Market hovers near the flat line

After opening higher on positive global cues, key benchmark indices traded near the flat line in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex lost 28.22 points or 0.09% at 32,395.54. The Nifty 50 index fell 10.05 points or 0.1% at 10,143.05. The Nifty had hit a record high in early trade.

The S&P BSE Mid-Cap index rose 0.24%. The S&P BSE Small-Cap index advanced 0.14%. Both these indices outperformed the Sensex.

Overseas, most Asian stocks edged lower as investors awaited clues from the Federal Reserve on future monetary policy. US stocks registered fresh record closing high yesterday, 18 September 2017 as investors looked ahead to the outcome of a key Federal Reserve meeting tomorrow, 20 September 2017. Market participants are largely expecting interest rates to remain unchanged. However, Fed is expected to announce the unwinding of its $4.5 trillion balance sheet.

Closer home, the breadth indicating the overall health of the market, was positive. On the BSE, 1,064 shares rose and 922 shares declined. A total of 92 shares were unchanged.

Realty stocks were mixed. Prestige Estates Projects (up 1.75%), D B Realty (up 1.32%), Indiabulls Real Estate (up 0.72%) and HDIL (up 0.08%) edged higher. Unitech (down 2.23%), DLF (down 0.41%), Oberoi Realty (down 0.23%), Sobha (down 0.22%) and Godrej Properties (down 0.08%) edged lower.

Cement stocks declined. Grasim Industries (down 0.79%), Shree Cement (down 0.26%), ACC (down 0.25%) and UltraTech Cement (down 0.02%) edged lower. Ambuja Cements (up 0.18%) edged higher.

Biocon rose 1.62% at Rs 362.85 after the company said that the United States Food and Drug Administration (USFDA) inspected the company's active pharmaceutical ingredients (API) manufacturing facility in Vishakhapatnam, Andhra Pradesh from 11 September to 15 September 2017 and completed the audit without any observations. No form 483 was issued, the company said. The announcement was made after market hours yesterday, 18 September 2017.

In the economic news, the number of foreign tourist arrivals (FTAs) rose 11% to 7.24 lakh in August 2017 over August 2016, data released by the Ministry of Tourism after market hours yesterday, 18 September 2017 showed.

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