Benchmark indices hover in negative zone

Key benchmark indices hovered in negative zone in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex was down 52.35 points or 0.2% at 26,175.27. The Nifty 50 index was currently down 9.40 points or 0.12% at 8,070.55. The market breadth indicating the overall health of the market turned negative from positive in morning trade. On BSE, 1,090 shares declined and 784 shares rose. A total of 98 shares were unchanged. The BSE Mid-Cap index was currently up 0.22%, outperforming the Sensex. The BSE Small-Cap index was currently down 0.47%. The decline in this index was higher than the Sensex's slide in percentage terms.

The Sensex lost 109.80 points or 0.41% at the day's low of 26,117.82 in early trade, its lowest level since 9 November 2016. The barometer index rose 45.22 points or 0.17% at the day's high of 26,272.84 at the onset of trading session. The Nifty lost 31.65 points or 0.39% at the day's low of 8,048.30 in early trade, its lowest level since 9 November 2016. The index rose 24.70 points or 0.3% at the day's high of 8,104.65 at the onset of trading session.

Telecom stocks were mixed. Reliance Communications (down 0.91%) edged lower. Bharti Airtel (up 0.32%) and Idea Cellular (up 0.14%) edged higher.

Bharti Infratel was down 1.05%. Bharti Infratel is a telecom tower arm of Bharti Airtel.

Cement stocks also witnessed a mixed trend. Shree Cement (down 3%) and UltraTech Cement (down 0.97%) edged lower. ACC (up 0.07%) and Ambuja Cements (up 0.21%) edged higher.

Grasim Industries was down 1.53%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Petronet LNG surged 5.63% after net profit surged 81.72% to Rs 459.56 crore on 11.57% fall in total income to Rs 6705.88 crore in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 17 November 2016.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered modest gains yesterday, 17 November 2016, as investors parsed through economic data and Federal Reserve Chair Janet Yellen's testimony. Yellen has stressed the importance of central bank independence in her first public remarks after Donald Trump's election victory as new data showed the president-elect will inherit a strengthening economy. The Federal Reserve chair told a congressional hearing yesterday, 17 November 2016 that an increase in short-term interest rates could become appropriate relatively soon, raising expectations of a rise at the Fed's next meeting in December.

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