Cement stocks decline

A bout of volatility was witnessed as key benchmark indices hovered in negative zone in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was down 32.83 points or 0.12% at 26,664.99. The Nifty 50 index was currently down 18.60 points or 0.23% at 8,203.20. Domestic market was trading on a lacklustre note tracking subdued trading on the bourses of its Asian peers ahead of a crucial Federal Reserve meeting.

The Sensex lost 73.16 points or 0.27% at the day's low of 2,624.66 in early trade. The index rose 38.52 points or 0.14% at the day's high of 26,736.34 at the onset of trading session. The Nifty lost 29.80 points or 0.36% at the day's low of 8,192 in early trade. The index rose 7.60 points or 0.09% at the day's high of 8,229.40 at the onset of trading session.

The BSE Mid-Cap index was currently up 0.11%. The BSE Small-Cap index was currently up 0.24%. Both these indices outperformed the Sensex.

Overseas, Asian stocks witnessed a mixed trend as investors kept an eye on a key US Federal Reserve meeting due today, 14 December 2016. US equities closed higher yesterday, 13 December 2016, while the Dow Jones industrial average closed in on another milestone.

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.

Closer home, the market breadth, indicating the overall health of the market, was positive. On the BSE, 1,053 shares rose and 789 shares declined. A total of 88 shares were unchanged.

Telecom stocks were mixed. Idea Cellular (down 1.1%) and Bharti Airtel (down 0.74%) edged lower. Reliance Communications (up 0.28%) edged higher.

Bharti Infratel was up 1.29%. Bharti Infratel is a telecom tower arm of Bharti Airtel.

Cement stocks declined. ACC (down 1%), Ambuja Cements (down 0.48%) and UltraTech Cement (down 0.72%) edged lower.

Grasim Industries was up 0.91%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Amtek Auto shed 3.05% after the company posted net loss of Rs 755.18 crore in Q2 September 2016 compared with net loss of Rs 158.62 crore in Q2 September 2015. Total income fell 40.16% to Rs 498.92 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 13 December 2016.

On the macro front, data released by the government after market hours yesterday, 13 December 2016 showed that the all-India general CPI inflation dipped to 24-months low of 3.63% in November 2016 compared with 4.2% in October 2016. The corresponding provisional inflation rate for rural area was 4.13% and urban area 3.05% in November 2016 as against 4.78% and 3.54% in October 2016. The core CPI inflation was nearly flat 4.9% in November 2016 from 4.86% in October 2016.

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