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Market trades in range

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Key benchmark indices continued hovering in a range in mid-afternoon trade. At 14:19 IST, the barometer index, the S&P BSE Sensex, was up 70.94 points or 0.27% at 26,765.22. The Nifty 50 index was currently up 16.30 points or 0.20% at 8,263.15.

Overseas, most European shares edged higher in early trading today, 9 December 2016, underpinned by a rebound among healthcare stocks. Asian shares were mixed after the European Central Bank (ECB) trimmed the size of its asset purchase programme. In mainland China, the Shanghai Composite ended 0.54% higher. In Hong Kong, the Hang Seng ended 0.44% lower.

China's consumer inflation picked up for a third-straight month in November, but remained below the upper limit of a government target range, official data showed today, 9 December 2016. China's consumer price index increased 2.3% in November from a year earlier, rising at a quicker pace than a 2.1% year-over-year gain in October, the National Bureau of Statistics said. It added that strength in food prices were the main factor pushing up the headline figure.

 

US stocks closed at record high levels yesterday, 8 December 2016, after the ECB outcome. ECB yesterday, 8 December 2016, pledged to continue with its programme of money printing to shore up the euro zone recovery but surprised financial markets by reducing the amount of stimulus it expects to provide each month.

ECB left interest rates unchanged and said it would continue its programme of quantitative easing (QE) to next December or beyond if necessary. But the central bank said it would reduce its monthly asset buys to 60 billion euros as of April, from the current 80 billion euros. It, however, said it reserved the right to increase the size of purchases again.

Back home, the market breadth, indicating the overall health of the market, was positive. On BSE, 1,404 shares rose and 1,074 shares fell. A total of 188 shares were unchanged. The BSE Mid-Cap index was currently up 0.13%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.60%, outperforming the Sensex.

Most auto shares declined. Eicher Motors (down 1.6%), Bajaj Auto (down 1.58%), Hero MotoCorp (down 0.57%), TVS Motor Company (down 0.47%) and Maruti Suzuki India (down 0.31%), edged lower. Tata Motors (up 0.28%), Escorts (up 0.77%) and Ashok Leyland (up 1.15%), edged higher.

Mahindra & Mahindra (M&M) was down 0.91%. The company said it will be undertaking scheduled maintenance shutdown at some of its automotive and tractor plants in December 2016. It will also observe on need basis few days as 'no production days' at some of its automotive/tractor plants including Chakan plant of its wholly-owned subsidiary Mahindra Vehicle Manufacturers as part of its efforts to optimize inventories during December year-end. The management does not envisage any adverse impact on the availability of products in the market due to adequacy of stocks to serve the market requirements.

Capital goods shares were mixed. Reliance Defence and Engineering (up 3.11%), Praj Industries (up 2.37%), Crompton Greaves (up 1.77%), Bharat Electronics (up 1.21%), BEML (up 0.82%), Punj Lloyd (up 0.75%), Jindal Saw (up 0.70%), SKF India (up 0.65%), Bharat Heavy Electricals (up 0.35%) and Thermax (up 0.35%), edged higher. AIA Engineering (down 0.02%), GE T&D India (down 0.23%), Lakshmi Machine Works (down 0.23%), Siemens (down 0.29%), ABB India (down 0.35%), Suzlon Energy (down 0.47%), Havells India (down 0.93%) and GE Power India (down 1.91%), edged lower.

Engineering and construction major Larsen & Toubro (L&T) was down 0.17% to Rs 1,364.55.

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First Published: Dec 09 2016 | 2:17 PM IST

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