Key indices slipped into the red and were trading with small losses in morning trade as investors booked profits after market scaled record high. At 10:20 IST, the barometer index, the S&P BSE Sensex, fell 14.79 points or 0.04% at 33,821.95. The Nifty 50 index dropped 3.20 points or 0.03% at 10,460.
The market swung between gains and losses near the flat line in early trade. The Sensex and Nifty, both, hit record high at the onset of the session. Stocks slipped into the red and were trading with small losses in morning trade.
The S&P BSE Mid-Cap index rose 0.33%. 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, 1,388 shares rose and 709 shares fell. A total of 118 shares were unchanged.
Coal India rose 0.95% after the company said that its board has introduced evacuation facility charges at Rs 50 per tonne for dispatch of coal on all dispatches except dispatch through rapid loading arrangement. It will come into force with immediate effect. The announcement was made after market hours yesterday, 19 December 2017.
As a result, the company would be generating around an additional revenue of Rs 2500 crore for the full year and around Rs 800 crore for the balance period of FY 2018.
Realty stocks extended recent gains. DLF (up 1.54%), D B Realty (up 1.3%), Sobha (up 1.37%), Indiabulls Real Estate (up 3.79%), Unitech (up 0.74%), NBCC (up 1.13%), Godrej Properties (up 0.54%), Housing Development & Infrastructure (HDIL) (up 2.54%), and Oberoi Realty (up 0.47%) edged higher.
Auto stocks also advanced. Mahindra & Mahindra (M&M) (up 0.49%), Ashok Leyland (up 0.72%), Maruti Suzuki India (up 1.52%), Eicher Motors (up 0.4%), Bajaj Auto (up 0.43%), Hero MotoCorp (up 1.37%), Tata Motors (up 0.86%) and TVS Motor Company (up 0.22%) gained.
Somany Ceramics rose 2.62% after the central bank withdrew restrictions placed on the purchase of shares of the company by non-resident Indians under portfolio investment scheme. The announcement was made after market hours yesterday, 19 December 2017.
The Reserve Bank of India (RBI) yesterday, 19 December 2017, notified that the aggregate foreign share holding by non-resident Indians (NRIs) under portfolio investment scheme in Somany Ceramics have gone below the prescribed threshold limit stipulated under the extant FDI Policy and FEMA regulations. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Corporation Bank gained 1.03% after the bank said that its board will meet on 22 December 2017, to consider raising of capital by the bank. The announcement was made after market hours yesterday, 19 December 2017.
Overseas, Asian stocks were mixed with investors awaiting the final votes on US tax-cut legislation. US stocks ended with modest losses yesterday, 19 December 2017, pulling back from all-time highs. Stocks remained lower as the House of Representatives, as expected, passed tax legislation that would slash corporate rates but will have to vote again today because the current draft doesn't comply with Senate rules.
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