Market hovered around the flat line in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 5.95 points or 0.02% at 29,916.17. The Nifty 50 index was up 6.10 points or 0.07% at 9,243.95. The Sensex was trading below the psychologically important 30,000 level which it had hit at the onset of session.
The market sentiment was subdued amid lacklustre trading in Asian stocks. The BSE Mid-Cap index was up 0.38%. The BSE Small-Cap index advanced 0.97%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,799 shares rose and 240 shares declined. A total of 117 shares were unchanged.
Telecom stocks nudged higher. Idea Cellular (up 0.47%), Bharti Infratel (up 3.32%) and Reliance Communications (up 0.9%) advanced. Bharti Airtel (down 0.61%) edged lower.
Cement stocks also gained. UltraTech Cement (up 1.02%) and Ambuja Cements (up 0.83%) edged higher. ACC (down 0.01%) edged lower.
Grasim Industries was up 2.08%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
TVS Motor Company rose 2.44% after the company said that its total sales rose 10% to 2.56 lakh units in March 2017 over March 2016. Total two-wheeler sales increased by 10.7% to 2.5 lakh units in March 2017 over March 2016. Domestic two-wheelers sales grew by 8.4% to 2.16 lakh units in March 2017 over March 2016. Scooter sales of the company grew by 23.5% to 84,173 units in March 2017 over March 2016. Motorcycles sales grew by 10.3% to 95,671 units in March 2017 over March 2016.
Total three-wheeler sales fell 8.72% to 5,362 units in March 2017 over March 2016. Total exports grew 23.6% to 38,462 units in March 2017 over March 2016. The announcement was made after market hours on Monday, 3 April 2017.
Overseas, Asian stocks were mixed. US stock markets closed with small gains yesterday, 4 April 2017, ahead of a key meeting between President Donald Trump and Chinese President Xi Jinping on Thursday and Friday.
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