Benchmark indices trade positive in narrow range

Key benchmark indices hovered in a narrow range in positive zone in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was up 33.72 points or 0.13% at 26,728. The Nifty 50 index was currently up 1.75 points or 0.02% at 8,248.60. The market breadth, indicating the overall health of the market, was positive. On BSE, 1,343 shares rose and 1,089 shares fell. A total of 152 shares were unchanged.

The BSE Mid-Cap index was currently down 0.1%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.52%, outperforming the Sensex.

Bank stocks gained. Among public sector banks, IDBI Bank (up 3.5%), Union Bank of India (up 1.94%), State Bank of India (up 1.91%), Bank of Baroda (up 1.89%), Bank of India (up 1.7%) and Punjab National Bank (up 1.5%) edged higher.

Among private sector banks, ICICI Bank (up 1.93%), IndusInd Bank (up 1.19%), Axis Bank (up 0.63%), Yes Bank (up 0.45%), RBL Bank (up 0.04%) and HDFC Bank (up 0.01%) edged higher. Kotak Mahindra Bank (down 0.59%) edged lower.

Realty stocks nudged higher. Prestige Estates Projects (up 1.76%), D B Realty (up 1.61%), Housing Development & Infrastructure (up 1.29%), DLF (up 1.1%), Oberoi Realty (up 0.63%), Unitech (up 0.42%) and Indiabulls Real Estate (up 0.21%) gained. Sobha (down 1.16%) and Godrej Properties (down 0.07%) edged lower.

Banco Products (India) lost 3.79% at Rs 186.70 after the company's board at its meeting held yesterday, 8 December 2016, decided to drop the earlier proposal for the buyback of equity shares of the company. Banco Products (India) had announced on 28 November 2016 about its board meeting on 8 December 2016, to consider share buyback proposal.

Overseas, Asian shares were mixed after the European Central Bank (ECB) trimmed the size of its asset purchase programme. In mainland China, the Shanghai Composite ended 0.54% higher. In Hong Kong, the Hang Seng was currently down 0.47%.

China's consumer inflation picked up for a third-straight month in November, but remained below the upper limit of a government target range, official data showed today, 9 December 2016. China's consumer price index increased 2.3% in November from a year earlier, rising at a quicker pace than a 2.1% year-over-year gain in October, the National Bureau of Statistics said. It added that strength in food prices were the main factor pushing up the headline figure.

US stocks closed at record high levels yesterday, 8 December 2016, after the ECB outcome. ECB yesterday, 8 December 2016, pledged to continue with its programme of money printing to shore up the euro zone recovery but surprised financial markets by reducing the amount of stimulus it expects to provide each month.

ECB left interest rates unchanged and said it would continue its programme of quantitative easing (QE) to next December or beyond if necessary. But the central bank said it would reduce its monthly asset buys to 60 billion euros as of April, from the current 80 billion euros. It, however, said it reserved the right to increase the size of purchases again.

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