Key benchmarks hover near flat line

Key benchmark indices were trading near flat line in mid-morning trade. At 11:33 IST, the barometer index, the S&P BSE Sensex, was down 8.44 points or 0.02% at 33,804.31. The Nifty 50 index was up 1.65 points or 0.02% at 10,437.20.

On the macro front, the Nikkei India Manufacturing Purchasing Managers' Index rose to 54.70 in December 2017 from 52.60 in November 2017. The data was announced during trading hours today, 2 January 2018.

Among secondary barometers, the BSE Mid-Cap index was down 0.60%. The BSE Small-Cap index was down 0.55%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,627 shares fell and 879 shares rose. A total of 109 shares were unchanged. Breadth was strong in early trade.

 

Overseas, Asian shares were trading higher. Market in Japan is closed for holiday. US market was shut yesterday, 1 January 2018, on account of New Year's Day.

Back home, most IT shares declined. Oracle Financial Services Software (down 0.88%), Persistent Systems (down 0.8%), MindTree (down 0.5%), Wipro (down 0.31%), Hexaware Technologies (down 0.15%), Infosys (down 0.12%), TCS (down 0.08%) and MphasiS (down 0.05%), edged lower. HCL Technologies (up 0.43%) and Tech Mahindra (up 1.99%), edged higher.

Most pharmaceutical shares declined. Wockhardt (down 1.65%), Divi's Laboratories (down 1.32%), Aurobindo Pharma (down 1.04%), Strides Shasun (down 0.93%), Lupin (down 0.68%), Glenmark Pharmaceuticals (down 0.63%), Cadila Healthcare (down 0.49%), Sun Pharmaceutical Industries (down 0.45%), IPCA Laboratories (down 0.29%) and GlaxoSmithKline Pharmaceuticals (down 0.15%), edged lower. Alkem Laboratories (up 0.25%), Cipla (up 0.44%), Dr Reddy's Laboratories (up 0.68%) and Piramal Enterprises (up 0.79%), edged higher.

Auto major Mahindra & Mahindra (M&M) gained 1.21% to Rs 754.55 after the company reported that total tractor sales rose 30% to 18,288 units in December 2017 over December 2016. The announcement was made during market hours today, 2 January 2018.

M&M's domestic tractor sales rose 32% to 16,671 units in December 2017 over December 2016. Exports of tractors rose 13% to 1,617 units in December 2017 over December 2016. M&M during market hours yesterday, 1 January 2018 said that its total auto sales rose 8% to 39,200 units in December 2017 over December 2016.

Auto major Tata Motors was up 1.72% at Rs 432.70. Continuing its turnaround, Tata Motors today announced a strong sates performance for December 2017. The Commercial and Passenger Vehicles domestic sales in December 2017 was at 54,627 units as against 35,825 units in December 2016, a growth of 52%, due to the increasing demand for vehicles across segments, new product launches and strategic customer initiatives. The announcement was made during market hours today, 2 January 2018.

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