Key benchmark indices hovered in negative zone in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 23.69 points or 0.07% at 33,916.61. The Nifty 50 index was off 5.45 points or 0.05% at 10,487.55. FMCG stocks saw mixed trend. Cement shares were in demand
Domestic stocks edged higher in early trade as trading resumed after a long weekend. The Sensex scaled record high above the psychological 34,000 mark at onset of the day's trading session. The Nifty also hit record high above the 10,500 mark in early trade. A bout of volatility was seen as the key benchmark indices were trading on a flat note in morning trade after alternately moving above and below the flat line. Stocks once again dipped in negative zone and hit fresh intraday low in mid-morning trade.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.56%. The S&P BSE Small-Cap index gained 0.72%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,649 shares rose and 924 shares fell. A total of 168 shares were unchanged.
FMCG stocks saw mixed trend. Colgate Palmolive India (down 0.79%), GlaxoSmithkline Consumer Healthcare (down 0.5%), Britannia Industries (down 0.08%), Hindustan Unilever (HUL) (down 0.21%), Nestle India (down 0.12%) and Godrej Consumer Products (down 0.94%) declined.
Tata Global Beverages (up 1.14%), Dabur India (up 0.23%), Marico (up 0.19%), Procter & Gamble Hygiene and Health Care (up 1.01%) and Jyothy Laboratories (up 1.09%) gained.
Cement shares were in demand. Ambuja Cements (up 1.21%), Shree Cement (up 0.58%), UltraTech Cement (up 0.16%) and ACC (up 0.49%) edged higher.
Grasim Industries was up 0.73%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
GVK Power & Infrastructure was locked in 5% upper circuit at Rs 18.35 after the compny said that GVK Power (Goindwal Sahib), a subsidiary of the company, received letters from Coal India, declaring it as the provisional successful bidder for award of 17,06,300 tonnes of coal to its 2x270 megawatts (MW) thermal power plant situated at Tarn Taran, Goindwal Sahib District, in Punjab.
After submission of requisite documents, GVK Power will be declared as the successful bidder and thereafter will execute a fuel supply agreement. The announcement was made after market hours on Friday, 22 December 2017.
NHPC rose 3.46% to Rs 31.40 after a domestic brokerage firm reportedly initiated coverage on the stock with a 'buy' rating and a target price of Rs 37 per share. The brokerage stated that the valuations of the NHPC shares are attractive at one-time book value and 6% dividend yield. NHPC's earnings are at inflexion after five years of stagnation, the brokerage added.
Overseas, Asian stocks were mixed in trading thinned by year-end holidays as several regional markets re-opened after the Christmas break. Hong Kong, Australia and New Zealand markets remain closed today, 26 December 2017. US markets remained shut yesterday, 25 December 2017 on account of Christmas.
In Japan, the nationwide core consumer price index (CPI), which includes oil goods but excludes volatile fresh food prices, rose 0.9% in November from a year earlier, government data showed today, 26 December 2017. The pace of price growth was just ahead of October's 0.8%.
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