Market moving in a small range

Key benchmark indices continued to trade with small gains in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 41.09 points or 0.16% to 26,251.77. The Nifty 50 index was currently up 19.20 points or 0.24% at 8,054.05. Asian stocks saw mixed trend.

The market may remain volatile during the later part of the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2016 series to January 2017 series. The near month December 2016 derivatives contracts expire today, 29 December 2016.

In side indices, the BSE Mid-Cap index was currently up 0.71%. The BSE Small-Cap index was currently up 0.78%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,474 shares fell and 792 shares rose. A total of 130 shares were unchanged.

Capital goods stocks rose. BEML (up 1.42%), Bharat Electronics (up 0.7%), Bharat Heavy Electricals (Bhel) (up 0.34%), Crompton Greaves (up 0.17%), Siemens (up 0.64%)and Thermax (up 0.63%) gained. ABB India (down 0.34%) and L&T (down 0.71%) fell.

Realty stocks saw mixed trend. Prestige Estates Projects (up 2.13%), Oberoi Realty (up 0.47%), DLF (up 0.14%), Housing Development and Infrastructure (up 0.36%), D B Realty (up 0.56%) and Godrej Properties (up 0.25%) gained. Parsvnath Developers (down 0.31%), Unitech (down 1.72%), Indiabulls Real Estate (down 0.21%) and Sobha (down 0.67%) fell.

Rajesh Exports rose 2.26% after the company said it has secured an export order worth Rs 929 crore of designer range of gold & diamond studded jewellery & medallions from UAE. The latest export order is to be completed by March 2017. The new order will be executed at the company's manufacturing facility at Bangalore which is the world's largest gold manufacturing facility with an installed capacity to process 250 tons of jewellery & gold products per annum. The announcement was made during market hours today, 29 December 2016.

Rajesh Exports is confident of completing the order in time. With this current order, the company's order book at the consolidated level stands at Rs 36523 crore which is to be executed by March 2017.

Dilip Buildcon rose 1.13% to Rs 224 after the company said that credit rating agency, India Rating & Research (Ind-Ra) has upgraded its long term issuer rating and the long term rating on its bank facilities to 'IND A from IND A-' while resolving the rating watch positive (RWP). The outlook is stable. The agency has also upgraded the short term rating on its bank facilities to 'IND A1 from INDA2+. The announcement was made after market hours yesterday, 28 December 2016.

Voltas rose 1.66% to Rs 321.90 on reports that a foreign brokerage has maintained buy rating on the stock.

Overseas, most Asian stocks were trading on a mixed note. Trading has been thin across the globe during the last week of the year. US stocks fell yesterday, 28 December 2016 as shares financials and materials declined. In economic news, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5% to 107.3 in November from 110 in October, data released by National Association of Realtors showed yesterday, 28 December 2016.

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