Realty stocks trade mixed

Key benchmark indices hovered around the flat line in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was up 17.19 points or 0.06% at 31,226.98. The Nifty 50 index rose 14 points or 0.15% at 9,627.30.

The movement of indices was restricted within a narrow range near the flat line so far during the session. Market movement remained lacklustre amid geopolitical concerns after North Korea launched a long-range ballistic missile.

The S&P BSE Mid-Cap index rose 0.85%. The S&P BSE Small-Cap index gained 0.89%. Both these indices outperformed the Sensex.

The breadth, indicating strength of the market was strong. On BSE, 1,599 shares rose and 893 shares fell. A total of 135 shares were unchanged.

Realty stocks were mixed. Prestige Estates Projects (up 1.67%), D B Realty (up 0.63%), Sobha (up 0.51%), HDIL (up 0.47%) and DLF (up 0.41%) edged higher. Oberoi Realty (down 1.86%), Unitech (down 0.96%), Indiabulls Real Estate (down 0.41%) and Godrej Properties (down 0.14%) edged lower.

Aviation stocks declined. SpiceJet (down 1.42%), Jet Airways (India) (down 0.49%) and InterGlobe Aviation (down 0.4%) edged lower.

Bank of Baroda was up 1.07%. The bank has kept its marginal cost of funds based lending rate (MCLR) applicable from 7 July 2017 unchanged from its prior levels in between 8.1% and 8.65% for tenors ranging from overnight to five years. The announcement was made during market hours today, 5 July 2017.

Shares of Timken India and ABC Bearings rose by 12.15% to 20% after the board of Timken India on 4 July 2017 approved the amalgamation of ABC Bearings with the company. As per the proposed scheme, Timken India will issue 5 equity shares for every 8 equity shares held in ABC Bearings. The transaction is expected to close in the quarter ended 31 March 2018, subject to the receipt of all approvals. The announcement was made after market hours yesterday, 4 July 2017.

On macroeconomic data front, activity in India's dominant service sector expanded at its fastest pace in eight months in June as new business orders surged, a private survey showed. The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 53.1 in June from the previous month's 52.2. June was the fifth consecutive month the index has been above the 50 mark that separates growth from contraction.

Overseas, European and Asian equities traded mixed amid geopolitical concerns after North Korea launched a long-range ballistic missile. North Korea reportedly claimed today, 5 July 2017 the missile it launched yesterday, 4 July 2017 was an intercontinental ballistic missile capable of carrying a heavy nuclear warhead. The missile launched on Tuesday, 4 July 2017 landed in Japan's exclusive economic zone (EEZ).

On macroeconomic data front, the Caixin services Purchasing Managers' Index (PMI) showed that growth in China's services sector slowed in June. The Caixin services PMI fell to 51.6 from the 52.8 figure seen in May. The June composite PMI, which takes into account both the services and manufacturing sectors, fell to 51.1 compared with the 51.5 number seen last month.

Activity in Japan's services sector accelerated from the previous month to expand at its fastest pace in almost two years, a private survey showed. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.3 in June from 53 in May as new business, outstanding business and hiring expanded.

US markets were closed yesterday, 4 July 2017 for Independence Day.

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