Power, FMCG stocks trade mixed

The Sensex traded with small gains near its record high while Nifty was trading with tiny gains in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex rose 98.85 points or 0.3% at 33,225.59. The Nifty 50 index rose 8.80 points or 0.09% at 10,350.70. Firmness in global stocks supported gains on the domestic bourses.

Indices edged higher and hit fresh record highs in early trade on firm Asian stocks. Market hovered in positive terrain with small gains in morning trade. Indices witnessed divergent trend later during the session with Sensex hitting fresh record high in afternoon trade.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.49%. The S&P BSE Small-Cap index gained 0.56%. Both the indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,477 shares rose and 1,161 shares declined. A total of 148 shares were unchanged.

Bharti Airtel dropped 4.59% and was the biggest loser from the Sensex pack.

FMCG stocks were mixed. Marico (down 0.92%), Britannia Industries (down 0.43%), Hindustan Unilever (HUL) (down 1.43%), Dabur India (down 0.25%), Bajaj Corp (down 0.48%), GlaxoSmithkline Consumer Healthcare (down 0.16%), Godrej Consumer Products (down 0.13%) declined. Nestle India (up 0.89%), Jyothy Laboratories (up 0.84%), Tata Global Beverages (up 2.74%), Procter & Gamble Hygiene and Health Care (up 0.43%), and Colgate Palmolive India (up 0.18%) gained.

ITC gained 2.51% ahead of its Q2 results today, 27 October 2017.

Shares of power generation and power distribution companies were also mixed. Torrent Power (up 1.73%), NHPC (up 2.32%), Tata Power Company (up 2.85%), Reliance Infrastructure (up 0.88%) and Reliance Power (up 1.04%) gained. Adani Power (down 0.61%), Power Grid Corporation of India (down 0.2%), and NTPC (down 1.16%) declined.

Shares of psu coal mining major Coal India dropped 0.75%.

Maruti Suzuki India gained 1.57% after net profit rose 3.4% to Rs 2484.30 crore on 21.8% rise in net sales to Rs 21438.1 crore in Q2 September 2017 over Q2 September 2016. The announcement was made during market hours today, 27 October 2017.

NBCC (India) declined 0.18%. The company's proposal for upgradation and maintenance of Purana Quila, New Delhi was accepted by the tourism ministry. The announcement was made during market hours today, 27 October 2017.

NBCC (India) said that had submitted an Expression of Interest (EoI) for 'Adopt a Heritage Project' a scheme under Ministry of Tourism, Government of India for Purana Quila, New Delhi. The proposal of NBCC (India) has been accepted by Ministry of Tourism, Government of India for up-gradation and maintenance of Purana Quila, New Delhi.

Emami Paper Mills rose 1.18%. The company's net profit dropped 97.24% to Rs 0.51 crore on 3.19% rise in net sales to Rs 314.46 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 26 October 2017.

Overseas, European stocks edged higher supported by upbeat earnings from US tech giants and the prospect of continuing stimulus in Europe. European Central Bank (ECB) President Mario Draghi yesterday, 26 October 2017, outlined plans to halve its monthly bond purchases to 30 billion euros ($35 billion) from 60 billion euros starting in January, but he also indicated that zero percent interest rates could remain at current levels until well past whenever it finally decides to end its quantitative easing measures.

Asian stocks rose following gains in US equities as earnings and congressional action on tax reform boosted confidence in the growth outlook. The US House passed a budget resolution seen as advancing the prospects for tax reform.

Among economic data, profits for China's industrial powerhouses surged the most in nearly six years in September. Industrial profits in September rose 27.7% from a year earlier to 662.18 billion yuan ($99.46 billion), accelerating from a 24% jump in August, the National Bureau of Statistics (NBS) said.

US stocks ended mostly higher yesterday, 26 October 2017, as a fusillade of better-than-expected corporate quarterly results helped to reinvigorate Wall Street buying appetite.

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