Key benchmark indices registered small losses tracking lacklustre trading on the European and Asian bourses. The market opened amid initial volatility and later for the entire trading session hovered a tad above and below the neutral line mirroring subdued market sentiments elsewhere in global markets today, 16 December 2016. The barometer index, the S&P BSE Sensex, lost 29.51 points or 0.11% to settle at 26,489.56. The Nifty declined 14.15 points or 0.17% to settle at 8,139.45.
Overseas, European and Asian stocks witnessed a mixed trend. A surge in banks and other financial stocks that stand to benefit from higher interest rates led US indexes to the edge of record territory yesterday, 15 December 2016. The number of Americans applying for unemployment benefits fell last week, further evidence that the labor market remains steady as the Federal Reserve moves to raise interest rates. Initial jobless claims, a measure of layoffs across the US, fell 4,000 to a seasonally adjusted 254,000 in the week ended 10 December 2016, the Labor Department said yesterday, 15 December 2016.
The Sensex lost 29.51 points or 0.11% to settle at 26,489.56. The index lost 63.86 points or 0.24% at the day's low of 26,455.21. The index rose 75.48 points or 0.28% at the day's high of 26,594.55.
The Nifty declined 14.15 points or 0.17% to settle at 8,139.45. The index lost 26.15 points or 0.32% at the day's low of 8,127.45. The index rose 25.10 points or 0.3% at the day's high of 8,178.70.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,490 shares declined and 1,121 shares rose. A total of 164 shares were unchanged.
The BSE Mid-Cap index declined 0.04%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index shed 0.25%. The decline in this index was higher than the Sensex's decline in percentage terms. The total turnover on BSE amounted to Rs 3138.57 crore, higher than turnover of Rs 2582.33 crore registered during the previous trading session.
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Among the sectoral indices on the BSE, the BSE Telecom index (down 1.15%), the BSE Bankex index (down 0.55%), the BSE Metal index (down 1.58%) and the BSE Oil & Gas index (down 0.93%) underperformed the Sensex. The BSE IT index (up 0.56%), the BSE Auto index (up 0.45%) and the BSE Realty index (down 0.1%) outperformed the Sensex.
Bank stocks edged lower. Indian Bank (down 3.74%), Union Bank of India (down 1.51%), Punjab National Bank (down 0.87%), Bank of India (down 0.53%), IDBI Bank (down 0.35%), Bank of Baroda (down 0.22%) and State Bank of India (down 0.09%) declined. UCO Bank (up 4.3%) edged higher.
Among private sector banks, ICICI Bank (down 1.82%), Axis Bank (down 0.91%), RBL Bank (down 0.54%) and Kotak Mahindra Bank (down 0.47%) edged lower. IndusInd Bank (up 0.14%) and HDFC Bank (up 0.38%) edged higher.
Yes Bank was off 0.43%. The bank announced that it has necessary approvals from the board of directors and shareholders to borrow/ raise funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, MTN (Medium Term Notes), bonds upto Rs 10000 crore by the bank, in one or more tranches on private placement basis from time to time. The announcement was made after market hours yesterday, 15 December 2016.
Metal stocks edged lower tracking decline in copper prices. Hindalco Industries (down 3.38%), Vedanta (down 2.37%), Hindustan Zinc (down 1.6%), Jindal Steel & Power (down 1.22%), Steel Authority of India (down 1.32%), Tata Steel (down 1.2%), JSW Steel (down 0.84%), NMDC (down 1.92%) and Hindustan Copper (down 1.18%) declined. National Aluminium Company (up 0.9%) edged higher.
High Grade Copper for March 2017 delivery was currently down 0.9% at $2.5775 per pound on the COMEX.
Telecom stocks declined. Bharti Airtel (down 2.67%), Idea Cellular (down 1.75%) and Reliance Communications (down 0.42%) edged lower.
Shares of telecom tower infrastructure firm Bharti Infratel bucked the trend gaining 1.18%.
Sun Pharmaceutical Industries (Sun Pharma) was down 0.38%. The company said that all the necessary formalities for closure of acquisition of 100% equity stake of Ocular Technologies, Sarl have been concluded and it has successfully completed the acquisition of Ocular Technologies, Sarl. The announcement was made after market hours yesterday, 15 December 2016.
Bharat Heavy Electricals (Bhel) was down 2.07%. The company announced during market hours today, 16 December 2016 that it has bagged a major order for supply of 118 sets of IGBT-based traction converters for 3 phase 6,000 HP electric locomotives. Valued at Rs 200 crore, the order has been placed on Bhel by Chittaranjan Locomotive Works (CLW).
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