Market trades near flat line

Key benchmark indices were hovering in positive terrain near the flat line in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex was up 1.60 points or 0.02% at 26,844.63. The Nifty 50 index was currently up 1.35 points or 0.02% at 8,222.15. Key indices hovered within a small range around the flat line so far during the trading session.

In overseas markets, Asian stocks were mixed today, 6 June 2016. US stocks fell on Friday, 3 June 2016 after data showed that US employers in May added the fewest jobs in more than five years. The Labor Department said on Friday, 3 June 2016 that nonfarm payrolls rose by 38,000 in May, the weakest performance since September 2010. Federal Reserve Governor Lael Brainard on Friday, 3 June 2016 called for the central bank to wait for more data before lifting interest rates as she said the jobs report shows the labor market has slowed. The Federal Open Market Committee next undertakes monetary policy review on 14-15 June 2016. The US central bank had lifted rates in December 2015 for the first time in nearly a decade.

Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,096 shares rose and 1,026 shares declined. A total of 100 shares were unchanged. The BSE Mid-Cap index was currently up 0.01%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.28%, outperforming the Sensex.

Telecom stocks declined. Reliance Communications (down 1.12%), Bharti Airtel (down 2.16%), Tata Teleservices (Maharashtra) (down 0.01%) and Idea Cellular (down 0.75%) declined.

Shares of Bharti Infratel fell 1.56%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Cement stocks gained. ACC (up 0.27%), Shree Cement (up 2.45%), Ambuja Cements (up 0.96%), and UltraTech Cement (up 0.91%) gained.

Grasim Industries advanced 0.35%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

L&T rose after the company announced that its construction division won orders worth Rs 2161 crore across various business segments. The stock gained 0.51%. The announcement was made during market hours today, 6 June 2016.

Indiabulls Real Estate rose 2.01% after the company said that its 100% subsidiary, Tapir Realty Developers, has entered into a joint development agreement with Oricon Properties, a subsidiary of Oricon Enterprises, for development of 7,810 square meters plot situated at Worli in Mumbai. The announcement was made after market hours on Friday, 3 June 2016. Shares of Oricon Enterprises fell 1.03%.

Jubilant Life Sciences rose 4.69% after the company announced that it has received Abbreviated New Drug Application (ANDA) final approval for Levetiracetam Injection USP, 500 mg/5 mL (100 mg/mL), the generic version of Keppra Injection 500mg/5mL (100mg/mL) of UCB, which is used for the treatment of epilepsy. As on 31 March 2016, Jubilant had a total of 739 filings for formulations of which 517 have been approved in various regions globally. The announcement was made after market hours on Friday, 3 June 2016.

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