Cement stocks advance

Key indices hovered near the flat line in morning trade amid lack of substantial global and domestic cues. At 10:16 IST, the barometer index, the S&P BSE Sensex was up 32.51 points or 0.11% at 29,953.69. The Nifty 50 index was up 15.55 points or 0.17% at 9,329.35.

The BSE Mid-Cap index rose 0.33%. The BSE Small-Cap index advanced 0.39%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,306 shares rose and 905 shares fell. A total of 104 shares were unchanged.

Telecom stocks edged higher. Idea Cellular (up 0.41%), Reliance Communications (up 0.74%) and Bharti Infratel (up 1.44%) advanced. Bharti Airtel (down 0.62%) edged lower.

Cement stocks advanced. ACC (up 1.69%), UltraTech Cement (up 2.62%), Ambuja Cements (up 2.21%), Shree Cement (up 1.41%) and Grasim Industries (up 0.47%) edged higher.

Bajaj Auto was up 0.52%. The company's total sales fell 0.1% to 3.29 lakh units in April 2017 over April 2016. Domestic sales declined 21% to 1.77 lakh units in April 2017 over April 2016. Exports surged 46% to 1.51 lakh units in April 2017 over April 2016.

Kitex Garments advanced 3.33% after the company announced further investment in its US unit for the current financial year. Kitex Garments announced that the board of directors at a meeting held on 28 April 2017 has approved further investment upto $1.5 million in the capital of Kitex USA LLC for the year ending 31 March 2018 (FY 2018). The announcement was made after market hours yesterday, 2 May 2017.

Overseas, Asian stocks were trading mixed. US equities closed with small gains yesterday, 2 May 2017 as investors awaited earnings from tech giant Apple.

Among other global news, The American Petroleum Institute (API) yesterday, 2 May 2017, reported a drop of 4.2 million barrels in US crude supplies for the week ended 28 April 2017.

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