and media production company founded by Siddharth Roy Kapur, tied up wherein original digital video content for the Jio platform will be curated, developed, commissioned and creatively produced by Roy Kapur Films. The announcement was made after market hours yesterday, 27 September 2017.

Most telecom stocks gained on bargain hunting after last four sessions of losses. Tata Teleservices (Maharashtra) (up 0.17%) Reliance Communications (up 0.01%), MTNL (up 0.01%), and Idea Cellular (up 0.73%) gained. Bharti Airtel fell 0.09%.

Shares of Bharti Infratel dropped 1.19%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Godrej Properties rose 1.03% after the company said that it has entered into a development management agreement with Manyata Developers to develop a group housing project in East Bangalore. Manyata Developers is a leading Bangalore-based real estate company, founded by Reddy Veeranna. The announcement was made before trading hours today, 28 September 2017.

GE Power India gained 1.77% after the company said that it won an order worth Rs 328 crore from Doosan Power India. The announcement was made after market hours yesterday, 27 September 2017.

GE Power India said the order is for supplying 4 units of 660 megawatts (MW) electrostatic precipitator (ESP) for the supercritical power projects of Uttar Pradesh Government, Obra C 2x660 MW project of Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRUVNL) and Jawaharpur 2x660 MW of Jawaharpur Vidyut Utpadan Nigam (JUVNL).

Ashiana Housing rose 3.54% after the company said that it has entered into a memorandum of understanding with a Pune based developer for development of a 'Group Housing Project', on 19 acres (approximately) of land parcel situated near Hinjwadi, District Pune, Maharashtra on revenue sharing basis. Expected saleable area would be around 12.5 lakh square feet to 15 lakhs square feet. The announcement was made after market hours yesterday, 27 September 2017.

Deep Industries rose 2.6% after the company said it received an order worth Rs 2.16 crore from ONGC. The announcement was made after market hours yesterday, 27 September 2017. Deep Industries said it received letter of award from ONGC, Rajahmundry asset for hiring of natural gas compression service at Mori, GCS for 11 months. The total estimated value of the said award is approximately Rs 2.16 crore.

Overseas, most Asian stocks declined after US equities rebounded from losses on news of long-awaited tax reform plan. Japan's lower house was dissolved today, 28 September 2017, ahead of an expected snap 22 October 2017 election being called by Prime Minister Shinzo Abe, as he seeks to confirm his mandate in the face a rising challenge from a popular new conservative party.

US stocks rose yesterday, 27 September 2017, with the Dow Jones Industrials Average ending a four-day losing streak as President Donald Trump and congressional Republicans touted a sweeping tax overhaul. Republican leaders unveiled a plan to overhaul the US tax code that looks to sharply reduce tax rates on businesses and many individuals.

Among economic data in US, orders for durable goods rose 1.7% in August, beating forecasts for a 1% rise. The National Association of Realtors' pending home sales index fell 2.6% to 106.3, the group said. That was the lowest reading since January 2016 and put the index 2.6% lower than its level a year ago.

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