Key benchmark indices hit fresh intraday low in afternoon trade amid fresh selling pressure. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 118.45 points or 0.44% at 26,579.37. The Nifty 50 index was currently down 37.90 points or 0.46% at 8,183.90. Domestic market was trading on a lacklustre note, tracking subdued trading on the bourses of its Asian peers ahead of a crucial US Federal Reserve meeting.
The Sensex rose 38.52 points, or 0.14% at the day's high of 26,736.34 in early trade, its highest level since 9 December 2016. The index fell 150.77 points, or 0.56% at the day's low of 26,547.05 in afternoon trade. The Nifty rose 7.60 points, or 0.09% at the day's high of 8,229.40 in early trade, its highest level since 12 December 2016. The index fell 56.70 points, or 0.69% at the day's low of 8,165.10 in afternoon trade.
The BSE Mid-Cap index was currently down 0.54%. The BSE Small-Cap index was currently down 0.45%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,437 shares declined and 960 shares rose. A total of 136 shares were unchanged.
FMCG shares were mixed. Jyothy Laboratories (down 2.81%), Dabur India (down 1.58%), GlaxoSmithKline Consumer Healthcare (down 1.43%), Bajaj Corp (down 1.14%), Hindustan Unilever (down 0.67%), Colgate Palmolive (India) (down 0.27%) and Nestle India (down 0.04%), edged lower. Tata Global Beverages (up 0.12%), Britannia Industries (up 0.28%), Procter & Gamble Hygiene & Health Care (up 0.62%), Marico (up 0.69%) and Godrej Consumer Products (up 1.07%), edged higher.
Pharmaceutical shares were mixed. Divi's Laboratories (up 1.27%), Strides Shasun (up 0.23%), Cadila Healthcare (up 0.22%), Piramal Enterprises (up 0.11%) and Glenmark Pharmaceuticals (up 0.09%), edged higher. IPCA Laboratories (down 0.04%), Sun Pharmaceutical Industries (down 0.04%), Alkem Laboratories (down 0.2%), Lupin (down 0.24%), Dr Reddy's Laboratories (down 0.61%), Cipla (down 1.29%) and Aurobindo Pharma (down 2.4%), edged lower.
Drug maker Wockhardt rose 2.85% to Rs 709.80 after the company said that the UK health regulator has confirmed that the company's Daman-based manufacturing facility complies with good manufacturing practices. The announcement was made after market hours yesterday, 13 December 2016.
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.
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.
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