Market turns range bound

Key benchmark indices were trading in a narrow range in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 125.16 points or 0.39% at 32,049.57. The Nifty 50 index was up 39.15 points or 0.39% at 10,056.10. Oil sector stocks were in demand.

Among secondary barometers, the BSE Mid-Cap index was up 0.24%. The BSE Small-Cap index was up 0.51%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,401 shares rose and 1,100 shares fell. A total of 104 shares were unchanged.

Overseas, Asian stocks were mixed. The US stock market rose to record highs on Tuesday after Wal-Mart announced a large buyback and Honeywell said it was splitting into two. The Dow Jones Industrial Average gained 0.31% to hit a new all time high, while the S&P 500 index climbed 0.23%, and the NASDAQ Composite index added 0.11%.

Back home, oil sector stocks were in demand. Among the public sector oil marketing companies, HPCL (up 3.20%), Indian Oil Corporation (IOCL) (up 1.55%) and BPCL (up 1%), edged higher.

Among oil exploration companies, Reliance Industries (up 1.02%), Oil India (up 0.61%) and ONGC (up 0.24%), edged higher.

IT shares were mixed. TCS (up 1.09%), HCL Technologies (up 1.07%), Wipro (up 0.85%), Tech Mahindra (up 0.67%) and Persistent Systems (up 0.37%), edged higher. Oracle Financial Services Software (down 0.04%), MindTree (down 0.15%), Infosys (down 0.24%), MphasiS (down 0.36%) and Hexaware Technologies (down 1.45%), edged lower.

Sreeleathers surged 7.10% to Rs 202 after the company said its board meeting is scheduled on 14 October 2017, to consider a proposal for buyback of equity shares of the company. The announcement was made after market hours yesterday, 10 October 2017.

On the macro front, India's economic growth for 2017 and 2018 will be slower than earlier projections, the International Monetary Fund (IMF) said in its latest World Economic Outlook released on 10 October 2017. The report cited lingering impact of demonetisation and the Goods and Services Tax (GST) for the expected slow down during the current and the next year. The IMF projected India to grow at 6.7% in 2017 and 7.4% in 2018, which are 0.5% and 0.3% less than the projections earlier this year, respectively. The IMF has meanwhile revised upwards, India's growth performance for 2016 in its latest calculations, owing to strong government spending and data revisions in India, which is now 7.1% as opposed to 6.8% in April.

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