Key benchmarks turn range bound

Key benchmark indices hovered in a narrow range in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 151 points or 0.50% at 30,615.92. The Nifty 50 index was up 31.80 points or 0.34% at 9,459.70. Key benchmarks were hovering in the green tracking positive cues from Asian market.

Among secondary barometers, the BSE Mid-Cap index was down 0.35%. The BSE Small-Cap index was down 0.09%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,374 shares fell and 1,106 shares rose. A total of 157 shares were unchanged.

Most IT shares edged higher. MphasiS (up 1.79%), HCL Technologies (up 1.54%), MindTree (up 1.18%), TCS (up 0.80%), Hexaware Technologies (up 0.59%), Persistent Systems (up 0.46%) and Infosys (up 0.23%), edged higher. Wipro (down 0.34%), Tech Mahindra (down 1.02%) and Oracle Financial Services Software (down 2.64%), edged lower.

Most power generation stocks edged lower. Tata Power (down 2.79%), Adani Power (down 1.54%), Torrent Power (down 1.46%), Jaiprakash Power Ventures (down 0.87%), Reliance Infrastructure (down 0.77%), NHPC (down 0.65%), JSW Energy (down 0.54%) and CESC (down 0.32%), edged lower. NTPC (up 0.09%), Reliance Power (up 0.11%) and GMR Infrastructure (up 0.29%), edged higher.

State-run Power Grid Corporation of India was down 1.04%.

State-run Coal India was down 0.25%.

Overseas, Asian equities were trading higher, following the continued recovery on Wall Street last week. Investors shrugged off a weekend missile test by North Korea that raised further concerns on its ability to deliver a nuclear warhead as far as the US states of Hawaii and Alaska.

Japan's Nikkei 225 was up 0.41%. Japanese exports rose 7.5% in April, buoyed by strong demand in Asia for semiconductors, semiconductor-making equipment and steel. It was the fifth consecutive month of increase for exports, data from Japan's Ministry of Finance showed.

US stocks rose on Friday, 19 May 2017, but closed below their session highs on renewed concerns about Donald Trump's presidency, following two new media reports of possible coordination between Russia and Trump's election campaign.

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