Market logs small gains

Key benchmark indices logged small gains on first trading day of the week after languishing in negative zone for most part of the trading session. The barometer index, the S&P BSE Sensex, rose 45.20 points or 0.13% at 33,724.44, as per the provisional closing data. The Nifty 50 index rose 9.85 points or 0.09% at 10,399.55, as per the provisional closing data. Gains were led by Axis Bank, NTPC and SBI. Power generation stocks edged higher. Stocks logged gains for eight day in row today, 27 November 2017.

The Sensex gained 65.93 points or 0.2% at the day's high of 33,745.17 in late trade, its highest level since 7 November 2017. The index fell 138.78 points or 0.41% at the day's low of 33,540.46 in afternoon trade, its lowest level since 23 November 2017. The Nifty gained 17.45 points or 0.17% at the day's high of 10,407.15 in late trade, its highest level since 7 November 2017. The index fell 49.50 points or 0.48% at the day's low of 10,340.20 in afternoon trade, its lowest level since 23 November 2017.

Domestic stocks edged lower in early trade on negative Asian stocks. Stocks hovered in negative zone in morning trade. Key benchmark indices gyrated in a small range amid negative bias in mid-morning trade. Equities extended fall and hit fresh intraday low in early afternoon trade. Stocks hovered near the day's low in afternoon trade. Stocks cut losses in mid-afternoon trade. Indices turned positive in late trade.

The S&P BSE Mid-Cap index was provisionally up 0.52%. The S&P BSE Small-Cap index was provisionally up 0.77%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,559 shares rose and 1,132 shares fell. A total of 189 shares were unchanged.

Power generation stocks edged higher. NTPC (up 3.1%), GMR Infrastructure (up 1.34%), Torrent Power (up 1.73%), Reliance Power (up 1.69%), Reliance Infrastructure (up 2.43%), CESC (up 0.83%), Tata Power Company (up 1.92%) and NHPC (up 0.19%) gained. Jaiprakash Power Ventures (down 1.12%) and JSW Energy (down 0.6%) edged lower.

TCS shed 0.16%. The SMU-TCS iCity Lab announced that Singapore Management University (SMU) and TCS have extended their partnership for another three years until 2020 to focus on new initiatives in research and development. The ongoing partnership, launched in 2011 and renewed for a second time, will enhance and broaden multi-disciplinary academic research efforts in digital technology to create innovative, technology-enabled solutions to emerging urban challenges. TCS will invest a total of $1.5 million over the next three years in developing intelligent infrastructure, software and applications. SMU will leverage on its capabilities to generate leading-edge research and strategic linkages with business, government and the wider community to enable the most relevant and contextual ecosystem to deploy the technology solutions.

SMU-TCS iCity Lab is a joint initiative between TCS and Singapore Management University. The partnership combines TCS' IT services expertise and culture of innovation with SMU's globally recognized excellence in research and education in social sciences, management, analytics and computing in partnership with both the public and private sectors. The announcement was made during trading hours today, 27 November 2017.

Sun Pharmaceutical Industries (Sun Pharma) rose 0.6%. The company said it is recalling two lots of Riomet (Metformin Hydrochloride Oral Solution), 500 mg/5ml, to the retail level (Class II Recall). This product is manufactured for SPII by a contract manufacturer. The Riomet has been found to be contaminated. The contamination was discovered during sample preparation for the Antimicrobial Preservative Effectiveness Testing (AMPET) being performed as part of the 12 month stability study interval. The announcement was made after market hours on Friday, 24 November 2017.

Meanwhile, global ratings agency Standard & Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook remains stable. The ratings on India reflect the country's sound external profile and improved monetary credibility. The announcement was made after market hours on Friday, 24 November 2017.

Overseas, European stocks erased early losses to trade higher as investor focus returned to the US economy and tax reform at the start of a week packed with potential market catalysts.

Asian stocks were trading lower weighed by weakness in the Chinese and South Korean stocks. A drop in the Chinese industrial profits data also weighed down on the sentiment. China's industrial profits grew 25.1% in October compared to the year before, against a 27.7% rise seen in September.

In US, the S&P 500 and Nasdaq Composite finished at all-time highs on Friday, 24 November 2017 as retailers were in focus amid the Black Friday shopping holiday, a day after domestic markets were closed in observance of Thanksgiving.

Investors are gearing up for a busy week, with President Trump scheduled to address Senate Republicans at their weekly luncheon Tuesday on taxes ahead of a potential vote on tax reform. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing for her nominated successor, Jerome Powell, begins.

On the data front, a survey of purchasing managers showed that businesses grew in November at the slowest pace in four months. The Markit flash manufacturing PMI fell to 53.8 from 54.6, while the flash services PMI fell to 54.3 from 54.6. A reading of 50 or better indicates improving conditions.

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