Market hovers near flat line in early trade

Key benchmark indices hovered near flat line in early trade. At 9:17 IST, the barometer index, the S&P BSE Sensex, advanced 17.52 points or 0.05% at 34,450.59. The Nifty 50 index was down 9 points or 0.08% at 10,623.20.

Among secondary indices, the S&P BSE Mid-Cap index dropped 0.05%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.09%, outperforming the Sensex.

Overseas, Asian stocks edged lower after Wall Street slipped overnight on China bond report. US stocks fell yesterday, 10 January 2018 as investors fretted over the possibility of China halting its Treasury bond purchases and the US pulling out of North American Free Trade Agreement (NAFTA).

Back home, the breadth, indicating the overall health of the market, was positive. On the BSE, 930 shares rose and 602 shares declined. A total of 58 shares were unchanged. IndusInd Bank was up 0.19% at Rs 1,738 ahead of Q3 December 2017 earnings today, 11 January 2018.

TCS was down 0.06% at Rs 2,805.55. The company is scheduled to announce Q3 December 2017 results today, 11 January 2018.

Housing finance major HDFC was up 0.27% at Rs 1,730 after the company announced that a meeting of the committee of directors of the company will be held on Saturday, 13 January 2018, to consider the details of preferential issue and qualified institutions placement, subject to the approval of the shareholders of the company. The announcement was made after market hours yesterday, 10 January 2018.

Maruti Suzuki India was up 0.16% at Rs 9,398.85 after the company announced a price increase ranging from Rs 1,700 to Rs 17,000 (ex-showroom- Delhi) across models with effect from 10 January 2018, owing to increase in commodity and other administrative & distribution costs. The announcement was made after market hours yesterday, 10 January 2018.

On the macro front, according to the World Bank's Global Economic Prospects report released yesterday, 10 January 2018, India is likely to reclaim its position from China as the fastest growing major economy in 2018, with growth expected to accelerate to 7.3% in the year. The World Bank also revised India's growth estimate for 2017 to 6.7% from 7% projected in October, blaming short-term disruptions caused by the newly introduced goods and services tax (GST) and a softer-than-envisioned recovery in private investment. The report projected China's economic growth to slow to 6.4% in 2018 from 6.8% in 2017.

Meanwhile, the government is scheduled to announce industrial production data for November 2017 tomorrow, 12 January 2018. India's industrial production increased by 2.2% year-on-year in October, easing from an upwardly revised 4.1% gain in September.

The government will also announce tomorrow, 12 January 2018, inflation data based on consumer price index (CPI) for December 2017. Consumer prices increased 4.88% year-on-year in November, higher than 3.58% in October.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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