Indices trade near the flat line

Key benchmark indices were trading near the flat line amid initial volatility in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex was down 25.39 points or 0.08% at 31,134.01. The Nifty 50 index was down 12.75 points or 0.13% at 9,611.80.

The S&P BSE Mid-Cap index rose 0.91%. The S&P BSE Small-Cap index advanced 0.5%. Both these indices outperformed the Sensex.

Overseas, stocks in Asia were mostly higher after key markets resumed trading after holidays. China markets which re-opened after a long holiday were in green.

US equities closed lower yesterday, 30 May 2017 as investors digested key economic data, but a rise in tech stocks helped cap losses.

In Europe, poll results showed that UK Prime Minister Theresa May's Conservative Party could potentially lose its majority in parliament.

Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 922 shares rose and 616 shares declined. A total of 66 shares were unchanged.

MOIL surged 5.03% at Rs 337 after net profit jumped 410.94% to Rs 109.24 crore on 19.76% increase in total income to Rs 252.71 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

BEML jumped 7.84% at Rs 1,262.35 after net profit rose 27.11% to Rs 186.40 crore on 18.19% increase in total income to Rs 1345.67 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

On the macro front, a press release dated 31 May 2017 issued by the India Meteorological Department (IMD) stated that conditions are favourable for further advance of southwest monsoon into remaining parts of south Arabian Sea, Lakshadweep area and Kerala, some parts of central Arabian Sea, coastal & south interior Karnataka, some more parts of Tamilnadu, southwest, west central & east central & east central Bay of Bengal, most parts of northeast Bay of Bengal and some more parts of northeastern states during next 2-3 days.

The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

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