IT, cement stocks gain

Key benchmark indices alternately swung between positive and negative zone in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 22.11 points or 0.08% to 26,232.79. The Nifty 50 index was currently up 12.35 points or 0.15% at 8,047.20.

The market may remain volatile during the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2016 series to January 2017 series. The near month December 2016 derivatives contracts expire today, 29 December 2016.

In side indices, the BSE Mid-Cap index was currently up 0.42%. The BSE Small-Cap index was currently up 0.49%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,163 shares gained and 564 shares fell. A total of 101 shares were unchanged.

Overseas, most Asian stocks were trading lower taking their cue from an overnight slide on Wall Street as the stronger yen helped send Japanese stocks lower. Trading has been thin across the globe during the last week of the year.

US stocks fell yesterday, 28 December 2016 as shares financials and materials declined. In economic news, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5% to 107.3 in November from 110 in October, data released by National Association of Realtors showed yesterday, 28 December 2016.

Back home, Adani Ports and Special Economic Zone (down 1.66%), ITC (down 1.13%) and Hero MotoCorp (down 0.76%) were the major losers from the Sensex pack.

IT stocks extended recent gains on follow-up buying. TCS (up 1.3%), Infosys (up 0.79%), Wipro (up 0.67%), HCL Technologies (up 1.55%), Oracle Financial Services Software (up 0.62%), MindTree (up 1.06%) and Hexaware Technologies (up 0.57%) gained. MphasiS (down 0.85%) and Tech Mahindra (down 0.16%) fell.

Cement stocks rose. Ambuja Cements (up 1.09%), ACC (up 0.79%) and UltraTech Cement (up 0.84%) gained. Shree Cement (down 0.96%) fell.

Grasim Industries was up 0.73% at Rs 817.85. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

JMC Projects (India) surged 9.98% after the company said it secured new orders worth over Rs 1457 crore. JMC Projects (India) won shipyard modernisation project in Goa worth approximately Rs 454 crore; a flyover project in Maharashtra worth approximately Rs 446 crore; a commercial project in Hyderabad worth approximately Rs 282 crore; a residential project in Bangalore worth approximately Rs 224 crore; and an educational building project in Arnravati (Andhra Pradesh) worth Rs 51 crore. The announcement was made after market hours yesterday, 28 December 2016.

Pratibha Industries jumped 9.59% to Rs 12.80 after the company announced that a meeting of the board of directors of the company shall be held on 4 January 2017, inter-alia, to consider and approve, the issue and allotment of shares on preferential basis to the lenders of the company under strategic debt restructuring (SDR) scheme. The announcement was made after market hours yesterday, 28 December 2016.

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