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Market trims gains

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Key benchmark indices trimmed gains in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P Sensex, was up 43.33 points or 0.16% at 26,359.67. The 50 index was currently up 13.45 points or 0.17% at 8,127.75. The Sensex, and the Nifty, both, hit their highest level in 1-1/2 weeks.

In overseas stock markets, European markets were trading lower amid continued political uncertainty in Italy. Most Asian stocks rose as oil prices slid on unease about this week's meeting of Organization of the Petroleum Exporting Countries (OPEC) members to discuss possible output cuts. Major oil producers are scheduled to meet on Wednesday, 30 November 2016 to discuss production cuts to shore up prices, but Iran and Iraq have reportedly failed to agree to a reduction, raising jitters about the Vienna meeting's outcome. US stocks hit fresh records in a shortened trading session on Friday, 25 November 2016 as investors bet on a pickup in economic growth and rising corporate profits. Investors anticipate plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth. In the latest economic data, Markit's flash November purchasing manager's index stood at 54.7, down fractionally from October's 54.8.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,580 shares rose and 912 shares declined. A total of 174 shares were unchanged. The Mid-Cap index was currently up 0.85%. The Small-Cap index was currently up 0.61%. Both these indices outperformed the

Index heavyweight and cigarette major ITC gained 2.16% to Rs 233.70. The stock hit a high of Rs 234 and low of Rs 227.80 so far during the day.

FMCG stocks were mixed. Colgate-Palmolive (India) (up 0.7%), Dabur India (up 0.2%), Hindustan Unilever (up 0.75%), Nestle India (up 1.46%), Tata Global Beverages (up 2.33%), Procter & Gamble Hygiene and Health Care (up 0.8%) rose. Marico (down 2.37%), Britannia Industries (down 0.86%), GlaxoSmithkline Consumer Healthcare (down 0.74%), Godrej Consumer Products (down 0.33%), Jyothy Laboratories (down 0.12%), Bajaj Corp (down 0.79%) fell.

Metal and mining stocks gained as copper prices rose in global commodity markets. JSW Steel (up 2.2%), Steel Authority of India (Sail) (up 1.99%), Hindustan Zinc (up 4.23%), Jindal Steel & Power (up 6.84%), NMDC (up 0.49%), Hindustan Copper (up 0.49%) edged higher. National Aluminium Company (down 0.88%), Hindalco Industries (down 0.72%) fell.

Copper edged higher in the global commodities market. High Grade Copper for March 2017 delivery was currently up 1.29% at $2.7165 per pound on the COMEX.

Vedanta rose 1.84%. Vedanta announced that the company proposes to offer rated secured redeemable non-convertible debentures aggregating upto Rs 500 crore and in this regard, the company is holding a meeting of its duly constituted committee of the board on 30 November 2016. The announcement was made after market hours on Friday, 25 November 2016.

Tata Steel fell 0.01%. Tata Steel announced that the company at its meeting held on Friday, 25 November 2016, decided to convene an extraordinary general meeting (EGM) on 21 December 2016, pursuant to the special notice & requisition dated 10 November 2016, received from Tata Sons, promoter and principal shareholder of the company, holding 29.75% of the paid-up ordinary share capital of the company, to consider and if thought fit, to pass the resolutions viz. removal of C. P. Mistry as director of the company and removal of Nusli N. Wadia as director of the company. The announcement was made after market hours on Friday, 25 November 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 14:28 IST