A range bound movement was witnessed as key benchmark indices hovered near the flat line in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 3.41 points or 0.01% at 25,497.78. The 50-unit Nifty 50 index was currently off 1.45 points or 0.02% at 7,749.45.
In overseas stock markets, Asian stocks edged higher after the US Federal Reserve emphasized a gradual path for future interest rate hikes after raising the benchmark rate by 25 basis points to 0.25%-to-0.50% at the conclusion of its two-day monetary policy meeting yesterday, 16 December 2015. US stocks rallied yesterday, 16 December 2015, in the aftermath of the Fed's widely expected decision to raise the benchmark interest rate by 25 basis points. The Fed policy makers voted unanimously to raise the target range of its fed-funds rate, which had been stuck at zero for seven years.
Closer home, the broad market depicted strength. There were almost two gainers against every loser on BSE. 1,612 shares rose and 827 shares rose. A total of 206 shares were unchanged. The BSE Mid-Cap index was currently up 0.76%. The BSE Small-Cap index was currently up 1.04%. Both these indices outperformed the Sensex.
Power generation and distribution stocks were mostly higher. Tata Power Company (up 2.1%), GMR Infrastructure (up 1%), JSW Energy (up 1.52%), Adani Power (up 1.3%), Reliance Power (up 0.4%), Torrent Power (up 0.26%) and NTPC (up 0.6%) gained. Jaiprakash Power Ventures (down 0.3%), Reliance Infrastructure (down 0.23%), NHPC (down 0.78%) and Power Grid Corporation of India (down 0.19%) edged lower.
Shares of CESC were unchanged at Rs 502.40.
FMCG shares edged higher. Marico (up 1.88%), Britannia Industries (up 1.1%), Tata Global Beverages (up 0.92%), Emami (up 0.48%), Dabur India (up 0.69%), Jyothy Laboratories (up 0.12%), Bajaj Corp (up 0.04%), Colgate Palmolive (India) (up 0.18%) and Nestle India (up 0.21%) edged higher. Godrej Consumer Products (down 3.04%), Procter & Gamble Hygiene and Health Care (down 1.28%), GlaxoSmithkline Consumer Healthcare (down 0.29%) and Hindustan Unilever (down 0.03%) dropped.
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ICICI Bank fell 0.5% at Rs 250.75. The stock was volatile. The stock hit a high of Rs 255.30 and a low of Rs 250.40 so far during the day. A total of 20.24 lakh shares of the bank changed hands in two bulk deals on BSE today, 17 December 2015. A bulk deal of 5.28 lakh shares was executed on the scrip at Rs 252.60 per share at 10:04 IST. Another bulk deal of 15.06 lakh shares was executed on scrip at Rs 252 per share at 10:13 IST.
Voltas dropped 2.16% at Rs 299.35 on reports that a foreign brokerage has downgraded the stock to underperform from buy. The brokerage reportedly said that competition in AC segment is intensifying and this can lead to lower margins for the company going ahead. Voltas may lose market share in near term, the foreign brokerage reportedly said.
Heritage Foods surged 4.36% to Rs 562.50 after the company said that its board of directors approved the setting up of a 2.1 megawatts (MW) wind power project in Andhra Pradesh for captive consumption. The company made the announcement during market hours today, 17 December 2015.
JMC Projects (India) rose 2.63% at Rs 242 after the company announced that it has recently secured new orders worth Rs 1050 crore. The company made the announcement during market hours today, 17 December 2015.
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