Market trades near the flat line

Key benchmark indices edged lower in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex was down 9.45 points or 0.03% at 31,136.35. The Nifty 50 index declined 8.65 points or 0.09% at 9,612.60.

The S&P BSE Mid-Cap index rose 0.35%. The S&P BSE Small-Cap index advanced 0.49%. Both these indices outperformed the Sensex.

Overseas, Asian stocks were trading mostly lower following softer lead from Wall Street. US equities closed lower yesterday, 31 May 2017, as a drop in the financial sector pressured stocks.

Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 756 shares rose and 357 shares declined. A total of 35 shares were unchanged.

Shares of public sector oil marketing companies (PSU OMCs) declined. BPCL (down 0.8%), HPCL (down 0.21%) and IOCL (down 2.04%) edged lower. IOCL yesterday, 31 May 2017, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May/1 June 2017. Petrol price was hiked by Rs 1.23 per litre and diesel price was raised by Rs 0.89 a litre at Delhi (excluding state levies).

On the macro front, India's Gross Domestic Product (GDP) rose at moderated pace of 6.1% in Q4 March 2017, which is the lowest pace of growth in last nine quarters. The GDP growth decelerated sharply from 7% growth recorded in the preceding last quarter and 8.7% surge posted in the corresponding quarter last year. The data was released by the government after market hours yesterday, 31 May 2017.

The Eight core infrastructure industries have showed 2.5% growth in output for April 2017 over April 2016. Its cumulative output growth had stood at 4.8% in FY 2017. The Base Year of the Index of Eight Core Industries has been revised from the year 2004-05 to 2011-12 from April 2017. The shift is in line with the new base year of Index of Industrial Production (IIP). The data was released by the government after market hours yesterday, 31 May 2017.

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