Telecom stocks advance

Key benchmark indices traded with small gains in morning trade amid initial volatility. At 10:16 IST, the barometer index, the S&P BSE Sensex rose 36.24 points or 0.12% at 31,295.09. The Nifty 50 index advanced 9.80 points or 0.1% at 9,764.15.

Key indices opened the session higher on bargain hunting after registering losses in the preceding two trading sessions. Higher Asian stocks also helped key indices to trade with gains. Among secondary indices, the S&P BSE Mid-Cap index fell 0.31%. The S&P BSE Small-Cap index lost 0.4%. Both these indices underperformed the Sensex.

Overseas, Asian stocks edged higher as investors turned their attention to the US Federal Reserve's annual symposium in Jackson Hole at the end of the week. US stocks closed slightly higher yesterday, 21 August 2017, but a decline in tech and financials kept a lid on gains.

The annual Jackson Hole Economic Policy Symposium is scheduled for this Friday in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.

Closer home, the breadth, indicating the overall health of the market, turned negative from positive in morning trade. On the BSE, 1,112 shares declined and 829 shares rose. A total of 96 shares were unchanged.

Realty stocks nudged higher. HDIL (up 0.43%), Godrej Properties (up 0.28%), DLF (up 0.25%), Prestige Estates Projects (up 0.23%), Oberoi Realty (up 0.19%), Unitech (up 0.27%), D B Realty (up 0.14%) and Sobha (up 0.11%) gained. Indiabulls Real Estate (down 0.83%) edged lower.

Telecom stocks rose. Bharti Infratel (up 2.05%), Reliance Communications (up 0.86%), Idea Cellular (up 0.62%) and Bharti Airtel (up 0.21%) edged higher.

McNally Bharat Engineering Company gained 2.77% at Rs 70.50, with the stock extending yesterday's rally triggered by the company announcing receipt of an order worth Rs 514 crore. Shares of McNally Bharat Engineering Company had gained 4.02% to settle at Rs 68.60 yesterday, 21 August 2017. The announcement of the new order win was made at fag end of the day's trading session yesterday, 21 August 2017.

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