The stock market slipped into negative zone from positive zone in mid-afternoon trade, tracking lower opening on European bourses. At 14:18 IST, the barometer index, the S&P BSE Sensex, fell 113.67 points or 0.34% at 33,114.32. The Nifty 50 index declined 23.25 points or 0.23% at 10,216.90.
Key indices started the session on a subdued note and traded in negative zone till morning trade on mixed Asian cues, data showing surge in India's consumer price inflation and a moderate growth in industrial production. Indices reversed losses in mid-morning trade. Key indices saw a sudden slide into negative territory in mid-afternoon trade.
The stock market was volatile amid slew of domestic economic data and ahead of central bank meetings in Europe and the US, to decide on interest rates.
The Sensex fell 156.96 points, or 0.47%, at the day's low of 33,071.03 in mid-afternoon trade, its lowest level since 7 December 2017. The index advanced 176.27 points, or 0.53%, at the day's high of 33,404.26 in afternoon trade. The Nifty fell 33.10 points, or 0.32%, at the day's low of 10,207.05 in mid-afternoon trade, its lowest level since 8 December 2017. The index advanced 56.40 points, or 0.55%, at the day's high of 10,296.55 in early afternoon trade.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.51%. The S&P BSE Small-Cap index declined 0.52%. Both the indices underperformed the Sensex.
Overseas, European stocks opened slightly lower ahead of the European Central Bank (ECB) meeting tomorrow, 14 December 2017, to announce its interest rate decision. The ECB held its benchmark refinancing rate at 0% on 26 October, as widely expected, and decided to reduce its quantitative easing programme to a monthly pace of 30 billion from January with the option of extending it in September 2018.
Asian stocks witnessed a mixed trend as investors awaited the outcome of the US Federal Reserve's two-day policy meeting.
US stocks rose yesterday, 12 December 2017 amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.
The US Federal Reserve's Federal Open Market Committee (FOMC) two-day meeting, on interest rate decision, began yesterday, 12 December 2017. The Federal Reserve left the target range for its federal funds rate unchanged at 1% to 1.25% during its November 2017 meeting as widely expected.
Closer home, the breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,510 shares declined and 1,054 shares rose. A total of 140 shares were unchanged.
FMCG stocks were mixed. Hindustan Unilever (up 0.69%), Procter & Gamble Hygiene and Health Care (up 0.43%), Emami (up 0.38%) and GlaxoSmithkline Consumer Healthcare (up 0.23%) advanced. Godrej Consumer Products (down 1.98%), Colgate-Palmolive (India) (down 1.49%), Britannia Industries (down 0.61%), Dabur India (down 0.29%), Marico (down 0.32%) and Nestle India (down 0.08%) declined.
Aviation stocks dropped. InterGlobe Aviation (down 3.33%) and SpiceJet (down 0.77%) edged lower. Jet Airways (India) (up 0.24%) gained.
On the macro front, the all-India general inflation based on the consumer price index (CPI) surged to 4.88% in November 2017, compared with 3.58% in October 2017. The core CPI inflation increased to 4.69% in November 2017 compared with 4.4% in October 2017. The inflation data was released by the government after market hours yesterday, 12 December 2017.
India's industrial production rose at moderated pace of 2.2% in October 2017 over October 2016, while showing a deceleration in growth from 4.1% increase in September 2017, data released by the government after market hours yesterday, 12 December 2017 showed.
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