Benchmark indices trade with small gains

Benchmark indices traded with small gains in a lacklustre trading in mid-morning trade, in the absence of any firm global cues. At 11:17 IST, the barometer index, the S&P BSE Sensex, was up 81.46 points or 0.31% at 26.596.70. The Nifty 50 index was currently up 10.05 points or 0.12% at 8,180.85.

The BSE Mid-Cap index was currently down 0.19%. The BSE Small-Cap index was currently up 0.15%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,208 shares rose and 900 shares declined. A total of 113 shares were unchanged.

IT stocks edged lower. TCS (down 0.52%), Infosys (down 0.23%), HCL Technologies (down 0.7%) and Oracle Financial Services Software (down 0.78%) declined. Wipro (up 1.65%) and Tech Mahindra (up 0.28%) edged higher.

Realty stocks mostly declined. Indiabulls Real Estate (down 2.76%), Sobha (down 0.89%), Godrej Properties (down 0.68%), DLF (down 0.26%) and Oberoi Realty (down 0.14%) edged lower. Prestige Estates Projects (up 3.21%), Unitech (up 1.06%) and Housing Development & Infrastructure (up 0.24%) edged higher.

MEP Infrastructure Developers surged 10.82% after the company reported net profit of Rs 62.42 crore in Q2 September 2016 compared with net loss of Rs 11.23 crore in Q2 September 2015. Total income from operations fell 0.06% to Rs 447.39 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 12 December 2016.

Sunteck Realty jumped 11.65% after net profit surged 526.40% to Rs 97.28 crore on 582.32% rise in total income from operations to Rs 206.06 crore in Q2 September 2016 over Q2 September 2015.

Overseas, Asian stocks were mixed ahead of the much-awaited US Federal Reserve's monetary policy statement due tomorrow, 14 December 2016. 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.

In mainland China, the Shanghai Composite was currently down 0.34%. In Hong Kong, the Hang Seng was currently off 0.14%. Industrial production in China rose unexpectedly last month, official data showed today, 13 December 2016. In a report, National Bureau of Statistics of China said that chinese industrial production rose to 6.2% in November, from 6.1% in the preceding month.

US stocks struggled for direction yesterday, 12 December 2016, with the Dow notching the latest in a string of record closes, while the S&P 500 and Nasdaq finished lower. Major indexes had fluctuated between positive and negative territory with investors appearing reluctant to push shares higher following pronounced gains for Wall Street ahead of a key meeting by the Federal Reserve.

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