Key benchmark indices trimmed intraday gains in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was up 151.69 points or 0.58% at 26,456.32. The Nifty 50 index was currently up 46.90 points or 0.58% at 8,155.35. The market breadth indicating the overall health of the market turned negative from positive. On BSE, 1,309 shares declined and 1,174 shares rose. A total of 148 shares were unchanged. The BSE Mid-Cap index was currently up 0.97%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.52%, underperforming the Sensex. Gains in Asian stocks aided the upmove on the domestic bourses.
In overseas stock markets, European stocks were mixed. Asian stocks edged higher tracking overnight gains in US markets. US stocks registered modest gains yesterday, 15 November 2016, as energy shares climbed on the back of rising crude oil prices. Federal Reserve Vice Chair Stanley Fischer reportedly said yesterday, 15 November 2016, that he was surprised by the outcome of the US presidential election. Fischer cautioned it is too early to fully assess market fallout and said market swings following Britain's vote to leave the European Union provided a cautionary example. Fischer reportedly said that US banking rules may be limiting liquidity for some securities but their impact is not unduly hurting markets.
Capital goods stocks witnessed a mixed trend. Praj Industries (down 2.11%), GE T&D India (down 0.82%), Crompton Greaves (down 1.33%), Bharat Heavy Electricals (down 0.19%) and Havells India (down 0.75%) declined. Bharat Electronics (up 1.97%), Siemens (up 2.01%), Thermax (up 0.51%) and L&T (up 0.08%) edged higher.
ABB India was down 1.54% at Rs 1,055. The stock was volatile. The stock hit a high of Rs 1,093 and a low of Rs 1,055 so far during the day. The company after market hours yesterday, 15 November 2016 said that it won an order to supply 1,600 transformers to support railway expansion in India.
Pharma stocks were mostly lower. Divi's Laboratories (down 3.14%), Dr Reddy's Laboratories (down 2.77%), Lupin (down 1.78%), Cipla (down 2.41%), Aurobindo Pharma (down 2.18%), Ipca Laboratories (down 1.1%), Sun Pharmaceutical Industries (down 1.26%), Wockhardt (down 0.32%) and Glenmark Pharmaceuticals (down 0.39%) declined. GlaxoSmithkline Pharmaceuticals (up 0.02%), Cadila Healthcare (up 3.13%), Strides Shasun (up 0.2%) and Alkem Laboratories (up 0.23%) edged higher.
Container Corporation of India fell 1.69% after net profit dropped 31.87% to Rs 157.84 crore on 8.2% decline in net sales to Rs 1378.61 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 15 November 2016.
On the macro front, India's trade deficit in October 2016 widened to $10.16 billion compared with $8.34 billion in the previous month, government data released after market hours yesterday, 15 November 2016 showed. Merchandise exports grew 9.6% year-on-year to $23.5 billion in October, while imports expanded 8.11% year-on-year to $33.67 billion.
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Meanwhile, data released by the government after market hours yesterday, 15 November 2016 showed that the all-India general CPI inflation dipped to 4.2% in October 2016 compared with 4.39% in September 2016. The core CPI inflation was nearly flat 4.81% in October 2016 from 4.77% in September 2016.
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