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Negative market breadth

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Key benchmark indices drifted lower in mid-morning trade. At 11:23 IST, the barometer index, the S&P Sensex, was off 21.28 points or 0.07% at 31,082.21. The 50 index was down 15.40 points or 0.16% at 9,591.50. Most FMCG stocks declined. Most realty stocks gained. Investors chose to stay on the sidelines and awaited clarity on the Federal Reserve's future path for US policy.

Domestic stocks saw a quiet start to the day's trading session with the key benchmark indices trading on a flat-to-positive note in early trade. Stocks were trading flat-to-negative in morning trade.

The S&P Mid-Cap index was down 0.49%. The S&P Small-Cap index was down 0.11%. The fall 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, 1,306 shares fell and 995 shares rose. A total of 131 shares were unchanged.

Overseas, Asian stocks were trading lower as investors awaited clarity on the Federal Reserve's future path for US policy after a likely rate rise later in the day. In US, the Dow and the S&P 500 closed at records yesterday, 13 June 2017, as technology shares rebounded following a two-day decline.

The US Federal Reserve's two-day meet ends today, 14 June 2017 and investors expect the central bank to raise interest rates for the third time since December. Super-low unemployment, gains in factory output and other economic data pointing to a recovery in the US economy have led investors to believe that the Fed will lift rates.

Back home, Reliance Industries (RIL) (up 2.64%), Dr Reddy's Laboratories (up 2.09%) and Power Grid Corporation of India (up 0.88%) edged higher from the pack.

Index heavyweight and cigarette major ITC lost 1.05% to Rs 301.50. The stock hit a high of Rs 305.85 and low of Rs 300.80 so far during the day.

Most FMCG stocks declined. Britannia Industries (down 1.09%), GlaxoSmithkline Consumer Healthcare (down 0.25%), Colgate-Palmolive (India) (down 0.48%), Dabur India (down 0.5%), Godrej Consumer Products (down 0.04%), Hindustan Unilever (down 0.54%), Marico (down 0.08%), Nestle India (down 0.58%) and Bajaj Corp (down 0.16%) rose. Tata Global Beverages (up 1.34%), Procter & Gamble Hygiene and Health Care (up 0.45%) and Jyothy Laboratories (up 0.99%) rose.

Most realty stocks gained. Housing Development and Infrastructure (up 1.63%), Indiabulls Real Estate (up 0.6%), Phoenix Mills (up 0.75%), Sobha (up 0.74%), Godrej Properties (up 2.06%), Prestige Estates Projects (up 2.02%) and Parsvnath Developers (up 0.15%) rose. DLF (down 0.3%), D B Realty (down 0.47%), Unitech (down 0.77%) and Oberoi Realty (down 0.29%) fell.

Chambal Fertilisers and Chemicals rose 1.25% after the company said it entered into agreements on 13 June 2017 for purchase of gas from Indian Oil Corporation and GAIL (India). The announcement was made during trading hours today, 14 June 2017.

Chambal Fertilisers and Chemicals said initial supply date will occur between 1 April 2018 and 1 July 2019. The gas is being purchased mainly for new urea plant of the company being set up at the existing site at Gadepan in Kota, Rajasthan. However, the gas can also be used at the existing plants of the company at Gadepan in Kota, Rajasthan.

Lux Industries surged 8.96% at Rs 982.10 after Reliance Mutual Fund purchased bulk shares of the company via bulk deal yesterday, 13 June 2017. Valuead Securities sold 5.62 lakh shares of apparel firm Lux Industries at Rs 901.64 per share in a bulk deal on the yesterday, 13 June 2017. Reliance Mutual Fund bought 4.44 lakh shares at Rs 900.4 per share. Valuead Securities held 2.23% stake in Lux Industries end March 2017.

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

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