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Strong market breadth

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A divergent trend was witnessed in morning trade as the barometer index, the S&P Sensex, was trading with tiny gains while the 50 index was trading with small losses. At 10:30 IST, the barometer index, the S&P Sensex, was up 11.62 points or 0.04% at 31,164.57. The 50 index was down 8.40 points or 0.09% at 9,609.75.

Domestic stocks drifted lower in early trade tracking negative Asian stocks.

The S&P Mid-Cap index was up 0.21%. The S&P BSE Small-Cap index was up 0.51%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,272 shares rose and 792 shares fell. A total of 102 shares were unchanged.

Overseas, Asian shares were trading lower as risk sentiment was hit by fear of more US political turmoil after media report indicated that US President Donald Trump is being investigated by a special counsel for possible obstruction of justice. Investigators are investigating alleged Russian interference in the 2016 US presidential election and possible collusion with the Trump campaign. Trump's legal team denounced the report.

In US, the Dow industrials closed at a record for a second straight session yesterday, 14 June 2017 but other benchmarks finished lower as the Federal Reserve hiked the fed-funds futures rate.

The Federal Reserve hiked the fed-funds rate by a quarter-point to between 1% and 1.25% as expected after its two-day policy meeting yesterday, 14 June 2017 and indicated that it would reduce its $4.5 trillion balance sheet this year. Fed Chair Janet Yellen said the process could start relatively soon, while projections of Federal Reserve Board members also showed they expect one more rate hike by the end of year.

Back home, realty stocks advanced. DLF (up 2.19%), Indiabulls Real Estate (up 0.81%), Housing Development and Infrastructure (up 1.57%), D B Realty (up 2.25%), Unitech (up 0.03%), Sobha (up 1.48%), Godrej Properties (up 1.7%), Prestige Estates Projects (up 1.66%), Oberoi Realty (up 0.87%) and Parsvnath Developers (up 2.59%) gained.

Telecom stocks rose. Bharti Airtel (up 0.75%), MTNL (up 0.9%), Tata Teleservices (Maharashtra) (up 0.47%) and Reliance Communications (up 0.55%) rose. Idea Cellular (down 0.13%) fell.

Shares of Bharti Infratel rose 0.08%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Corporation rose 1.89% to Rs 945 after the stock witnessed multiple block deals among the company's promoters on the BSE yesterday, 14 June 2017. Promoter Archway Investment Company offloaded a combined 11.80 lakh shares of Corporation (BBTC) at Rs 877 per share in a series of block deals on the BSE yesterday, 14 June 2017.

Promoter Nusli Neville Wadia bought 7.05 lakh shares. Promoter Nowrosjee Wadia and Sons purchased 3.43 lakh shares. Estate of Shri Edulji Framrize Dinshaw bought 1.32 lakh shares. Archway Investment Company controlled 12.5% stake, Nusli Neville Wadia held 8.8% and Nowrosjee Wadia and Sons owned 3.29% stake end March 2017.

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

First Published: Thu, June 15 2017. 10:33 IST