Market trades with modest gains

After a positive start, key benchmark indices continued to trade higher in morning trade tracking positive Asian stocks. At 10:15 IST, the barometer index, the S&P BSE Sensex rose 180.42 points or 0.55% at 32,940.86. The Nifty 50 index advanced 44.65 points or 0.44% at 10,162.70. Market advanced on bargain hunting after previous three sessions of slide.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.62%, outperforming the Sensex. The S&P BSE Small-Cap index advanced 0.46%, underperforming the Sensex.

The breadth, indicating the overall health of the market, was strong. On BSE, 1,362 shares rose and 698 shares declined. A total of 99 shares were unchanged.

Realty stocks were mixed. Sobha (up 1.13%), Prestige Estates Projects (up 1.09%), HDIL (up 1.05%), Unitech (up 0.99%) and Oberoi Realty (up 0.54%) edged higher. Godrej Properties (down 1.39%), D B Realty (down 0.87%), DLF (down 0.34%) and Indiabulls Real Estate (down 0.47%) edged lower.

Auto stocks advanced. Tata Motors (up 1.04%), Mahindra & Mahindra (up 0.52%), Eicher Motors (up 0.4%), Maruti Suzuki India (up 0.27%) and Bajaj Auto (up 0.08%) gained. Ashok Leyland (down 0.35%) and Hero MotoCorp (down 0.33%) declined.

Wonderla Holidays lost 3.98% at Rs 365.30 after net profit dropped 37.03% to Rs 2.33 crore on 0.52% fall in total income to Rs 51.16 crore in Q2 September 2017 over Q2 September 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 9% to Rs 12.85 crore. The company said that Q2 September 2017 net profit was down mainly because of depreciation charges for new rides at Bangalore and Kochi, parks and provision for past tax disputes. The result was announced after market hours yesterday, 15 November 2017.

Overseas, Asian stocks edged higher, shrugging off the softer lead from Wall Street. US stocks closed lower yesterday, 15 November 2017 as the current bull market showed signs of slowing down. The International Energy Agency (IEA) slashed its outlook for oil demand growth by 100,000 barrels per day for 2017 and 2018.

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