Benchmark indices continued to languish in negative zone in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was down 33.31 points or 0.12% at 27,213.85. The Nifty 50 index was down 13.60 points or 0.16% at 8,393.60. Earlier, the two key indices hovered for a while in positive terrain amid initial volatility.
The Sensex lost 104.09 points or 0.38% at the day's low of 27,143.07 in morning trade, its lowest level since 11 January 2017. It rose 212.59 points or 0.78% at the day's high of 27,459.75 in early trade, its highest level since 10 November 2016. The Nifty lost 33.55 points or 0.39% at the day's low of 8,373.65 in morning trade, its lowest level since 11 January 2017. It rose 53.85 points or 0.64% at the day's high of 8,461.05 in early trade, its highest level since 10 November 2016.
The BSE Mid-Cap index was down 0.05%. The BSE Small-Cap index was down 0.04%. The losses for both these indices were lower than the Sensex's decline in percentage terms.
Overseas, Asian equities were mixed. Major US stock indices registered modest losses yesterday, 12 January 2017, after President-elect Donald Trump disappointed investors during his first news conference since July, while Wall Street geared up for the start of earnings season.
Closer home, the market breadth, indicating the overall health of the market, was negative. On the BSE, 1,232 shares declined and 1,024 shares rose. A total of 149 shares were unchanged.
Telecom stocks declined. Idea Cellular (down 1.45%) and Reliance Communications (down 0.46%) edged lower.
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Bharti Infratel was down 0.43%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Bharti Airtel was up 0.42%. Airtel Payments Bank, India's first payments bank, commenced national operations yesterday, 12 January 2017, with services now LIVE in all 29 States of India. Arun Jaitley, Union Minster of Finance and Corporate Affairs, formally launched Airtel Payments Bank's national operations yesterday, 12 January 2017. The announcement was made after market hours yesterday, 12 January 2017.
Airtel Payments Bank, a fully digital and paperless bank, aims to take basic banking services to the doorstep of every Indian by leveraging Airtel's vast retail network. Over 250,000 neighbourhood Airtel retail stores across the country will also function as banking points, and customers will be able to open savings accounts, deposit and withdraw cash across any of these banking points. Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions, thereby encouraging them to adopt cashless payments.
Cement stocks were in red. Shree Cement (down 1.03%), ACC (down 1.02%), UltraTech Cement (down 0.7%) and Ambuja Cements (down 0.54%) edged lower.
Grasim Industries was down 0.47%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Hero MotoCorp was down 0.8%. The company announced that it has unveiled the New Glamour - its first-ever global launch of a new product outside of India. This global launch of the New Glamour coincides with the commencement of Hero's operations in Argentina. The announcement was made during market hours today, 13 January 2017.
Lupin rose 1.04% after the company announced that it has launched its Morphine Sulfate ER Tablets 15 mg, 30 mg, 60 mg, 100 mg and 200 mg having received an approval from the United States Food and Drug Administration (FDA) earlier to market a generic version of Purdue Pharma's MS Contin ER Tablets 15 mg, 30 mg, 60 mg, 100 mg and 200 mg. The announcement was made during market hours today, 13 January 2017.
Morphine Sulfate ER Tablets are indicated for the management of pain severe enough to require daiiy, around-theclock, long-term opioid treatment and for which alternative treatment options are inadequate.
MS Contin ER Tablets had US sales of $282.9 million (IMS MAT September 2016).
On the macro front, India's industrial production surged at 13-months high pace of 5.7% in November 2016 over November 2015, snapping 1.8% fall recorded in October 2016. The manufacturing sector's production jumped 5.5%, while mining output rebounded 3.9% after three months of decline, contributing to the increase in industrial production. The data was released by the government after market hours yesterday, 12 January 2017.
Meanwhile, the all-India monthly inflation based on the consumer price index (CPI) dipped to 25-months low of 3.41% in December 2016, compared with 3.63% in November 2016. The data was released by the government after market hours yesterday, 12 January 2017.
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