Key benchmark indices were trading in a narrow range in negative zone in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was down 39.33 points or 0.16% at 25,111.02. The Nifty 50 index was down 15.05 points or 0.2% at 7,635. The market breadth indicating the overall health of the market was positive. On BSE, 1,223 shares rose and 905 shares fell. A total of 143 shares were unchanged. The BSE Mid-Cap index was currently up 0.02%. The BSE Small-Cap index was currently up 0.27%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend amid caution ahead of a highly anticipated US interest rate increase this week. The Fed is widely expected to raise the federal funds rate by 25 basis points after the conclusion of a two-day monetary policy meeting on 16 December 2015. With markets having already priced in a 25 basis points rate hike this week, the focus has shifted to the likely pace and quantum of rate hikes once this first move is done. US stocks ended a volatile session with modest gains yesterday, 14 December 2015, lifted by a rebound in crude-oil prices.
Most pharmaceutical stocks rose. Piramal Enterprises (up 0.90%), Glenmark Pharmaceuticals (up 0.79%), Lupin (up 0.78%), GlaxoSmithKline Pharmaceuticals (up 0.47%), Wockhardt (up 0.47%), Divi's Laboratories (up 0.37%), Strides Shasun (up 0.35%), IPCA Laboratories (up 0.30%), Cipla (up 0.23%), Dr Reddy's Laboratories (up 0.16%) and Cadila Healthcare (up 0.03%), edged higher. Aurobindo Pharma was down 0.07%.
Sun Pharmaceutical Industries (Sun Pharma) rose 0.88% after the company announced selling its manufacturing unit in Ohio to Nostrum Laboratories Inc. The announcement was made after market hours yesterday, 14 December 2015. Sun Pharma said that as part of the company's manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc. (Nostrum) for the divestment of the Bryan (Ohio) unit in the US. As part of the agreement, Sun Pharma's subsidiary has divested Ohio unit as a going concern along with the employees and related products to Nostrum. The financial impact of this development on Sun Pharma is negligible, the company said in a statement.
Petron Engineering Construction surged 4.68% after the company received a letter of intent from The Ramco Cements for civil and mechanical works for a contract value of Rs 22.50 crore. The new order win was announced after market hours yesterday, 14 December 2015.
Most metal shares declined. Bhushan Steel (down 1.28%), Jindal Steel & Power (down 0.99%), Vedanta (down 0.83%), Hindalco Industries (down 0.76%), JSW Steel (down 0.3%), Tata Steel (down 0.27%) and Steel Authority of India (down 0.11%), edged lower. Hindustan Copper (up 0.37%), National Aluminium Company (up 0.65%), NMDC (up 1.54%) and Hindustan Zinc (up 3.76%), edged higher.
On the macro front, data released by the government after trading hours yesterday, 14 December 2015, showed that inflation based on the consumer price index (CPI) spiked to 5.41% in November 2015 from 5% in October 2015. The acceleration in consumer price inflation was driven by an increase in food prices.
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