Indices trade almost flat; dairy stocks climb

Key benchmark indices were almost flat in morning trade. The Nifty was trading below its 50 days simple moving average placed at 12,142.79. Traders were cautious ahead of the expiry of weekly index options today.

At 10:30 IST, the S&P BSE Sensex, was up 12.8 points or 0.03% at 41,335.80. The Nifty 50 index was up 6.1 points or 0.05% at 12,132.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index was up 0.79% while the S&P BSE Small-Cap index was up 0.77%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1128 shares rose and 707 shares fell. A total of 115 shares were unchanged. In Nifty 50 index, 30 stocks advanced while 20 declined.

Buzzing Segment:

Information and Broadcasting Minister Prakash Javadekar after market hours yesterday said that the Cabinet has approved Rs 4,558 crore scheme to promote dairy sector. The minister said that the scheme which takes 'White Revolution' on to next level is set to benefit 95 lakh farmers. He further said that the Cabinet has decided to raise the benefit under interest subvention from upto 2% to upto 2.5% p.a under the scheme Dairy processing and Infrastructure Development Fund (DIDF).

The scheme will establish 28,000 bulk milk coolers with 140 lakh litres per day as additional milk chilling capacity. It will also create an additional 210 metric ton per day milk drying capacity. Lastly, the scheme will provide 28,000 Milk Testing Equipments to check adulteration in milk.

Umang Dairies (up 13.21%), Milkfood (up 2.79%), Prabhat Dairy (up 2.28%), Vadilal Industries (up 1.9%) and Heritage Foods (up 1.12%) were top gainers in dairy segment.

Stocks in Spotlight:

Ambuja Cement (up 0.61%) will declare its result for the quarter ending December 2019 today.

NCC and Yes Bank are banned from trading in NSE's F&O for today segment after the securities crossed 95% of market wide position limit.

GAIL (India) fell 0.33% after the company said it has to pay Rs 1,83,076 crore as AGR dues and penalties derived in provisional assessment orders by the department of telecommunications (DoT) is legally not tenable. The company also said it has filed a plea at the Supreme Court to seek clarification on the orders passed.

Sunteck Realty said the response for Sunteck MaxXWorld at Naigaon continues to remain encouraging with number of units sold reaching a mark of more than 1800 apartments. Shares of Sunteck Realty were trading 0.92% higher at Rs 396.

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