Market hovers in positive zone

Key equity benchmarks continued to hover in positive zone in early afternoon trade. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 46.95 points or 0.14% at 33,665.54. The Nifty 50 index was up 4.30 points or 0.04% at 10,374.55. Most FMCG stocks rose. IT stocks saw mixed trend.

Key benchmark indices nudged higher in early trade. Stocks hovered in positive zone in morning trade. Stocks extended gains in morning trade.

The S&P BSE Mid-Cap index was up 0.07%. The S&P BSE Small-Cap index was up 0.44%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,427 shares rose and 1,060 shares fell. A total of 142 shares were unchanged.

Most FMCG stocks rose. Bajaj Corp (up 6.97%), Britannia Industries (up 0.65%), Colgate-Palmolive (India) (up 0.74%), Godrej Consumer Products (up 1.42%), Hindustan Unilever (up 0.75%), Nestle India (up 0.23%), Procter & Gamble Hygiene and Health Care (up 0.82%) rose. Tata Global Beverages (down 1.18%), Jyothy Laboratories (down 0.04%), GlaxoSmithkline Consumer Healthcare (down 0.75%), Dabur India (down 1.37%) and Marico (down 0.08%) fell.

IT stocks saw mixed trend. MindTree (up 1.66%), Hexaware Technologies (up 4.72%), Wipro (up 0.41%), Oracle Financial Services Software (up 0.37%) and Tech Mahindra (up 0.05%) rose. MphasiS (down 1.33%), TCS (down 0.26%), Infosys (down 0.12%) and HCL Technologies (down 0.04%) fell.

Swaraj Engines fell 1.2% at Rs 1,975, with the stock witnessing volatility in early trade after the company's announcement of board's nod for buyback of equity shares. Swaraj Engines' board, at its meeting held yesterday, 28 November 2017, approved buyback proposal for purchase of shares not exceeding Rs 70.73 crore. The buyback price is Rs 2,400 per share. The announcement was made after market hours yesterday, 28 November 2017.

The promoters of the company viz. Mahindra & Mahindra and Kirloskar Industries have communicated their intention to participate in the proposed buyback. The buyback price is at a premium of 20.03% over the stock's closing price of Rs 1,999.45 yesterday, 28 November 2017.

Mcleod Russel India fell 2.79% to Rs 219.25 on profit booking after a recent rally. Shares of Mcleod Russel India rose 15.99% in three trading sessions to settle at Rs 225.55 yesterday, 28 November 2017, from its close of Rs 194.45 on 23 November 2017.

P I Industries lost 3.42% to Rs 910, with the stock sliding on profit booking after recent rally. Shares of P I Industries had rallied 14.88% in the preceding five trading sessions to settle at Rs 942.20 yesterday, 28 November 2017, from its closing of Rs 820.10 on 21 November 2017.

Overseas, Asian stocks were mixed as Chinese equities added to declines and a North Korean missile test overshadowed an overnight surge in US equities. US stocks rose to records yesterday, 28 November 2017 on progress towards passage of US tax cuts and a benign confirmation hearing with Federal Reserve Chair nominee Jerome Powell.

The Senate Budget Committee approved the Senate's tax plan on Tuesday, bringing the upper chamber closer to a floor vote, which is expected to take place Thursday. Meanwhile, during his testimony, Powell said that current regulations on the financials sector are tough enough. He also said he supported the tailoring of some regulations to ease the burden on small banks.

On the data front, the Conference Board's consumer-confidence index jumped to 129.5 in November, marking a 17-year high. The advanced US trade deficit in goods rose 6.5% to $68.3 billion in October. Separately, home prices rose at their fastest pace in more than three years in September.

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