Key benchmark indices were hovering in negative terrain in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was down 20.73 points or 0.08% at 27,226.43. The Nifty 50 index was down 12.60 points or 0.15% at 8,394.60. Earlier, the two key indices hovered for a while in positive terrain amid initial volatility before slipping into the negative zone in morning trade.
The BSE Mid-Cap index was down 0.11%. The BSE Small-Cap index was up 0.02%. Both these indices outperformed the Sensex.
Closer home, the market breadth, indicating the overall health of the market, was negative. On the BSE, 1,337 shares declined and 1,172 shares rose. A total of 172 shares were unchanged.
Metal shares declined. Jindal Steel & Power (down 2.42%), Hindalco Industries (down 2.18%), National Aluminium Company (down 1.52%), Tata Steel (down 0.95%), JSW Steel (down 0.74%), Vedanta (down 0.58%), Steel Authority of India (down 0.44%), Hindustan Zinc (down 0.34%) and Hindustan Copper (down 0.22%), edged lower. Bhushan Steel (up 0.23%) and NMDC (up 2.30%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2017 delivery was currently down 0.49% at $2.658 per pound on the COMEX.
FMCG shares were mixed. Tata Global Beverages (up 3.75%), Bajaj Corp (up 2.12%), Nestle India (up 0.83%), Dabur India (up 0.82%), Colgate Palmolive (India) (up 0.75%), Hindustan Unilever (up 0.51%) and Britannia Industries (up 0.12%), edged higher. Jyothy Laboratories (down 0.07%), GlaxoSmithKline Consumer Healthcare (down 0.12%), Procter & Gamble Hygiene & Health Care (down 0.16%), Marico (down 0.29%) and Godrej Consumer Products (down 0.81%), edged lower.
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.
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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.
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.
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