Weak market breadth

Don't want to miss the best from Business Standard?

Key benchmark indices hovered in a small range near the flat line in positive terrain in morning trade. Firmness in Asian stocks supported gains on the bourses. At 10:20 IST, the barometer index, the S&P BSE Sensex, rose 29.96 points or 0.09% at 34,873.47. The Nifty 50 index advanced 2.20 points or 0.02% at 10,743.75. IT stocks led gains on the bourses.

Among the secondary indices, the S&P BSE Mid-Cap index fell 0.43%. The S&P BSE Small-Cap index dropped 0.47%. Both these indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,509 shares declined and 959 shares rose. A total of 92 shares were unchanged.

Cement stocks gained on renewed buying. ACC (up 0.26%), Shree Cement (up 0.09%), and UltraTech Cement (up 0.15%) gained. Ambuja Cements declined 0.27%.

Grasim Industries advanced 0.55%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Telecom stocks also gained. Bharti Airtel (up 0.77%), Tata Teleservices (Maharashtra) (up 4.98%) Reliance Communications (up 3.02%) and Idea Cellular (up 0.76%) gained.

Shares of Bharti Infratel gained 1.56%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Bharat Bijlee rose 3.4% after the company said that it sold a small part of its factory land situated at Navi Mumbai to MIDC for Rs 46.79 crore. The announcement was made after market hours yesterday, 15 January 2018.

Pending execution of an agreement, MIDC, the lessor has paid to Bharat Bijlee, the lessee a sum of Rs 46.79 crore, subject to tax, towards cost of acquisition of a small part of its factory land situated at Airoli, Navi Mumbai. The proposed acquisition is for Airoli to Katai Naka elevated road project, the company said in a statement.

Vascon Engineers rose 2.4% after the company announced that it sold 68 units, or 85% of the units, in its new residential project 'Forest Edge' on the day of its launch. The project is located at Kharadi in Pune.

Its first tower consists of 80 units. It was launched on the auspicious occasion of Makar Sankranti. Forest Edge is a joint venture between Vascon, Clover Builders and Shree Madhur Realtors with Vascon having a 50% share in the project. The announcement was made after market hours yesterday, 15 January 2018.

Among macroeconomic data, exports rose 12.36% to $27.03 billion in December 2017 over December 2016. Imports rose 21.12% to $41.91 billion in December 2017 over December 2016. The trade deficit for December 2017 was estimated at $14.88 billion as against the deficit of $10.54 billion during December 2016.

Overseas, Asian stocks gained, erasing early losses amid announcements of corporate earnings. US stock markets remained shut yesterday, 15 January 2018, for the Martin Luther King Jr. holiday.

The trade surplus in the 19 countries sharing the euro expanded in November to its highest point in eight months. The European statistics office Eurostat said the euro zone's surplus in goods trade rose in unadjusted terms to 26.3 billion euros in November, up from 18.9 billions euros in October. It was also higher than the 23.8 billion surplus recorded a year earlier.

Powered by Capital Market - Live News