Indices trade near the flat line

Key benchmark indices hovered between the positive and negative terrain near the flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex was down 1.83 points or 0.01% at 31,219.79. The Nifty 50 index was up 0.15 points at 9,615.15.

After opening with moderate gains, key indices hovered near the flat line with a positive bias till morning trade. Indices slipped into the negative terrain and hovered between gains and losses in mid-morning trade.

The S&P BSE Mid-Cap index fell 0.26%. The S&P BSE Small-Cap index dropped 0.02%. Both these indices underperformed the Sensex.

The breadth, indicating overall health of the market is positive. On BSE, 1,130 shares rose and 1,062 shares fell. A total of 120 shares were unchanged.

Cement stocks were mixed. Shree Cement (up 0.45%), and UltraTech Cement (up 0.77%) gained. ACC fell 0.28%.

Grasim Industries declined 0.26%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Ambuja Cements gained 1.25% after the company said it has secured an estimated limestone of 42 million tones at a final bid price of 125.05% of value of mineral dispatched after participating in the e-auction tender of limestone block for Nandgaon Ekodi Limistone block in Chandrapur district of Maharashtra by the state government of Maharashtra.

The company is expecting a formal communication vesting the said block in its favour shortly, it said. The announcement was made after market hours yesterday, 3 July 2017.

Most telecom stocks declined. Reliance Communications (Rcom) (down 1.6%), Bharti Airtel (down 0.36%), and Idea Cellular (down 0.23%) declined. Tata Teleservices (Maharashtra) rose 0.59%.

Shares of Bharti Infratel rose 0.97%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Wockhardt rose 0.45% after the company said it has received final approval from the United States Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for 0.1% ophthalmic solution of Olopatadine HCI.

The eye drop Olopatadine HCI 0.1% ophthalmic solution is a generic version of Patanol, marketed in the United States by Alcon, a subsidiary of Novartis. The product will be manufactured at a USFDA approved contract manufacturing organization, based in Montreal, Canada. The announcement was made after market hours yesterday, 3 July 2017.

Just Dial fell 3.25% after the company said that its chief financial officer resigned from his post. The announcement was made after market hours yesterday, 3 July 2017.

Just Dial announced that Ramkumar Krishnamachari, chief financial officer and key managerial personnel of the company, submitted his resignation yesterday, 3 July 2017. The company said it accepted the resignation and decided to relieve Ramkumar Krishnamachari from his duties with effect from 30 September 2017.

Shares of GTPL Hathway were trading at Rs 172 at 11:10 IST on BSE, a premium of 1.18% over the initial public offer price of Rs 170. The stock debuted on a flat note at Rs 170 compared with the initial public offer (IPO) price. GTPL Hathway is a leading regional multi system operator (MSO) in India, offers cable television and broadband services.

Overseas, Asian stocks declined after North Korea launched a missile. North Korea launched a ballistic missile into the waters between Korea and Japan Tuesday morning its first such launch in more than a month which comes on the eve of Independence Day in the US.

Most US stocks rose yesterday, 3 July 2017 as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on US factories also boosted stocks.

On macro economic data front, American manufacturers are growing at the fastest pace in almost three years. The Institute for Supply Management said its manufacturing index rose to 57.8% in June from 54.9%. That's the highest reading since mid-2014.

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