Market turns range bound

Key benchmark indices were hovering in a narrow range in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 146.56 points or 0.46% at 31,857.55. The Nifty 50 index was up 45.50 points or 0.46% at 9,872.65.

The Sensex rose 174.18 points, or 0.55% at the day's high of 31,885.17 in morning trade. The index rose 82.73 points, or 0.26% at the day's low of 31,793.72 in early trade. The Nifty rose 50.15 points, or 0.51% at the day's high of 9,877.30 in mid-morning trade. The index rose 24.50 points, or 0.25% at the day's low of 9,851.65 in early trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.68%. The BSE Small-Cap index was up 0.89%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,527 shares rose and 747 shares fell. A total of 132 shares were unchanged.

Power generation stocks were in demand. Jaiprakash Power Ventures (up 3.04%), GMR Infrastructure (up 1.69%), JSW Energy (up 1.68%), NTPC (up 1.53%), CESC (up 1.19%), Adani Power (up 1%), Torrent Power (up 0.66%), NHPC (up 0.48%), Reliance Power (up 0.46%) and Reliance Infrastructure (up 0.09%), edged higher.

Tata Power was flat at Rs 82.40.

State-run Coal India was up 0.62%. State-run Power Grid Corporation of India was up 1.21%.

Most auto shares rose. Eicher Motors (up 1.82%), Tata Motors (up 0.36%), Maruti Suzuki India (up 0.28%), Mahindra & Mahindra (up 0.26%) and TVS Motor Company (up 0.26%), edged higher. Hero MotoCorp (down 0.15%), Escorts (down 0.43%) and Bajaj Auto (down 0.59%), edged lower.

Commercial vehicles maker Ashok Leyland was up 1.23% at Rs 106.90 after the company said that it has formed a strategic alliance with SUN Mobility to develop electric mobility solutions. The announcement was made after market hours yesterday, 18 July 2017.

The global partnership between Ashok Leyland and SUN Mobility will leverage India's innovation and engineering potential to develop truly world class electric mobility solutions. SUN Mobility is promoted by Chetan Maini, founder of Reva and Uday Khemka, Vice Chairman of SUN Group. It is a 50:50 joint venture between Virya Mobility 5.0 and Sun New Energy Systems, pioneers in areas of electric mobility and clean energy. Ashok Leyland will announce its Q1 results on 21 July 2017.

Sasken Technologies fell 3.66% to Rs 494.50 after consolidated net profit fell 60.06% to Rs 17.30 crore on 0.07% decrease in net sales to Rs 117.58 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 18 July 2017.

Rajiv C Mody, Chairman, Managing Director & CEO, Sasken Technologies said that in Q1 June, the company's revenues have remained flat. Sasken Technologies' confident that its engineering DNA and it will help to the company's tap the opportunities in the segments it operate in. The company's encouraged the by the market traction for both its product engineering and digital IT services as investments continue to fuel the growth of the digital enterprise, Rajiv said.

Overseas, Asian shares were mostly higher as the dollar nursed losses after it hit 10-month lows overnight on dimmed prospects for US health care reforms.

The US stock market ended mixed yesterday, 18 July 2017, but the Nasdaq Composite Index marked its first closing high since June. But the overall market was weighed by a slump in some of the US's biggest banks led by a decline in shares of Dow-component Goldman Sachs Group Inc. The S&P 500 index edged up 1.47 points to close at 2,460.61. The Nasdaq Composite Index rose 29.87 points, or 0.5%, to end at 6,344.31. The Dow Jones Industrial Average fell 54.99 points, or 0.3%, to finish at 21,574.73.

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