Key benchmark indices were trading in a narrow range in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 81.63 points or 0.27% at 30,446.88. The Nifty 50 index was up 17.55 point, or 0.19% at 9,403.70. Power generation stocks were mixed. Most IT shares declined.
Among secondary barometers, the BSE Mid-Cap index was down 0.41%, underperforming the Sensex. The BSE Small-Cap index was up 0.05%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, once again turned negative from positive. On BSE, 1,302 shares fell and 1,104 shares rose. A total of 147 shares were unchanged.
Most IT shares declined. MindTree (up 2.13%), TCS (up 0.86%), MphasiS (up 0.72%), Wipro (up 0.69%), Infosys (up 0.68%), Persistent Systems (up 0.29%) and Tech Mahindra (up 0.24%), edged higher. Hexaware Technologies (down 1.04%), HCL Technologies (down 1.73%) and Oracle Financial Services Software (down 1.84%), edged lower.
Intellect Design Arena gained 2.15% after the company said that it has signed a ten year deal with one of Australia's 'Big Four', banking firm to implement its integrated trade finance, treasury and retail remittance solution for the bank's corporate and retail customers in one of its offshore regions. The bank has also entrusted Intellect with solution's maintainence and technical support-beginning a ten year relationship between the two firms. The announcement was made during market hours today, 24 May 2017.
Power generation stocks were mixed. NHPC (down 0.51%), Adani Power (down 1.51%), Jaiprakash Power Ventures (down 1.87%), Reliance Infrastructure (down 2.3%), Reliance Power (down 2.49%) and GMR Infrastructure (down 2.52%), edged lower. Torrent Power (up 2.83%), CESC (up 2.49%), NTPC (up 1.21%), Tata Power (up 0.25%) and JSW Energy (up 0.16%), edged higher.
State-run Power Grid Corporation of India was up 0.20%. State-run Coal India was up 0.43%.
Novartis India fell 3.17% after net profit slumped 87.3% to Rs 2.91 crore on 12.4% decrease in net sales to Rs 145.48 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 23 May 2017.
Cerebra Integrated Technologies rose 9.63% after the company said it has received permission from Karnataka State Pollution Control Board to start its recycling plant in Bangalore. The announcement was made after market hours yesterday, 23 May 2017.
The Karnataka State Pollution Control Board has issued its consent to the company to start production for its E-Waste recycling plant setup on a 12 acre land at Narsapura Industrial Area, Old Madras Road. The plant's operations will include dismantling and segregation of E-Waste for recovery of precious metals like gold, silver, platinum, palladium and rhodium. Operations at the plant will commence with immediate effect, the company said.
Overseas, most Asian shares were trading higher as investors looked ahead to US Federal Reserve views on interest rate hike prospects and await an upcoming OPEC meeting. Investors are awaiting the release of minutes from the Fed from its previous meeting for details on the probability of a rate hike in June.
China's Shanghai Composite was down 0.24%. Moody's Investors Service downgraded China's credit rating to A1 from Aa3, changing its outlook to stable from negative, citing concerns efforts to support growth will spur debt growth across the economy.
In US, shares closed higher yesterday, 23 May 2017, marking a fourth straight session in the green following the White House's release of its 2018 budget proposal. On the economic data front, US flash PMI reading for services and manufacturing for May were mixed. Manufacturing PMI dipped to an 8-month low, while services PMI rose to a 4-month high.
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