Key benchmark indices registered small losses tracking weakness in European indices and amid lacklustre trading on Asian bourses. The barometer index, the S&P BSE Sensex, lost 29.51 points or 0.11% at 26,489.56, as per the provisional closing data. The Nifty declined 14.15 points or 0.17% at 8,139.45, as per the provisional closing data.
The Sensex lost 63.86 points or 0.24% at the day's low of 26,455.21 in mid-morning trade. The index rose 75.48 points or 0.28% at the day's high of 26,594.55 in early trade. The Nifty lost 26.15 points or 0.32% at the day's low of 8,127.45 in mid-morning trade. The index rose 25.10 points or 0.3% at the day's high of 8,178.70 in early trade.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,486 shares declined and 1,122 shares rose. A total of 167 shares were unchanged.
The BSE Mid-Cap index was provisionally down 0.04%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was provisionally off 0.25%. The decline in this index was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3131.26 crore, higher than turnover of Rs 2582.33 crore registered during the previous trading session.
Metal stocks edged lower tracking decline in copper prices. Hindalco Industries (down 3.35%), Vedanta (down 2.46%), Hindustan Zinc (down 1.77%), Jindal Steel & Power (down 1.42%), Steel Authority of India (down 1.6%), Tata Steel (down 1.07%), JSW Steel (down 1.34%), NMDC (down 1.92%) and Hindustan Copper (down 1.69%) declined. National Aluminium Company (up 1.15%) edged higher.
High Grade Copper for March 2017 delivery was currently down 0.9% at $2.5775 per pound on the COMEX.
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Bharat Heavy Electricals (Bhel) was down 2.07%. 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).
Telecom stocks declined. Bharti Airtel (down 2.97%), Idea Cellular (down 1.75%) and Reliance Communications (down 0.42%) edged lower.
Shares of telecom tower infrastructure firm Bharti Infratel bucked the trend gaining 1.21%.
Overseas, European stocks reversed their early gains. 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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