A range-bound trading was witnessed as key benchmark indices hovered around the flat line in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex lost 11.82 points or 0.04% at 32,411.94. The Nifty 50 index fell 3.75 points or 0.04% at 10,149.35.
Key indices started the session with small gains amid positive global cues. Later, indices hovered near the flat line with small losses with indices extending losses in morning trade. Indices trimmed losses to once again trade around the flat line in early afternoon trade. Earlier, Nifty had hit a record high in early trade.
The Sensex lost 65.13 points or 0.2% at the day's low of 32,358.63 in morning trade, its lowest level since 15 September 2017. It rose 100.35 points or 0.3% at the day's high of 32,524.11 in early trade, its highest level since 2 August 2017. The Nifty lost 23.15 points or 0.22% at the day's low of 10,129.95 in morning trade, its lowest level since 15 September 2017. It rose 25.85 points or 0.25% at the day's high of 10,178.95 in early trade, a record high.
Among other indices, the S&P BSE Mid-Cap index rose 0.32%. The S&P BSE Small-Cap index advanced 0.43%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,235 shares rose and 1,105 shares declined. A total of 133 shares were unchanged.
Auto stocks mostly nudged higher. Tata Motors (up 5.29%), Bajaj Auto (up 0.49%), Maruti Suzuki India (up 0.15%) and Hero MotoCorp (up 0.1%) advanced. Ashok Leyland (down 0.59%) and Eicher Motors (down 0.29%) declined.
Mahindra & Mahindra (M&M) rose 0.29% at Rs 1,298.60 after the company said it has displayed its Technology developed in house at its Mahindra Research Valley for a Driverless Tractor which will take farm mechanization to new heights. No product is being currently launched but the company is voluntarily furnishing details in this regard, it said. The vehicle is expected to be launched commercially in the year 2018 in a phased manner. The announcement was made during market hours today, 19 September 2017.
Capital goods stocks advanced. BEML (up 3.49%), ABB India (up 1.86%), Bharat Heavy Electricals (up 1.01%), Bharat Electronics (up 0.65%), Suzlon Energy (up 0.3%) and Havells India (up 0.22%) gained. Thermax (down 1.2%), Siemens (down 0.7%) and L&T (down 0.53%) edged lower.
Himachal Futuristic Communications was locked at a 5% lower circuit at Rs 34.20 after the company denied rumours of merger of the company with Reliance Jio Infocomm (RJio). At the outset, the company has clarified that the reports titled 'rumours of merger with RJio draw traders to HFCL stock' has no substance, and is completely false and baseless. The company has strongly denied such types of speculations. The company has unequivocally reiterated that there is no such corporate event/development as reported in the newspaper.
RJio is the telecom arm of Mukesh Ambani-controlled Reliance Industries (RIL). Shares of RIL declined 0.55% to Rs 840.75.
In the economic news, the number of foreign tourist arrivals (FTAs) rose 11% to 7.24 lakh in August 2017 over August 2016, data released by the Ministry of Tourism after market hours yesterday, 18 September 2017 showed.
Overseas, most Asian stocks edged lower as investors awaited clues from the Federal Reserve on future monetary policy. US stocks registered fresh record closing high yesterday, 18 September 2017 as investors looked ahead to the outcome of a key Federal Reserve meeting tomorrow, 20 September 2017. Market participants are largely expecting interest rates to remain unchanged. However, Fed is expected to announce the unwinding of its $4.5 trillion balance sheet.
In Europe, the Bank of England (BOE) Governor Mark Carney, making a speech at the International Monetary Fund's headquarters in Washington, reportedly said yesterday, 18 September 2017 that Brexit was likely to push up Britain's inflation rate and he reiterated the central bank's new view that interest rates are likely to rise in the coming months.
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