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Gas utility stocks edge lower

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Market continued to hover in a narrow range in negative zone in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was down 57.75 points or 0.18% at 32,342.76. The Nifty 50 index fell 29.80 points or 0.29% at 10,111.35. Market participants lacked strong buying conviction amid subdued trading on Europe and Asian bourses after the outcome of the Federal Reserve meeting.

Key indices opened the session with small gains. Later, they slipped into the negative zone tracking subdued trading in Asian bourses. Positive trading sentiment in European bourses failed to lift investors' spirits.

The S&P BSE Mid-Cap index fell 0.41%. The S&P BSE Small-Cap index lost 0.49%. The losses in both the indices were higher than the Sensex's slide in percentage terms.

 

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,583 shares declined and 883 shares advanced. A total of 148 shares were unchanged.

Aviation stocks edged lower. Jet Airways (India) (down 1.35%) and SpiceJet (down 0.07%) declined. InterGlobe Aviation (up 1.36%) gained.

Gas utility stocks dropped. GAIL (India) (down 2.16%), Gujarat State Petronet (down 1.97%), Gujarat Gas (down 1.72%) and Petronet LNG (down 1.34%) declined. Indraprastha Gas (up 0.84%) edged higher.

Matrimony.com was trading at Rs 917.50 on BSE, a discount of 6.85% to the issue price of Rs 985 on its debut on the stock exchanges today, 21 September 2017. The stock opened at Rs 985, matching its issue price. The stock had hit a high of Rs 1,025 and a low of Rs 900 so far during the day.

Overseas, Europe stocks edged higher and Asian stocks were mixed after the Federal Reserve announced a plan to begin unwinding its balance sheet and signaled one more interest rate hike for this year.

In the economic news, European Central Bank (ECB) in its economic bulletin released today, 21 September 2017 said that Eurozone economic growth is gaining momentum and the rapid fall in the unemployment rate is encouraging but inflation has yet to show convincing signs of a sustained upward trend, requiring continued stimulus.

The Bank of Japan (BOJ), at the conclusion of its two-day monetary policy meeting today, 21 September 2017, kept monetary policy steady. In a widely expected move, the BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park at the central bank. The central bank also kept its yield target for 10-year Japanese government bonds around 0%. The decision was made by an eight-to-one vote.

US stocks closed at record highs yesterday, 20 September 2017, after the Federal Reserve indicated another rate hike this year was possible and that it would begin the unwinding of its balance sheet next month.

US central bank, at the conclusion of its two-day monetary policy meet yesterday, 20 September 2017, left rates unchanged. Fed stated that it will begin in October rolling off its $4.5 trillion balance sheet, most of which consists of the Treasuries and mortgage-backed securities.

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First Published: Sep 21 2017 | 2:16 PM IST

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