Sensex, Nifty trade range-bound in positive zone

A range-bound trading was witnessed as key benchmark indices hovered in positive zone in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 90.65 points or 0.33% at 27,231.06. The Nifty 50 index was up 21.55 points or 0.26% at 8,402.20. Market sentiment was positive bylarge amid mixed Asian cues and modest gains on the Wall Street overnight.

The BSE Mid-Cap index was up 0.01%. The BSE Small-Cap index was up 0.05%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,174 shares declined and 1,102 shares rose. A total of 147 shares were unchanged.

Telecom stocks witnessed mixed trend. Idea Cellular (down 1.81%), Bharti Airtel (down 0.28%) and Reliance Communications (down 0.15%) edged lower. Mahanagar Telephone Nigam (up 6.77%) and Tata Teleservices (Maharashtra) (up 0.5%) edged higher.

Bharti Infratel was up 1.56%. Bharti Infratel is a telecom tower arm of Bharti Airtel.

Cement stocks declined. Shree Cement (down 0.59%), Ambuja Cements (down 0.21%) and ACC (down 0.03%) edged lower. UltraTech Cement (up 0.5%) edged higher.

Grasim Industries was down 0.2%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Dewan Housing Finance Corporation rose 1.53% at Rs 268.55 after the company said that its board will meet on 16 January 2017 to consider raising funds by issuing preference shares. The announcement was made after market hours yesterday, 11 January 2017.

Atlanta advanced 1.97% at Rs 80.30 after the company said that it has been declared as a preferred bidder for six laning of a section of national highway in Gujarat. The total cost of the project is Rs 1292 crore. The company will form a special purpose vehicle (SPV) for the implementation of the project. The announcement was made after market hours yesterday, 11 January 2017.

Finance Minister Arun Jaitley, in his address on the second day of vibrant Gujarat Global Investors Summit yesterday, 11 January 2017, on demonetization, said that difficult decisions initially pass through difficult phases as historic decisions have temporary pain attached to them.

Stressing the implementation of the Goods and Services Tax (GST), Jaitley said that most of the issues have been resolved, few critical issues are left which will be resolved in the next few weeks. He further added that GST Council is deliberative democracy in action and the impact of both GST and demonetization will be felt this year.

Overseas, Asian stocks were mixed. US stocks registered modest gains yesterday, 11 January 2017, shrugging off a sharp decline in health care stocks following remarks made by President-elect Donald Trump.

Trump held his first press conference since winning the presidency yesterday, 11 January 2017, touching on many of the issues that will dominate the opening weeks of his presidency. Looming over the proceedings was a newly-published, and entirely unverified, dossier claiming the Russian government had collected compromising information on him.

The President-elect said Obamacare would be repealed and replaced on the same day and a Supreme Court justice would be chosen within two weeks of his inauguration. He also reaffirmed commitments to build a wall on the border with Mexico and said he would bring in a border tax for companies that chose to move operations offshore.

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