Realty stocks surge

Key benchmark indices continued to hover near the flat line in mid-morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex was down 6.08 points or 0.02% at 29,915.10. The Nifty 50 index was up 2.20 points or 0.02% at 9,316.

The market was trading in a narrow range near the flat line amid lack of substantial global or domestic cues.

The BSE Mid-Cap index fell 0.04%. The decline in this index was higher than the Sensex's slide in percentage terms. The BSE Small-Cap index advanced 0.16%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,284 shares rose and 1,174 shares fell. A total of 142 shares were unchanged.

Realty stocks surged. Godrej Properties (up 12.67%), Prestige Estates Projects (up 5.02%), D B Realty (up 2.48%), Oberoi Realty (up 1.97%), DLF (up 1.21%), Sobha (up 0.82%) and Indiabulls Real Estate (up 0.1%) edged higher. HDIL (down 0.5%) and Unitech (down 0.18%) edged lower.

IT stocks nudged higher. Infosys (up 1.64%), HCL Technologies (up 1.62%), Oracle Financial Services Software (up 1.38%) and Tech Mahindra (up 0.53%) advanced.

TCS was up 1.34%. The company said it has been selected by one of Europe's largest utilities companies - Vattenfall- to provide IT services across multiple European operations including Swedan, Germany and the Netherlands. The announcement was made after market hours yesterday, 2 May 2017.

Wipro advanced 0.49% after the company said it has unveiled its new brand identity. The new brand identity signifies a higher level of engagement and brand permission that helps clients leverage Wipro's expertise to address their business requirements and drive future opportunities in this digital era. As part of the new brand identity, Wipro unveiled a new logo. The announcement was made after market hours yesterday, 2 May 2017.

Steel Strips Wheels (SSWL) rose 1.93% after the company said it received additional caravan wheels order from Europe. SSWL bagged yet another exports order for supply of steel wheels for EU caravan market. Total order covers supplies of approximately 19,000 wheels, with mix of 13-inch and 14-inch steel wheels, in a period of 3 months.

Wheels will be shipped from SSWL's Chennai plant beginning this month. This repeat order strengthens SSWL's position as a strong player in caravan wheels market in Europe region. The announcement was made during market hours today, 3 May 2017.

Overseas, Asian stocks were trading mixed. US equities closed with small gains yesterday, 2 May 2017 as investors awaited earnings from tech giant Apple.

Among other global news, The American Petroleum Institute (API) yesterday, 2 May 2017, reported a drop of 4.2 million barrels in US crude supplies for the week ended 28 April 2017.

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