Market settled with small losses in a volatile trading session. The barometer index, the S&P BSE Sensex, fell 94.98 points or 0.36% to settle at 26,602.84. The Nifty 50 index fell 39.35 points or 0.48% to settle at 8,182.45. Market sentiment was lacklustre tracking subdued trading on the bourses of its European & Asian peers ahead of a crucial US Federal Reserve meeting.
Overseas, European and Asian stocks edged 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 Sensex fell 94.98 points or 0.36% to settle at 26,602.84, its lowest closing level since 12 December 2016. The index rose 38.52 points, or 0.14% at the day's high of 26,736.34. The index fell 150.77 points, or 0.56% at the day's low of 26,547.05.
The Nifty 50 index fell 39.35 points or 0.48% to settle at 8,182.45, its lowest closing level since 12 December 2016. The index rose 7.60 points, or 0.09% at the day's high of 8,229.40. The index fell 56.70 points, or 0.69% at the day's low of 8,165.10.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,733 shares declined and 905 shares rose. A total of 149 shares were unchanged. The BSE Mid-Cap index declined 0.82%. The BSE Small-Cap index fell 0.85%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
Among the sectoral indices on BSE, the S&P BSE Metal index (down 1.7%), the S&P BSE Telecom index (down 1.19%), the S&P BSE Basic Materials index (down 1.09%), the S&P BSE Capital Goods index (down 1%), the S&P BSE Finance index (down 0.83%), the S&P BSE FMCG index (down 0.82%), the S&P BSE Power index (down 0.78%), the S&P BSE Utilities index (down 0.77%), the S&P BSE Healthcare index (down 0.58%), the S&P BSE Industrials index (down 0.58%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.57%), the S&P BSE Bankex (down 0.56%), the S&P BSE Oil & Gas index (down 0.56%) and the S&P BSE Auto index (down 0.48%), underperformed the Sensex. The S&P BSE Energy index (down 0.15%), the S&P BSE Consumer Durables index (down 0.09%), the S&P BSE Teck index (up 0.36%), the S&P BSE Realty index (up 0.50%) and the S&P BSE IT index (up 0.63%), outperformed the Sensex.
Bank stocks edged lower. Among public sector banks, Punjab National Bank (down 1.85%), Union Bank of India (down 1.83%), Indian Bank (down 1.82%), Central Bank of India (down 1.57%), Allahabad Bank (down 1.45%), Bank of Baroda (down 1.31%), Canara Bank (down 1.15%), Andhra Bank (down 1.07%), IDBI Bank (down 1.06%), State Bank of India (down 1.05%), Bank of India (down 0.87%), Syndicate Bank (down 0.82%), Corporation Bank (down 0.22%), Vijaya Bank (down 0.21%), UCO Bank (down 0.15%) and Dena Bank (down 0.14%), edged lower. Punjab & Sind Bank (up 0.21%) and Bank of Maharashtra (up 0.51%), edged higher.
Among private sector banks, City Union Bank (down 3.06%), IndusInd Bank (down 1.74%), Federal Bank (down 1.62%), ICICI Bank (down 1.55%), RBL Bank (down 1.51%), Yes Bank (down 0.92%), Kotak Mahindra Bank (down 0.57%) and HDFC Bank (down 0.52%), edged lower. Axis Bank rose 3.23%.
Metal stocks declined. Steel Authority of India (down 2.96%), Hindustan Copper (down 2.78%), Vedanta (down 1.91%), Hindustan Zinc (down 0.86%), Tata Steel (down 0.74%), NMDC (down 0.43%) and Hindalco Industries (down 0.34%), edged lower. JSW Steel (up 0.20%), Bhushan Steel (up 1.24%) and National Aluminium Company (up 1.53%), edged higher.
Jindal Steel & Power (JSPL) fell 0.72% to Rs 75.70. 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.
In global commodities markets, High Grade Copper for March 2017 delivery was currently up 0.08% at $2.6005 per pound on the COMEX.
State-run Coal India fell 4.42% to Rs 292.25 after consolidated net profit fell 77.37% to Rs 600.44 crore on 6.77% decline in total income to Rs 17625.09 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 13 December 2016.
Drug major Lupin fell 0.40% to Rs 1,486.15 after the company announced that it has received final approval for its Desoximetasone ointment USP, 0.05% from the United States Food & Drug Administration (FDA) to market a generic version of Taro Pharms North's Topicort ointment, 0.05%. The product filing is from Lupin's Pithampur (Indore) manufacturing facility. It is indicated for the relief of the inflammotory and pruritic manifestations of corticosteroid-responsive dermatoses. Topicort ointment had annual US sales of $12.1 million (IMS MAT September 2016). The announcement was made during market hours today, 14 December 2016.
On the macro front, 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.
The Sensex has risen 485.30 points or 1.86% in calendar year 2016 so far (till 14 December 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,108.23 points or 18.26%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,474.44 points or 8.51%. The Sensex is off 3,421.90 points or 11.40% from a record high of 30,024.74 hit on 4 March 2015.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
