Telecom, cement stocks trade mixed

Market hovered in negative zone in the morning trade amid initial volatility. At 10:20 IST, the barometer index, the S&P BSE Sensex was down 33.37 points or 0.11% at 30,924.88. The Nifty 50 index declined 4.30 points or 0.05% at 9,507.10. The Sensex failed to hold the psychological 31,000 level which it briefly surpassed in early trade.

Market sentiment was lackluster amid weakness in Asian stocks and lower closing on the Wall Street as policy uncertainty heightened in US with the Senate Republicans forced to delay vote on a crucial healthcare bill due to lack of support.

The S&P BSE Mid-Cap index rose 0.03%, outperforming the Sensex. The S&P BSE Small-Cap index lost 0.08%. The decline in this index was lower than the Sensex's decline in percentage terms.

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,000 shares declined and 979 shares rose. A total of 101 shares were unchanged.

Telecom stocks were mixed. Bharti Airtel (down 0.44%) and Idea Cellular (down 0.18%) edged lower. Bharti Infratel was up 0.29%. Reliance Communications was unchanged at Rs 21.70.

Cement stocks were also mixed. UltraTech Cement (up 0.67%) and Ambuja Cements (up 0.29%) edged higher. ACC (down 1.73%), Shree Cement (down 0.7%) and Grasim Industries (down 0.84%) edged lower.

OnMobile Global rose 3.99% after the company secured a 3-year deal with Banglalink, Bangladesh to provide ringback tones and reverse ringback tones to its customers. The announcement was made before market hours today, 28 June 2017.

Country Club Hospitality & Holidays advanced 3.7% after the company's board approved sale of assets for the purpose of debt reduction of the company. The announcement was made after market hours yesterday, 27 June 2017.

Overseas, Asian stocks edged lower tracking lower closing on the Wall Street overnight. US equities closed lower yesterday, 27 June 2017 amid losses in large-cap technology stocks, while a Senate vote delay raised heightened policy uncertainty.

In US, the Republican Party's seven-year crusade to repeal the Affordable Care Act (ACA) is on the verge of collapse, after Senate leaders were forced to delay a vote on a healthcare bill. Republicans, who hold the Senate 52-48, must find at least 50 votes to pass the bill, under a budget rules process known as reconciliation that would require only a simple majority.

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