After languishing in red in early afternoon trade, key benchmark indices trimmed losses and hovered near the flat line in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 10.19 points or 0.04% at 24,482.20. The 50-unit Nifty 50 index was currently down 1.55 points or 0.02% at 7,436.20. The market breadth indicating the overall health of the market was negative. On BSE, 1,242 shares fell and 1,111 shares rose. A total of 169 shares were unchanged. The BSE Mid-Cap index was currently down 0.13%. The fall in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.07%, outperforming the Sensex.
In overseas stocks markets, Asian stocks edged higher after China's central bank People's Bank of China announced a large injection of cash into the financial system to pre-empt a holiday-induced funding squeeze and offset rapid capital outflows. But, Chinese stocks fell on continued concerns about China's slowing economy. In mainland China, the Shanghai Composite ended 2.92% lower, with losses accelerating late in the session.
US stocks fell yesterday, 27 January 2016, after the Federal Reserve left the door open to a March rate increase despite acknowledging that US economic growth slowed since its last meeting in December 2015. The Fed held US interest rates unchanged as expected and said it is closely monitoring global economic and financial developments. The stance of the monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation, the Fed said in a statement.
Index heavyweight and cigarette major ITC rose 1.63% to Rs 317.60. The stock hit a high of Rs 318 and low of Rs 312 so far during the day.
FMCG stocks gained. Godrej Consumer Products (up 1.52%), Hindustan Unilever (up 1.82%), GlaxoSmithkline Consumer Healthcare (up 1.19%), Dabur India (up 1.12%), Britannia Industries (up 0.88%), Procter & Gamble Hygiene and Health Care (up 0.5%), Jyothy Laboratories (up 0.8%) and Bajaj Corp (down 0.58%) rose. Marico (down 1.54%), Colgate-Palmolive (India) (down 0.4%), Nestle India (down 0.36%) and Tata Global Beverages (down 0.32%) fell.
Pharma stocks advanced as the rupee edged lower against the dollar. Wockhardt (up 4.01%), Dr Reddy's Laboratories (up 1.59%), Glenmark Pharmaceuticals (up 1.4%), Lupin (up 1.32%), Sun Pharmaceutical Industries (up 1.26%), Alkem Laboratories (up 0.35%) and Aurobindo Pharma (up 0.95%) gained. Cadila Healthcare (down 0.75%), Cipla (down 0.09%) and GlaxoSmithKline Pharmaceuticals (down 0.78%) fell.
A lower rupee boosts the value of overseas earnings in rupee terms. Pharma companies derive substantial revenue from exports.
In the foreign exchange market, the partially convertible rupee was currently hovering at 68.1225, compared with its close of 68.05 during the previous trading session.
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