Key benchmark indices moved in a narrow range with small gains in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 83.31 points or 0.32% at 26,062.91. The Nifty 50 index was currently up 20.10 points or 0.25% at 7,999.20. The Sensex was currently trading above the psychologically important 26,000 level. It had alternately hovered above and below that level in intraday trade so far. Bargain hunting kicked in after indices witnessed prior seven days of losses.
The Sensex rose 90.92 points or 0.34% at the day's high of 26,070.52 in afternoon trade. It lost 107.22 points or 0.41% at the day's low of 25,872.38 in morning trade. The Nifty rose 20.65 points or 0.25% at the day's high of 7,999.75 in afternoon trade. It fell 37.05 points or 0.46% at the day's low of 7,942.05 in morning trade.
After opening lower tracking weak Asian cues, indices witnessed initial volatility and weakened in morning trade to hit fresh intraday low. Intraday recovery was soon materialised on bargain hunting in mid-morning trade and indices traded with small gains thereafter.
The BSE Mid-Cap index was currently up 0.42%. The BSE Small-Cap index was currently up 0.37%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,361 shares rose and 962 shares fell. A total of 150 shares were unchanged.
Stocks of key public sector banks advanced. Union Bank of India (up 0.87%), IDBI Bank (up 0.74%), Bank of India (up 0.6%), State Bank of India (up 0.36%) and Punjab National Bank (up 1.59%) edged higher. Bank of Baroda (down 0.03%) edged lower.
Stocks of private sector banks were mixed. HDFC Bank (up 0.95%), Yes Bank (up 0.55%) and ICICI Bank (up 0.18%) edged higher. Axis Bank (down 1.28%), Kotak Mahindra Bank (down 0.47%) and IndusInd Bank (down 0.19%) edged lower.
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Pharma stocks also witnessed a mixed trend. Divi's Laboratories (down 2.32%), Cipla (down 0.71%), Wockhardt (down 0.07%) and Ipca Laboratories (down 0.88%) edged lower. Lupin (up 0.35%), Dr Reddy's Laboratories (up 0.21%) and Aurobindo Pharma (up 0.33%) edged higher.
Alkem Laboratories rose 0.84% after the company said that the United States Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for its Daman formulation facility which was inspected in September 2016. The announcement was made during market hours today, 23 December 2016.
Sun Pharmaceutical Industries (Sun Pharma) rose 2.5% after the company announced that one of the wholly owned subsidiaries has acquired 1.3 crore series B preferred stocks, which is equivalent to 14.58% fully diluted equity stake on conversion, by way of allotment of scPharmaceuticals Inc.
scPharmaceuticals Inc., is a United States pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery. The announcement was made before market hours today, 23 December 2016.
Overseas, Asian stocks witnessed a mixed trend. Overnight, US equities posted their first back-to-back daily declines of the month in light trading ahead of the Christmas weekend. Wall Street stocks had witnessed an unabated rally since the US election on expectations that Donald Trump's promised fiscal stimulus will boost economic growth and company profits.
Among economic data in US, Gross domestic product increased at a 3.5% annual rate instead of the previously reported 3.2% pace, the Commerce Department said in its third GDP estimate. In another data point, consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.2% in November, below the estimates.
Meanwhile in Europe, the Italian government approved a decree today, 23 December 2016, to bail out Monte dei Paschi di Siena after the world's oldest bank failed to win investor backing for a desperately needed capital increase. Prime Minister Paolo Gentiloni said his Cabinet had authorised a 20 billion-euro ($20.9 billion) fund to help lenders in distress - first and foremost Monte dei Paschi.
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