Key benchmark indices were trading in a narrow range in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 59.81 points or 0.18% at 33,853.19. The Nifty 50 index was up 14.25 points or 0.14% at 10,457.45.
Key indices opened higher, tracking positive leads from Asian markets and overnight rally on the Wall Street. The two benchmark indices hovered in narrow range in mid-morning trade after witnessing sharp volatility in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.37%. The BSE Small-Cap index was up 0.61%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,691 shares rose and 858 shares fell. A total of 96 shares were unchanged.
IT shares were mixed. MphasiS (up 0.99%), Persistent Systems (up 0.51%), TCS (up 0.34%), MindTree (up 0.26%) and Hexaware Technologies (up 0.09%), edged higher. Infosys (down 0.6%), Wipro (down 0.66%), Tech Mahindra (down 0.71%), Oracle Financial Services Software (down 1.27%) and HCL Technologies (down 1.3%), edged lower.
Most pharmaceuticals shares declined. Glenmark Pharmaceuticals (down 1.22%), Sun Pharmaceutical Industries (down 1.08%), Piramal Enterprises (down 0.93%), IPCA Laboratories (down 0.87%), Wockhardt (down 0.78%), Lupin (down 0.59%), Cipla (down 0.54%), Alkem Laboratories (down 0.49%), Aurobindo Pharma (down 0.33%) and Divi's Laboratories (down 0.06%), edged lower. GlaxoSmithKline Pharmaceuticals (up 0.58%), Strides Shasun (up 0.85%), Cadila Healthcare (up 0.86%) and Dr Reddy's Laboratories (up 1.83%), edged higher.
Allahabad Bank dropped 2.21% to Rs 70.75 after the bank said that the Reserve Bank of India has placed the bank under prompt corrective action framework consequent to the onsite inspection. The announcement was made after market hours yesterday, 3 January 2018.
Allahabad Bank said that the Reserve Bank of India has placed the bank under prompt corrective action framework, consequent to the onsite inspection under the risk based supervision model carried out for the year ended March 2017 and the report issued thereof. The RBI inspection has revealed high non-performing assets and negative return on assets for the two consecutive years. The action will contribute to the overall improvement in risk management, asset quality, profitability, efficiency etc of the bank.
On macro front, the Nikkei India services Purchasing Managers' Index (PMI) returned to marginal growth during December as new orders broadly stabilised. The seasonally adjusted business activity index stood at 50.9 in December 2017, up from 48.5 in November 2017. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. The data was unveiled during trading hours today, 4 January 2017.
Overseas, most Asian shares were trading higher as solid economic data from the United States and Germany reinforced investors' optimism while oil prices hovered at 2-1/2-year high with unrest in Iran stoking supply disruption concerns.
In US, stock-market indices advanced further into record territory, with the main benchmarks closing at fresh all-time highs. The S&P 500 rose 0.6%. The Dow Jones Industrial Average advanced 0.4%. The Nasdaq Composite Index rose 0.8%.
The minutes from the latest US Federal Reserve meeting showed a distinct lack of unity over the central bank's projection of three rate hikes in 2018. Some policymakers think three rate hikes would be too aggressive, while others think such a pace would be too slow.
US factory activity increased more than expected in December, boosted by a surge in new orders growth. In Germany, the unemployment rate hit a record low of 5.5% in December.
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