Benchmark indices traded a tad below the neutral line in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 42.24 points or 0.16% at 26,655.58. The Nifty 50 index was currently down 22.45 points or 0.27% at 8,199.35. Domestic market was trading on a lacklustre note tracking subdued trading on the bourses of its Asian peers ahead of a crucial Federal Reserve meeting.
The BSE Mid-Cap index was currently down 0.18%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.01%, outperforming the Sensex.
Overseas, Asian stocks were mostly lower as investors kept an eye on a key US Federal Reserve meeting due today, 14 December 2016. US equities closed higher yesterday, 13 December 2016, while the Dow Jones industrial average closed in on another milestone.
The Fed is expected to raise interest rates for only the second time in a decade amid recent data suggesting the US recovery is gaining traction. Higher US interest rates would attract foreign investments from the emerging markets towards the US.
Closer home, the market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. On the BSE, 1,175 shares declined and 1,113 shares rose. A total of 131 shares were unchanged.
On the macro front, latest data released by the government during market hours today, 14 December 2016 showed that the annual rate of inflation, based on monthly wholesale price index (WPI), stood at 3.15% for the month of November 2016 as compared to 3.39% for the previous month and minus 2.04% during the corresponding month of the previous year.
Data released by the government after market hours yesterday, 13 December 2016 showed that the all-India general CPI inflation dipped to 24-months low of 3.63% in November 2016 compared with 4.2% in October 2016. The core CPI inflation was nearly flat 4.9% in November 2016 from 4.86% in October 2016.
Back to market, auto stocks were mixed. Eicher Motors (down 0.97%), Hero MotoCorp (down 0.91%), Bajaj Auto (down 0.36%) and Ashok Leyland (down 0.19%) edged lower. Tata Motors (up 1.01%), Mahindra & Mahindra (up 0.28%) and Maruti Suzuki India (up 0.26%) edged higher.
Metal stocks were mostly lower. Vedanta (down 1.12%), Steel Authority of India (down 0.56%), Hindustan Zinc (down 0.43%) and JSW Steel (down 0.33%) edged lower. National Aluminium Company (up 4.52%), NMDC (up 1.17%) and Hindalco Industries (up 0.14%) edged higher.
Jindal Steel & Power (JSPL) was down 0.33%. The company announced that Jindal Power, a subsidiary of the company has successfully obtained commercial date of operation (COD) in respect of 4th and last unit of 2,400 megawatts (MW) power plant at Tamnar. The announcement was made after market hours yesterday, 13 December 2016.
Omkar Speciality Chemicals rose 2.98% after the company said it has obtained a patent related to the process for preparation of higher derivatives of ? -KETOESTER granted by the Government of India. With this, the total number of patents till date granted to the company stands at 4.
? -KETOESTERS are one of the basic building blocks from which advance molecules can be synthesized. It is used in various therapies such as cardiovascular diseases, treatment of dyslipidemia (cholesterol), various application in anti-microbial/anti-fungal activity and in synthesis of certain photographic chemicals.
Meanwhile, the company said it has applied for more process patents some of which are expected in over the next 12-18 months. The product range covered under the above patents are iodo-alkalibenzoic acids, hydroxy diiodobenzoic acids, benzeneseleninic anhydride, alkali metal lodides, terminal dihaloalkanes, benzisothiazols, halquinol product, coumarin product, bromo amino derivatives of phenylene and iodine derivatives of alkanes.
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