The barometer index, the S&P BSE Sensex, was at flat line while the Nifty 50 index traded with small losses in mid-afternoon trade. At 14:17 IST, the Sensex was down 0.77 points at 26,518.30. The Nifty was currently down 10.25 points or 0.13% at 8,143.35.
Trading was lacklustre in the absence of clear direction from European and Asian peers. The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,317 shares declined and 1,138 shares rose. A total of 178 shares were unchanged.
The BSE Mid-Cap index was currently down 0.13%. The BSE Small-Cap index was currently off 0.02%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
Metal stocks edged lower tracking lower copper prices in the global commodities markets. Hindalco Industries (down 3.52%), Vedanta (down 2.1%), Hindustan Zinc (down 1.54%), Jindal Steel & Power (down 1.28%), Steel Authority of India (down 1.13%), Tata Steel (down 1.1%), JSW Steel (down 0.77%), NMDC (down 0.62%) and Hindustan Copper (down 0.51%) declined. National Aluminium Company (up 0.98%) edged higher.
Capital goods stocks also declined in tandem with lacklustre trend seen in most other sectors. Havells India (down 4.35%), BEML (down 0.72%), Siemens (down 0.63%), Suzlon Energy (down 0.28%), ABB India (down 0.18%) and L&T (down 0.12%) edged lower. Crompton Greaves (up 0.25%), Thermax (up 0.18%) and Bharat Electronics (up 0.17%) edged higher.
Bharat Heavy Electricals (Bhel) was down 1.48% at Rs 123.55. The company announced during market hours today, 16 December 2016 that it has bagged a major order for supply of 118 sets of IGBT-based traction converters for 3 phase 6,000 HP electric locomotives. Valued at Rs 200 crore, the order has been placed on Bhel by Chittaranjan Locomotive Works (CLW).
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Swan Energy jumped 6.37% at Rs 203 after the company said that Government of Gujarat has decided to participate by investing 26% in equity of company's LNG port project in Gujarat.
Swan Energy is developing India's first liquified natural gas (LNG) port along with floating and regasification unit (FSRU) near Jafrabad in Gujarat state with a total investment of Rs 5900 crore. A subsidiary company and special purpose vehicle company namely, Swan LNG is implementing this project.
Government of Gujarat has now decided to participate by investing 26% in equity of the LNG port project through Gujarat State Petronet and Gujarat Maritime Board jointly. The announcement was made during market hours today, 16 December 2016.
Overseas, European and Asian stocks witnessed a mixed trend. A surge in banks and other financial stocks that stand to benefit from higher interest rates led US indexes to the edge of record territory yesterday, 15 December 2016.
The number of Americans applying for unemployment benefits fell last week, further evidence that the labor market remains steady as the Federal Reserve moves to raise interest rates. Initial jobless claims, a measure of layoffs across the US, fell 4,000 to a seasonally adjusted 254,000 in the week ended 10 December 2016, the Labor Department said yesterday, 15 December 2016.
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