A range-bound trading was witnessed as key benchmark indices hovered near the flat line in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex was up 34.81 points or 0.13% at 26,333.50. The Nifty 50 index was currently up 5.15 points or 0.06% at 8,116.75.
The market breadth indicating the overall health of the market was negative. On BSE, 1,267 shares declined and 898 shares rose. A total of 110 shares were unchanged. The BSE Mid-Cap index was currently unchanged. The BSE Small-Cap index was currently off 0.29%, underperforming the Sensex.
Bank stocks edged higher. Among public sector banks, Bank of Baroda (up 1.99%), Union Bank of India (up 1.73%), Punjab National Bank (up 1.48%), Bank of India (up 1.16%), State Bank of India (up 1.01%) and IDBI Bank (up 0.21%) rose.
Among private sector banks, Axis Bank (up 1.57%), Yes Bank (up 1.34%), IndusInd Bank (up 1.29%), ICICI Bank (up 0.81%) and Kotak Mahindra Bank (up 0.29%) edged higher. RBL Bank (down 0.38%) and HDFC Bank (down 0.51%) edged lower.
Realty stocks declined. Oberoi Realty (down 5.85%), Prestige Estates Projects (down 5.75%), Sobha (down 1.21%), Housing Development & Infrastructure (down 0.77%), Unitech (down 0.42%), Indiabulls Real Estate (down 0.53%), Godrej Properties (down 0.29%) and D B Realty (down 0.13%) edged lower. DLF (up 1.38%) edged higher.
Shipping Corporation of India (SCI) lost 6.26% after the company reported net loss of Rs 20 crore in Q2 September 2016, as against net profit of Rs 161.83 crore in Q2 September 2015. Total income fell 29.58% to Rs 805.77 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 16 November 2016.
In overseas stock markets, Asian stocks witnessed a mixed trend. Foreign direct investment (FDI) into the Chinese mainland rose 4.2% year on year to reach 666.3 billion yuan (around 98 billion US dollars) in the first ten months of the year, official data showed today, 17 November 2016. In mainland China, the Shanghai Composite was currently down 0.3%. In Hong Kong, the Hang Seng was currently off 0.01%. US stocks closed mostly lower yesterday, 16 November 2016, as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. Philadelphia Federal Reserve President Patrick Harker reportedly said yesterday, 16 November 2016 that he favored raising interest rates and that the US central bank might have to hike more aggressively if the incoming Trump administration enacts a fiscal stimulus. The Fed has said it expects to raise rates gradually.
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