Market turns range bound

Key benchmark indices were range bound in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex rose 34.93 points or 0.11% at 31,194.33. The Nifty 50 index advanced 10.30 points or 0.11% at 9,634.85.

The S&P BSE Mid-Cap index rose 0.96%. The S&P BSE Small-Cap index advanced 1.12%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,398 shares rose and 1,131 shares declined. A total of 148 shares were unchanged.

Most metal shares declined. Vedanta (down 2.06%), Steel Authority of India (down 1.71%), Hindustan Zinc (down 0.99%), Jindal Steel & Power (down 0.85%), Tata Steel (down 0.8%), Bhushan Steel (down 0.66%), National Aluminium Company (down 0.6%) and NMDC (down 0.04%), edged lower. Hindalco Industries (up 0.02%), JSW Steel (up 0.44%) and Hindustan Copper (up 1.68%), edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.27% at $2.5565 per pound on the COMEX.

MOIL rose 4.02% to Rs 333.75 after net profit spurted 441.6% to Rs 115.80 crore on 19.8% increase in net sales to Rs 251.30 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

Pharmaceutical shares were mixed. Lupin (up 3.56%), Dr Reddy's Laboratories (up 2.08%), Wockhardt (up 1.94%), Glenmark Pharmaceuticals (up 1.91%), Piramal Enterprises (up 1.30%), IPCA Laboratories (up 1.06%), GlaxoSmithKline Pharmaceuticals (up 0.98%) and Strides Shasun (up 0.07%), edged higher. Alkem Laboratories (down 0.02%), Cipla (down 0.03%), Sun Pharmaceutical Industries (down 0.55%), Cadila Healthcare (down 0.63%), Divi's Laboratories (down 1.36%) and Aurobindo Pharma (down 1.75%), edged lower.

On the macro front, a press release dated 31 May 2017 issued by the India Meteorological Department (IMD) stated that conditions are favourable for further advance of southwest monsoon into remaining parts of south Arabian Sea, Lakshadweep area and Kerala, some parts of central Arabian Sea, coastal & south interior Karnataka, some more parts of Tamilnadu, southwest, west central & east central & east central Bay of Bengal, most parts of northeast Bay of Bengal and some more parts of northeastern states during next 2-3 days.

The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

Overseas, most European shares were trading lower, weighed by a fall in mining stocks and lifted by a big rise for Ericsson after an activist investor bought a stake in the telecoms equipment firm.

UK's FTSE 100 was up 0.12%, helped by a weaker pound which fell after a new poll showed Britain risks a hung parliament following a 8 June 2017 election. According to the polling group YouGov, Prime Minister Theresa May's Conservative party might lose 20 seats at the 8 June 2017 vote, thus falling 16 seats short of an overall majority in the 650-seat chamber.

Asian stocks were mixed after key markets resumed trading after holidays. China markets which re-opened after a long holiday were in green. US equities closed lower yesterday, 30 May 2017 as investors digested key economic data, but a rise in tech stocks helped cap losses.

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