Key benchmark indices hovered in a narrow range in negative terrain in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 73.26 points or 0.28% at 26,416.30. The Nifty 50 index was currently down 18.55 points or 0.23% at 8,120.90. Weakness in Asian stocks dragged local indices lower.
After opening slightly higher, key indices slipped into the red at the start of the trade and remained in negative terrain so far during the session. The market breadth, indicating the overall health of the market, was negative. On the BSE, 932 shares fell and 906 shares rose. A total of 93 shares were unchanged.
Among side indices, the BSE Mid-Cap index was currently down 0.15%. The BSE Small-Cap index was currently down 0.13%. The decline in these indices was lower than the Sensex's decline in percentage terms.
On sectoral indices front, realty stocks were mixed. DLF (up 0.09%), D B Realty (up 0.13%), Sobha (up 0.2%), and Housing Development & Infrastructure (HDIL) (up 0.08%) gained.
Indiabulls Real Estate (down 1.65%), NBCC (down 0.22%), Godrej Properties (down 0.51%), and Oberoi Realty (down 3.54%) edged lower. Unitech was flat at Rs 4.36.
Gayatri Projects rose 2.01% after the company scheduled a board meeting on 26 December 2016 to consider a 5-for-1 stock-split plan. The announcement was made on Saturday, 17 December 2016.
Telecom stocks were also mixed. Reliance Communications (RCom) (down 0.42%) and Bharti Airtel (down 0.79%) declined. Tata Teleservices (Maharashtra) (up 0.16%) and Idea Cellular (up 1.12%) gained. MTNL surged 8.49%.
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Shares of Bharti Infratel shed 0.59%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Overseas, most Asian stocks edged lower after Chinese government researchers see GDP growth slowing in 2017. China's economy will grow at around 6.5% year-on-year in 2017, according to a forecast from government think tank China Academy of Social Sciences (CASS) published today, 19 December 2016. CASS sees quarterly on-year growth of 6.5% in the first and second quarters, and 6.4% in the third and fourth quarters. China's economy has grown at 6.7% for the first three quarters of 2016.
US stocks closed lower on Friday, 16 December 2016, with the Dow Jones Industrial Average swinging to a loss, following reports that a Chinese warship seized an underwater US Navy drone in international waters off the coast of the Philippines. In the latest economic data in US, housing starts tumbled 18.7% in November, while the number is volatile, it pointed to a housing market recovery that remains choppy.
Wall Street stocks had surged since the presidential election in November. The gains have been attributed to expectations that Donald Trump's policy proposals, such as increased infrastructure spending, tax cuts and deregulation, will spur economic growth.
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