Sensex trims gains

Key benchmark indices saw divergent trend in mid-afternoon trade with the Sensex trimming intraday gains while the Nifty once again dipping in the negative zone. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 12.40 points or 0.04% at 34,023.01. The Nifty 50 index was off 5.95 points or 0.06% at 10,525.55. Capital goods stocks saw mixed trend. Most auto stocks rose.

A divergent trend was seen on the bourses in early trade as the barometer index, the S&P BSE Sensex, traded with small gains while the Nifty 50 index traded with marginal losses. The Sensex and the Nifty scaled a record high in morning trade after extending initial gains. Indices traded with small gains later during the session.

Among secondary indices, the S&P BSE Mid-Cap index was up 0.11%. The S&P BSE Small-Cap index was up 0.06%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,383 shares rose and 1,299 shares fell. A total of 202 shares were unchanged.

Capital goods stocks saw mixed trend. Bharat Heavy Electricals (Bhel) (up 0.32%), Havells India (up 0.12%), ABB India (up 0.06%) gained. Bharat Electronics (down 0.88%), Thermax (down 0.03%) and Siemens (down 0.67%) declined.

L&T shed 0.52% to Rs 1,263. The construction arm of Larsen &Toubro has won orders worth Rs 1125 crore across various business segments. The Metallurgical & Material Handling Business has bagged orders worth Rs 710 crore in the metallurgical sector, in the area of product business and add-on jobs. Other businesses of L&T Construction have received orders worth Rs 415 crore. The announcement was made during market hours today, 27 December 2017.

Most auto stocks rose. Mahindra & Mahindra (M&M) (up 1.44%), Eicher Motors (up 0.14%), Tata Motors (up 0.14%) and Maruti Suzuki India (up 0.03%) rose. Hero MotoCorp (down 0.31%), Bajaj Auto (down 0.18%) and Ashok Leyland (down 0.59%) fell.

Punjab & Sind Bank rose 1.14% after the bank said that its board of directors approved raising of equity capital through public issue (follow on public offer)/right issue/qualified institutional placement/ preferential issue or any other mode or a combinations thereof in one or more tranches up to 31 March 2019. The announcement was made after market hours yesterday, 26 December 2017.

Overseas, European stocks were trading higher in early trade amid light trade across markets worldwide due to the holiday period. Most Asian markets gained with oil and copper prices rocketing to multi-year highs in an uplifting sign for global growth and inflation. China's industrial-profit growth slowed sharply in November, due to slower growth in prices for industrial goods and higher production costs. China's industrial profits in November rose 14.9% compared with the same period a year ago, decelerating from a 25.1% increase in October, the National Bureau of Statistics said today, 27 December 2017.

US stocks closed lower in light volume trade yesterday, 26 December 2017 as shares of Apple tumbled, offsetting gains in energy stocks as oil prices hit their highest in more than two years. European markets were closed yesterday, 26 December 2017 in observance of Boxing Day.

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