Positive market breadth

Key benchmark indices recovered from lower level and were trading almost unchanged after slipping into the red in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex was down 1.45 points at 31,269.83. The Nifty 50 index was up 0.50 points or 0.01% at 9,664.40. Indices hovered in a narrow range as investors maintained caution ahead of key global events.

Indices edged higher in early trade tracking steady Asian stocks. Stocks soon slipped into the red only to stage recovery in morning trade.

Interest rate sensitive realty stocks declined after the Reserve Bank of India kept policy rates unchanged yesterday, 7 June 2017. Metal & mining stocks gained after positive economic data in China.

The S&P BSE Mid-Cap index rose 0.31%. The S&P BSE Small-Cap index advanced 0.17%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,103 shares rose and 846 shares declined. A total of 98 shares were unchanged.

Metal & mining stocks gained after positive economic data in China. JSW Steel (up 2.41%), Bhushan Steel (up 5.19%), Hindustan Copper (up 0.72%), Vedanta (up 0.6%), Hindalco Industries (up 0.73%), Hindustan Zinc (up 0.54%), Jindal Steel & Power (up 4.03%), Tata Steel (up 2.97%), Steel Authority of India (Sail) (up 1.84%), National Aluminum Company (up 0.15%) and NMDC (up 1.51%) gained. China is the world's largest consumer of steel, copper and aluminum.

The BSE Metal index rose 1.23%, outperforming the Sensex. The index snapped five-day losing streak.

Interest rate sensitive realty stocks declined after the Reserve Bank of India kept policy rates unchanged yesterday, 7 June 2017. Sobha (down 0.54%), D B Realty (down 0.68%), Indiabulls Real Estate (down 1.78%), DLF (down 0.74%), and Omaxe (down 0.08%) edged lower. Unitech (up 0.19%) and Oberoi Realty (up 0.12%) gained. Purchases of both residential and commercial property are largely driven by finance.

Cyient rose 1.77% after the company announced that its subsidiary, Cyient DLM, has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyient's 15 years relationship with United Technologies Corporation (UTC) as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC company-wide.

With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development. The announcement was made after market hours yesterday, 7 June 2017.

Overseas, most Asian stocks gained ahead of a number of news events with global implications. Later today, elections in the UK will get under way, the European Central Bank will hold its latest meeting and James Comey, the former director of the Federal Bureau of Investigation, will testify on Capitol Hill.

China's May exports rose 8.7% from a year earlier, while imports expanded 14.8%, both beating expectations, official data showed. That left the country with a trade surplus of $40.81 billion for the month, the General Administration of Customs said.

Japan's economy grew at a slower pace than initially estimated in the first quarter. The nation's gross domestic product, the broadest measure of economic activity, grew at an annualized pace of 1.0% from the previous three months, according to government data.

Banks and other financial companies led US stocks slightly higher yesterday, 7 June 2017, snapping a two-day losing streak for the market.

Powered by Capital Market - Live News