Market registers small gains

Key benchmark indices registered small gains in a range-bound trading session on bargain hunting. The barometer index, the S&P BSE Sensex rose 33 points or 0.11% at 31,291.85, as per the provisional closing data. The Nifty 50 index advanced 11.20 points or 0.11% at 9,765.55, as per the provisional closing data.

Key indices opened the session higher on bargain hunting after registering losses in the preceding two trading sessions. Later, the indices witnessed volatility even as they almost confined to positive territory. Gains in European and Asian bourses also helped key indices to settle with gains.

The Sensex rose 225.43 points or 0.72% at the day's high of 31,484.28 in early trade. It lost 17.35 points or 0.05% at the day's low of 31,241.50 in morning trade. The Nifty rose 74.10 points or 0.75% at the day's high of 9,828.45 in early trade. It lost 1.75 points or 0.01% at the day's low of 9,752.60 in morning trade.

Among secondary indices, the S&P BSE Mid-Cap index provisionally fell 0.41%. The S&P BSE Small-Cap index provisionally lost 0.37%. Both these indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,638 shares declined and 938 shares rose. A total of 130 shares were unchanged.

The total turnover on BSE amounted to Rs 3055.74 crore, lower than turnover of Rs 3953.29 crore registered during the previous trading session.

Stocks from the S&P BSE Oil & Gas index advanced. BPCL (up 2.87%), Indian Oil Corporation (up 2.86%), GAIL (India) (up 1.26%), Oil India (up 0.97%) and Petronet LNG (up 0.31%) gained. Reliance Industries (down 0.12%) declined.

ONGC rose 1.27% at Rs 159.55 after the company said that its board of directors at a meeting held yesterday, 21 August 2017, considered the proposal for acquisition of 51.11% of share of HPCL from the Government of India and given the in-principle approval for the same. Further, the Board has constituted a Committee of Directors to examine various aspects of the said proposal and to provide its recommendations to the board of directors. The announcement was made after market hours yesterday, 21 August 2017.

Shares of HPCL advanced 3.98% at Rs 451.45.

Lupin advanced 2.01% at Rs 941.35 after the company announced that it has received notification that the inspection carried out by the USFDA in April 2017 at its Aurangabad facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding USFDA inspections at Lupin's Aurangabad facility. The announcement was made after market hours yesterday, 21 August 2017.

Overseas, European and Asian shares edged higher as investors turned their attention to the US Federal Reserve's annual symposium in Jackson Hole at the end of the week. US stocks closed slightly higher yesterday, 21 August 2017, but a decline in tech and financials kept a lid on gains.

The annual Jackson Hole Economic Policy Symposium is scheduled for this Friday in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.

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