Key benchmark indices traded near the flat line in morning trade after opening with small gains. At 10:15 IST, the barometer index, the S&P BSE Sensex rose 31.80 points or 0.1% at 32,434.17. The Nifty 50 index lost 0.65 points or 0.01% at 10,146.90. Market sentiment was subdued amid mixed trend in Asian bourses.
The S&P BSE Mid-Cap index rose 0.12%. The S&P BSE Small-Cap index advanced 0.27%. Both these indices outperformed the Sensex.
Overseas, Asian stocks traded mixed as investors awaited clues from the outcome of Federal Reserve monetary policy meeting later in the global day. US stocks closed at record high yesterday, 19 September 2017 as the Federal Reserve kicked off a two-day monetary policy meeting yesterday.
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.
Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 1,149 shares rose and 812 shares declined. A total of 101 shares were unchanged.
Realty stocks were mixed. Unitech (up 7.85%), Oberoi Realty (up 1.6%), Godrej Properties (up 1.51%) and Sobha (up 0.54%) gained. Prestige Estates Projects (down 1.55%), D B Realty (down 0.01%), Indiabulls Real Estate (down 0.53%) and HDIL (down 0.4%) declined. DLF was unchanged at Rs 190.95.
IT stocks declined. TCS (down 0.61%), Wipro (down 0.59%), Tech Mahindra (down 0.2%), Oracle Financial Services Software (down 0.13%) and HCL Technologies (down 0.06%) edged lower. Persistent Systems (up 0.9%) edged higher.
Infosys was down 0.25% at Rs 909.05. The company announced that Infosys Finacle, a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys announced its partnership with Niki.ai, a FinTech start-up that offers chat based commerce solutions. With this partnership, Finacle solution suite will be available with Niki.ai's chat-based virtual assistant - Niki. This offering will enable banks to offer its customers a virtual banking assistant for shopping products and services. The announcement was made after market hours yesterday, 19 September 2017.
Tata Steel advanced 0.86% at Rs 682.40 after the company and thyssenkrupp AG have signed a Memorandum of Understanding to create a leading European steel enterprise by combining the flat steel businesses of the two companies in Europe and the steel mill services of the thyssenkrupp group. The proposed 50:50 joint venture - thyssenkrupp Tata Steel - would be focused on quality and technology leadership, and the supply of premium and differentiated products to customers, with annual shipments of about 21 million tonnes of flat steel products.
The joint venture would have a pro forma turnover of about 15 billion per annum (Rs 115000 crore) and currently employs about 48,000 people spread across various locations. It would be headquartered in the Amsterdam region of the Netherlands. The proposed combination of businesses would be formed through a non-cash transaction framework, based on fair valuation where both shareholders would contribute debt and liabilities to achieve an equal shareholding in the venture. The announcement was made during market hours today, 20 September 2017.
L&T rose 1.43% at Rs 1,243.95 after the company said its Hydrocarbon division has bagged a major pipeline contract with a value close to Rs 1700 crore from Kuwait Oil Company (KOC) for engineering, procurement and construction of a new crude transit line from North Kuwait to Ahmadi. The completion of the project is scheduled in the third quarter of 2020. The announcement was made during market hours today, 20 September 2017.
Sun Pharmaceutical Industries (Sun Pharma) was down 1.37% at Rs 509.50. The company announced that one of its wholly owned subsidiaries has received approval from the US Food and Drug Administration (FDA) for a new label for Odomzo (sonidegib), an oral hedgehog inhibitor indicated for the treatment of patients with locally advanced basal cell carcinoma (laBCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy. The announcement was made before market hours today, 20 September 2017.
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