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Indices trade near the flat line

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Key indices were trading with small gains in a rangebound trade in mid-morning trade amid mixed Asian cues. At 11:20 IST, the barometer index, the S&P BSE Sensex, gained 17.98 points or 0.05% at 33,795.36. The Nifty 50 index rose 10.90 points or 0.1% at 10,455.10.

The market opened higher and swung between gains and losses near the flat line so far.

The S&P BSE Mid-Cap index rose 0.56%. The S&P BSE Small-Cap index gained 0.85%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers for every loser on BSE. 1,629 shares rose and 747 shares fell. A total of 139 shares were unchanged.

Capital goods stocks extended recent gains. Bharat Heavy Electricals (Bhel) (up 0.94%), BEML (up 0.47%), ABB India (up 0.39%), Bharat Electronics (up 0.46%), L&T (up 1.32%), Thermax (up 0.56%), and Siemens (up 0.81%) gained. Havells India declined 0.96%.

Most auto stocks also extended recent gains. Ashok Leyland (up 0.59%), Eicher Motors (up 0.45%), Hero MotoCorp (up 1.14%), Bajaj Auto (up 0.05%), Tata Motors ( up 0.05%) and TVS Motor Company (up 0.12%) gained. Mahindra & Mahindra (M&M) (down 2.86%) and Maruti Suzuki India (down 0.28%) declined.

Cyient rose 2.4% after the company announced the opening of its global Tower Operations Center (TOC) at the company's headquarters in Hyderabad, India. The Internet of Things (IoT)-enabled TOC provides 24/7 surveillance and remotely monitors all passive assets in cell towers across multiple locations. Its solution architecture enables communication between sensors and an integrated, cloud-based analytics engine to extract and analyze asset data for actionable insights. The announcement was made during market hours today, 21 December 2017.

Varun Beverages jumped 13.31% after the company said that its board approved entering into a binding agreement to acquire PepsiCo India's previously franchised sub territory in Jharkhand (20 districts) along with manufacturing facilities and franchisee rights for Chhattisgarh, subject to the satisfactory completion of due diligence and final approval of PepsiCo.

Upon completion of this acquisition, the company will be a franchisee for PepsiCo products across 20 states and 2 Union Territories of India. The announcement was made after market hours yesterday, 20 December 2017.

IVRCL hit 20% upper circuit at Rs 5.05 after the company said that it has entered into share purchase agreements with Cube Highways and Infrastructure Pte (Cube) for sale of the entire stake in two subsidiary companies viz. Salem Tollways (STL) and Kumarapalayam Tollways (KTL).

The value of IVRCL's stake in STL and KTL shall be computed on the basis of enterprise value of Rs 342.95 crore for STL and Rs 383.23 crore for KTL subject to adjustments on account of financial indebtedness and working capital and expenses for upcoming major maintenance of each of the project.

The expected date of completion of sale is before September 2018 quarter. The announcement was made after market hours yesterday, 20 December 2017.

De Nora India fell 0.38%. The company said that it has secured a contract worth Rs 11.99 crore from Bharat Heavy Electricals. The announcement was made during market hours today, 21 December 2017.

Overseas, Asian stocks were mixed. The Bank of Japan kept monetary policy steady despite growing signs of strength in the economy. In a widely expected move, the BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park at the central bank.

UK consumer sentiment worsened again in December as Britons turned more pessimistic about their finances, a survey published showed. The long-running barometer of consumer confidence, conducted by market researcher GfK U.K. for the European Union's executive, dropped by one point in December and stood at minus 13, the lowest reading in four years.

US stocks closed marginally lower yesterday, 20 December 2017, as congressional Republicans sent tax-cut legislation to President Donald Trump for his signature. The House of Representatives yesterday, 20 December 2017 passed a historic tax bill, which they voted on for the second time due to a technical irregularity the day before. The bill includes a reduction in the corporate tax rate from 35% to 21%. The Senate passed the overhaul early on Wednesday.

Existing-home sales rose to a 5.81 million seasonally adjusted annual rate in November, the National Association of Realtors said. The number came in well above expectations.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, December 21 2017. 11:18 IST