Key indices trade near the flat line

A bout of volatility was witnessed as key benchmark indices regained positive zone after slipping into the red from green in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 17.31 points or 0.07% at 26,186.72. The Nifty 50 index was currently up 2 points or 0.03% at 7,956.90. The Sensex fell 19.18 points or 0.07% at the day's low of 26,150.23 in morning trade. Earlier, the barometer index hit its highest level in almost four weeks when it rose 87.01 points or 0.33% at the day's high of 26,256.42 at the onset of the trading session. The Nifty dropped 7.05 points or 0.08% at the day's low of 7,947.85 in morning trade. The Nifty hit its highest level in almost four weeks when it rose 24.40 points or 0.3% at the day's high of 7,979.30 in early trade.

The market breadth indicating the overall health of the market was strong. On BSE, 1,198 shares rose and 782 shares fell. A total of 86 shares were unchanged. The BSE Mid-Cap index was up 0.18%. The BSE Small-Cap index was up 0.19%. Both these indices outperformed the Sensex.

In overseas stock markets, there was lack of a major move on either side among key Asian equities which witnessed a mixed trend. US stocks edged higher yesterday, 1 December 2015, as investors remained optimistic about the November jobs report set to be released at the end of the week despite a weak reading from Institute for Supply Management's manufacturing index which fell to its weakest reading since mid-2009.

Bajaj Auto dropped 0.5%. The company announced during market hours that total sales rose 0.13% to 3.09 lakh units in November 2015 over November 2014. Motorcycles sales rose 3% to 2.7 lakh units in November 2015 over November 2014. Commercial vehicles sales fell 18% to 38,787 units in November 2015 over November 2014. Exports dropped 17% to 1.37 lakh units in November 2015 over November 2014.

Most IT stocks declined. Oracle Financial Services Software (down 0.38%), MphasiS (down 0.03%), HCL Technologies (down 1.2%), and Infosys (down 0.51%) declined. Tech Mahindra (up 0.46%), and Wipro (up 0.6%) edged higher.

Metal and mining stocks gained. Bhushan Steel (up 0.7%), Vedanta (up 1.11%), Hindalco Industries (up 0.94%), Hindustan Zinc (up 0.1%), Tata Steel (up 0.82%), Steel Authority of India (Sail) (up 1.75%), National Aluminum Company (up 0.11%) and NMDC (up 0.95%) gained. Hindustan Copper (down 0.43%) and Jindal Steel & Power (down 0.47%) declined.

JSW Steel declined 0.27% after the company said a decision has been pronounced by the US Court against its subsidiary, JSW Steel USA Inc. JSW Steel is studying and analysing the judgement in detail and evaluating all options available to defend the company's position under the applicable laws, it added.

CEAT rose 2.57% after the company and Pirelli announced their exclusive partnership for distribution of Pirelli's global range of premium motorcycle tyres in the Indian market. The announcement was made after market hours yesterday, 1 December 2015. This sole partnership will leverage CEAT's vast distribution and dealer network pan India. Riding on CEAT's ever-expanding network, Pirelli will offer its entire gamut of motorcycle tyres, the statement said. Italy-based Pirelli is a leading tyres manufacturing company.

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