Market provisionally settled with small losses in a volatile trading session. The barometer index, the S&P BSE Sensex, lost 94.98 points or 0.36% at 26,602.84, as per the provisional closing data. The Nifty 50 index fell 39.35 points or 0.48% at 8,182.45, as per the provisional closing data. Market sentiment was lacklustre tracking subdued trading on the bourses of its European & Asian peers ahead of a crucial US Federal Reserve meeting.
The Sensex fell 150.77 points, or 0.56% at the day's low of 26,547.05 in afternoon trade. The index rose 38.52 points, or 0.14% at the day's high of 26,736.34 in early trade, its highest level since 9 December 2016. The Nifty fell 56.70 points, or 0.69% at the day's low of 8,165.10 in afternoon trade. The index rose 7.60 points, or 0.09% at the day's high of 8,229.40 in early trade, its highest level since 12 December 2016.
The BSE Mid-Cap index provisionally declined 0.82%. The BSE Small-Cap index provisionally fell 0.85%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
Overseas, European and Asian stocks edged lower as investors kept an eye on a key US Federal Reserve meeting due today, 14 December 2016. US equities closed higher yesterday, 13 December 2016, while the Dow Jones industrial average closed in on another milestone.
The Fed is expected to raise interest rates for only the second time in a decade amid recent data suggesting the US recovery is gaining traction. Higher US interest rates would attract foreign investments from the emerging markets towards the US.
Closer home, the market breadth, indicating the overall health of the market, was weak. On the BSE, 1,729 shares declined and 909 shares rose. A total of 149 shares were unchanged.
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Metal stocks declined. Hindustan Copper (down 3.19%), Steel Authority of India (down 2.87%), Vedanta (down 2%), Hindustan Zinc (down 0.86%), NMDC (down 0.74%), Tata Steel (down 0.63%) and Hindalco Industries (down 0.34%) edged lower. National Aluminium Company (up 1.23%) and JSW Steel (up 0.2%) edged higher.
Jindal Steel & Power (JSPL) was down 0.85%. The company announced that Jindal Power, a subsidiary of the company has successfully obtained commercial date of operation (COD) in respect of 4th and last unit of 2,400 megawatts (MW) power plant at Tamnar. The announcement was made after market hours yesterday, 13 December 2016.
In global commodities markets, High Grade Copper for March 2017 delivery was currently up 0.08% at $2.6005 per pound on the COMEX.
On the macro front, data released by the government during market hours today, 14 December 2016 showed that the annual rate of inflation, based on monthly wholesale price index (WPI), stood at 3.15% for the month of November 2016 as compared to 3.39% for the previous month and minus 2.04% during the corresponding month of the previous year.
Data released by the government after market hours yesterday, 13 December 2016 showed that the all-India general CPI inflation dipped to 24-months low of 3.63% in November 2016 compared with 4.2% in October 2016. The core CPI inflation was nearly flat 4.9% in November 2016 from 4.86% in October 2016.
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