Key benchmark indices hovered in a narrow range in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 12.50 points or 0.04% at 33,924.31. The Nifty 50 index was up 7.75 points or 0.07% at 10,498.50. Realty stocks gained. Cement stocks saw mixed trend.
Amid divergent trend in index pivotal, domestic stocks registered small gains in early trade. A bout of volatility was seen in morning trade as the key benchmark indices regained positive zone soon after erasing intraday gains.
Trading may remain volatile during the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2017 series to January 2018 series. The December 2017 derivatives contracts expire today, 28 December 2017.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.14%. The S&P BSE Small-Cap index gained 0.44%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,377 shares rose and 1,004 shares fell. A total of 154 shares were unchanged.
Overseas, Asian markets were trading higher following a rally in oil and copper prices this week. Trade was thin ahead of the long New Year's weekend. US stocks eked out a positive close yesterday, 27 December 2017 with gains in real estate and utilities offsetting declines in energy and telecommunications stocks. In US economic reports, the Conference Board's consumer confidence index fell to 122.1 in December from 128.6 in November.
Back home, Axis Bank dropped 0.78% to Rs 550.20 after the bank said that it will conduct an internal inquiry on leakage of results on Whatsapp. The announcement was made after market hours yesterday, 27 December 2017.
Axis Bank has been asked by Securities and Exchange Board of India (Sebi) to conduct an internal inquiry into the source of alleged leakage of unpublished price sensitive information relating to its financial results and to strengthen its systems.
The bank has been working closely with Sebi during the course of preliminary examination conducted in the matter on leakage of unpublished price sensitive information (UPSI) of listed companies, including that of the bank. The bank adhered to higher norms of governance and reiterated its commitment to adequacy of processes, systems and controls, particularly to prevent unauthorized access to UPSI.
Rajesh Dahiya, Executive Director, Corporate Centre said that the bank will work with Sebi and the best experts in the field to investigate the matter and will take action as appropriate.
Realty stocks gained. DLF (up 1.31%), D B Realty (up 2.21%), Sobha (up 4.18%), Indiabulls Real Estate (up 0.95%), Unitech (up 9.93%), Godrej Properties (up 0.43%) and Housing Development & Infrastructure (HDIL) (up 2.27%) edged higher. Oberoi Realty (down 0.25%) fell.
Kolte-Patil Developers rose 4.04% after the company announced that global investment firm KKR has committed Rs 193 crore in Kolte-PatiI I-Ven Townships (Pune), a joint venture of Kolte-Patil and ICICI Venture Funds Management Company. Kolte-PatiI I-Ven Townships is developing Life Republic, a 383-acre township located in Pune's IT hub, Hinjewadi. The announcement was made after market hours yesterday, 27 December 2017.
KPIT will utilise the funds from this investment to attain financial closure at R1 sector of Life Republic, meeting working capital requirements and reducing cost of outstanding debt attributable to the development.
Cement stocks saw mixed trend. Grasim Industries (down 0.05%), UltraTech Cement (down 0.28%) and Ambuja Cements (down 0.18%) declined. ACC (up 0.29%) and Shree Cement (up 0.54%) rose.
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