Power stocks gain

Key indices continued to hover between gains and losses near the flat line in early afternoon trade amid mixed Asian cues. At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 20.51 points or 0.06% at 33,756.87. The Nifty 50 index declined 2.30 points or 0.02% at 10,441.90.

The market opened higher and swung between gains and losses near the flat line in a lackluster session of trade so far.

The S&P BSE Mid-Cap index rose 0.6%. The S&P BSE Small-Cap index gained 0.81%. Both these indices outperformed the Sensex.

The market breadth indicating health of the market was strong. On the BSE, 1,569 shares rose and 880 shares fell. A total of 175 shares were unchanged.

Most realty stocks extended recent gains. D B Realty (up 20%), Unitech (up 15.25%), NBCC (up 0.3%), Godrej Properties (up 0.13%), Housing Development & Infrastructure (HDIL) (up 0.63%), and Oberoi Realty (up 0.07%) edged higher. DLF (down 0.22%), Sobha (down 0.83%), and Indiabulls Real Estate (down 0.23%) declined.

Shares of power generation and power distribution companies gained. NTPC (up 0.87%), Torrent Power (up 0.34%), NHPC (up 0.18%), Tata Power Company (up 0.05%), Adani Power (up 0.14%), Reliance Infrastructure (up 1.57%) and Reliance Power (up 0.88%) gained. Power Grid Corporation of India declined 0.2%.

Hero MotoCorp rose 1.25% after the company said it unveiled three new motorcycles - the 125cc Super Splendor, the 110cc Passion PRO and the 110cc Passion XPRO. There will be a phase-wise launch of the three motorcycles in the market, starting January 2018. The announcement was made during market hours today, 21 December 2017.

Cadila Healthcare rose 2.38% after Zydus Pharmaceuticals (USA) Inc., a wholly-owned subsidiary of the company received the final approval from the US Food and Drug Administration (USFDA) to market Nifedipine extended-release tablets USP in strengths of 30 milligram (mg), 60 mg and 90 mg.

The drug is used to treat hypertension (high blood pressure) and angina (chest pain). It will be manufactured at the group's formulations manufacturing facility at Special Economic Zone (SEZ), Ahmedabad. The announcement was made during market hours today, 21 December 2017.

Overseas, Asian stocks were mixed. The Bank of Japan kept monetary policy steady despite growing signs of strength in the economy. In a widely expected move, the BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park at the central bank.

UK consumer sentiment worsened again in December as Britons turned more pessimistic about their finances, a survey published showed. The long-running barometer of consumer confidence, conducted by market researcher GfK U.K. for the European Union's executive, dropped by one point in December and stood at minus 13, the lowest reading in four years.

US stocks closed marginally lower yesterday, 20 December 2017, as congressional Republicans sent tax-cut legislation to President Donald Trump for his signature. The House of Representatives yesterday, 20 December 2017 passed a historic tax bill, which they voted on for the second time due to a technical irregularity the day before. The bill includes a reduction in the corporate tax rate from 35% to 21%. The Senate passed the overhaul early on Wednesday.

Existing-home sales rose to a 5.81 million seasonally adjusted annual rate in November, the National Association of Realtors said. The number came in well above expectations.

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