Cement stocks in red

A range-bound trading was witnessed between the two key benchmark indices in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 60.38 points or 0.23% at 26,575.62. The Nifty 50 index was currently up 8.45 points or 0.1% at 8,179.25.

The Sensex rose 96.57 points or 0.36% at the day's high of 26,611.81 in morning trade. The index lost 21.01 points or 0.07% at the day's low of 26,494.23 in early trade. The Nifty rose 30.15 points or 0.36% at the day's high of 8,200.95 in morning trade. The index lost 15 points or 0.18% at the day's low of 8,155.80 in early trade.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,055 shares rose and 770 shares declined. A total of 84 shares were unchanged.

The BSE Mid-Cap index was currently down 0.16%. The BSE Small-Cap index was currently up 0.14%. Both these indices underperformed the Sensex.

Coming to the sectoral stocks, telecom stocks edged higher. Bharti Airtel (up 0.23%), Idea Cellular (up 0.93%) and Reliance Communications (up 0.69%) rose.

Shares of Bharti Infratel were up 0.96%. Bharti Infratel is a telecom tower arm of Bharti Airtel.

Cement stocks declined. ACC (down 1.19%), Ambuja Cements (down 1.2%) and UltraTech Cement (down 1.67%) edged lower.

Grasim Industries was off 1.77%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Automobile major Tata Motors was up 2.64% at Rs 466.55.

Glenmark Pharmaceuticals rose 0.04% at Rs 913 after the company's US subsidiary announced the launch of first and only generic version of Zetia in the United States. Glenmark Pharmaceuticals Inc., USA announced the availability of ezetimibe, the first and only generic version of ZETIA (Merck) in the United States for the treatment of high cholesterol.

According to IMS Health data for the 12-month period ended October 2016, annual US sales of Zetia 10 mg were approximately $2.3 billion in the US.

Overseas, most Asian stocks edged lower 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 0.66%. In Hong Kong, the Hang Seng was currently off 0.36%. 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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