Indices provisionally settle a tad lower

Key equity benchmarks settled a tad lower in a quiet session of trade. The barometer index, the S&P BSE Sensex, was off 15.83 points or 0.05% at 33,602.76, as per provisional closing data. The Nifty 50 index was off 8.95 points or 0.09% at 10,361.30, as per provisional closing data. Most realty stocks gained.

Key benchmark indices nudged higher in early trade. Stocks hovered in positive zone in morning trade. Stocks extended gains in mid-morning trade. Key equity benchmarks firmed up in afternoon trade. Key equity benchmarks dipped in negative zone in mid-afternoon trade. Stocks hovered in negative zone in late trade.

The S&P BSE Mid-Cap index was provisionally off 0.17%. The fall in this index was higher than Sensex's decline in percentage terms. The S&P BSE Small-Cap index was provisionally off 0.01%. The fall in this index was lower than Sensex's decline in percentage terms.

The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On the BSE, 1,386 shares declined and 1,321 shares rose. A total of 145 shares were unchanged.

Index heavyweight and housing finance major HDFC lost 1.43% to Rs 1,700.85.

Private banking major Axis Bank dropped 2.7% to Rs 547.

Most realty stocks gained. Sobha (up 9.72%), Prestige Estates Projects (up 2.07%), Housing Development and Infrastructure (up 0.49%), D B Realty (up 5.73%) and Godrej Properties (up 1.76%) gained. Peninsula Land (down 0.13%), Sunteck Realty (down 0.23%), Oberoi Realty (down 0.47%), Indiabulls Real Estate (down 2.73%), DLF (down 0.96%) and Unitech (down 2.39%) fell.

Power Mech Projects rose 5.92% after the company said it has received orders worth Rs 357 crore. The announcement was made during market hours today, 29 November 2017.

Power Mech Projects said it has received orders worth Rs 357 crore for infrastructure development work at Andhra Pradesh Medtech Zone Limited (AMTZ), an enterprise under the Government of Andhra Pradesh, for construction of ultra modern medical equipment manufacturing & testing facility under Make in India scheme at Visakhapatnam, Andhra Pradesh.

Overseas, European stocks were trading higher, helped by news of a Brexit deal between the European Union and the UK. As per reports, the UK and the EU have reached a deal on a Brexit divorce bill on Tuesday. The final total will reportedly be around 50 billion.

Asian stocks were mixed as Chinese equities added to declines and a North Korean missile test overshadowed an overnight surge in US equities. US stocks rose to records yesterday, 28 November 2017 on progress towards passage of US tax cuts and a benign confirmation hearing with Federal Reserve Chair nominee Jerome Powell.

The Senate Budget Committee approved the Senate's tax plan on Tuesday, bringing the upper chamber closer to a floor vote, which is expected to take place Thursday. Meanwhile, during his testimony, Powell said that current regulations on the financials sector are tough enough. He also said he supported the tailoring of some regulations to ease the burden on small banks.

On the data front, the Conference Board's consumer-confidence index jumped to 129.5 in November, marking a 17-year high. The advanced US trade deficit in goods rose 6.5% to $68.3 billion in October. Separately, home prices rose at their fastest pace in more than three years in September.

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