Key benchmark indices were hovering in a narrow range in negative territory in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 21.84 points or 0.08% at 26,737.39. The Nifty 50 index was currently down 4.70 points or 0.06% at 8,239.10. Market sentiment was sombre amid mixed trend among Asian peers.
The BSE Mid-Cap index was currently up 0.27%. The BSE Small-Cap index was currently up 0.48%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,520 shares rose and 1,077 shares declined. A total of 111 shares were unchanged.
FMCG shares were mixed. Bajaj Corp (up 0.98%), GlaxoSmithKline Consumer Healthcare (up 0.91%), Nestle India (up 0.89%), Godrej Consumer Products (up 0.50%), Britannia Industries (up 0.34%) and Hindustan Unilever (up 0.16%), edged higher. Marico (down 0.08%), Tata Global Beverages (down 0.12%), Procter & Gamble Hygiene & Health Care (down 0.55%), Colgate Palmolive (India) (down 0.68%), Dabur India (down 0.81%) and Jyothy Laboratories (down 0.96%), edged lower.
Metal shares were in demand. Hindustan Copper (up 4.35%), Hindustan Zinc (up 2.19%), Bhushan Steel (up 1.78%), Steel Authority of India (up 1.06%), NMDC (up 0.77%), Vedanta (up 0.61%), JSW Steel (up 0.37%), National Aluminium Company (up 0.31%), Tata Steel (up 0.27%) and Jindal Steel & Power (up 0.14%), edged higher. Hindalco Industries was down 1.27%.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2017 delivery was currently down 0.06% at $2.545 per pound on the COMEX.
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On the macro front, as per the first advances estimates of real gross domestic product (GDP) released by the Central Statistics Office (CSO), the GDP growth is estimated at 7.1% for FY 2017, showing moderation from 7.6% in FY 2016. Real gross value added (GVA) is anticipated to increase 7% in FY 2017 against 7.2% growth in FY 2016. The data was announced after market hours on Friday, 6 January 2017.
Overseas, Asian stocks were mixed. Japan stock market was shut for a holiday. In mainland China, the Shanghai Composite was up 0.54%. In Hong Kong, the Hang Seng was up 0.20%. Data over the weekend showed China's foreign-exchange reserves fell to the lowest level in nearly six years last month. The People's Bank of China said that the world's largest stockpile of foreign currency fell $41.08 billion in December to $3.011 trillion, the lowest level since March 2011. The decline was smaller than the previous month's drop of $69.06 billion.
US stocks registered modest gains on Friday, 6 January 2017 as gains in the technology, industrials and healthcare sectors led shares higher. US nonfarm payrolls rose by 156,000 jobs last month, the Labor Department said on Friday, 6 January 2017. The number of jobs created fell from an upwardly revised 204,000 in November. The jobless rate edged up last month to 4.7% from 4.6%.
Chicago Federal Reserve President Charles Evans on Friday, 6 January 2017 reportedly said that US economic conditions are likely to call for two interest-rate hikes in 2017, but a forecast of three hikes is not implausible. Evans said he was sticking with expectation of two rate hikes that he made in September even though things are now a little bit stronger than they were then.
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