Market continues to hover in narrow range

Key benchmark indices continued to hover in a narrow range around the flat line in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex was down 46.12 points or 0.14% at 32,987.44. The Nifty 50 index fell 17 points or 0.17% at 10,207.95. The Sensex alternately swung above and below the 33,000 level so far. Subdued trading in global stocks weighed on sentiment on the domestic bourses. Data showing rise in India's retail inflation last month also added to market worries.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.13%. The S&P BSE Small-Cap index advanced 0.2%. Both the indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was almost flat. On BSE, 1,155 shares declined and 1,153 shares rose. A total of 122 shares were unchanged.

Realty stocks were mostly higher. Sobha (up 2.99%), HDIL (up 2.49%), Indiabulls Real Estate (up 1.34%), Godrej Properties (up 0.3%) and Prestige Estates Projects (up 0.19%) gained. Unitech (down 1.89%) and Oberoi Realty (down 0.75%) declined.

IT stocks declined. Wipro (down 0.49%), Infosys (down 0.64%), TCS (down 1.57%) and Mindtree (down 0.68%) edged lower. HCL Technologies (up 0.66%) edged higher.

On the macro front, data released by the government after market hours yesterday, 13 November 2017 showed that India's inflation based on consumer price index (CPI) has accelerated to 3.58% in October 2017, mainly driven by higher prices of food and fuel. In September, the CPI inflation was 3.28%.

Overseas, Asian stocks were mixed following a lackluster session on Wall Street and also as investors digested the release of a slew of Chinese economic data points. Industrial output in China was up 6.2% on year in October, the National Bureau of Statistics said today, 14 November 2017. It was down from 6.6% growth in September. Another data released today, 14 November 2017 showed China's retail sales of consumer goods grew 10% year on year in October, down from 10.3% registered in September.

US stocks closed slightly higher yesterday, 13 November 2017 as worries about tax reform, capped gains in the major indexes.

Powered by Capital Market - Live News