Key benchmarks almost flat

Key benchmark indices were trading near flat line in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 32.26 points, or 0.10% at 33,632.53. The Nifty 50 index was up 1.45 points, or 0.01% at 10,441.95.

Indices opened with small gains and firmed up till mid-morning trade. The Nifty hit record high level in morning trade and the Sensex hit record high level in mid-morning trade. Indices, however, failed to sustain at higher levels as profit booking dragged indices in the negative terrain in early afternoon trade. Indices came off day's low in afternoon trade as buying emerged at lower levels.

Among secondary barometers, the BSE Mid-Cap index was up 0.45%. The BSE Small-Cap index was up 0.43%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,387 shares fell and 1,275 shares rose. A total of 146 shares were unchanged.

Capital goods shares were mixed. GE T&D India (up 1.97%), Havells India (up 1.11%), ABB India (up 0.56%), AIA Engineering (up 0.51%), SKF India (up 0.51%), Punj Lloyd (up 0.44%), Siemens (up 0.25%), Lakshmi Machine Works (up 0.04%) and BEML (up 0.02%), edged higher. Bharat Electronics (down 0.16%), Reliance Defence and Engineering (down 0.28%), Thermax (down 0.51%), Jindal Saw (down 0.98%), Bharat Heavy Electricals (down 1.21%), Crompton Greaves (down 1.44%), Suzlon Energy (down 2.39%), GE Power India (down 3.87%) and Praj Industries (down 4.42%), edged lower.

Engineering and construction major Larsen & Toubro (L&T) was down 0.45% to Rs 1,210.

FMCG shares were mixed. Bajaj Corp (up 2.99%), Jyothy Laboratories (up 1.82%), Godrej Consumer Products (up 1.51%), GlaxoSmithKline Consumer Healthcare (up 1.30%), Procter & Gamble Hygiene & Health Care (up 0.85%) and Colgate Palmolive (India) (up 0.13%), edged higher. Nestle India (down 0.31%), Tata Global Beverages (down 0.55%), Marico (down 0.92%), Britannia Industries (down 0.95%), Dabur India (down 0.95%) and Hindustan Unilever (down 1.41%), edged lower.

Overseas, European markets were mixed as investors remained cautious ahead of fresh earnings reports and the Bank of England's (BoE) monthly policy decision due later in the day. Later in the global day today, 2 November 2017, the BoE is widely expected to raise interest rates for the first time in almost a decade.

Asian stocks fell as investors locked in profit from recent gains. Investors were waiting for the announcement on the next US Federal Reserve chief, shrugging off results of a Fed meeting that met their expectations. President Donald Trump is expected to name the successor to Fed Chair Janet Yellen later in the global day.

US stocks mostly closed higher yesterday, 1 November 2017, with the Dow Jones Industrials Average and the S&P 500 index ending near record levels after the US Federal Reserve kept interest rates unchanged on that day, but referred to the US economy in positive terms. The Dow Jones Industrial Average rose 0.25% and the S&P 500 climbed 0.16% Both ended mere points from record levels. The Nasdaq Composite Index, however, bucked the trend to slip 0.17%.

The US central bank, in its statement following a two-day meeting, said economic activity has been picking up at a solid rate, versus the moderate rate that it had referenced in September. The rosier view of the economy also suggests that it is on track to hike interest rates in December, as has been widely expected.

Private-sector employment in the US bounced back in October as employers added 235,000 jobs, ADP reported Wednesday. The gain in October ADP was higher than the 110,000 gain in September.

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