Key indices extend gains

Key benchmark indices extended intraday gains in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 136.94 points or 0.52% at 26,652.18. The Nifty 50 index was currently up 30.05 points or 0.37% at 8,200.85.

The Sensex rose 194.52 points or 0.73% at the day's high of 26,709.76 in mid-afternoon 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 38.40 points or 0.46% at the day's high of 8,209.20 in mid-afternoon trade. The index lost 15 points or 0.18% at the day's low of 8,155.80 in early trade.

The BSE Mid-Cap index was currently down 0.55%. The BSE Small-Cap index was currently down 0.08%. Both these indices underperformed the Sensex.

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

In mainland China, the Shanghai Composite settled 0.07% higher. In Hong Kong, the Hang Seng ended 0.06% higher. 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.

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, turned positive from negative in mid-afternoon trade. On the BSE, 1,243 shares rose and 1,200 shares declined. A total of 155 shares were unchanged.

Metal and mining stocks were mostly lower. Hindalco Industries (down 2.75%), Vedanta (down 2.29%), National Aluminium Company (down 2%), Steel Authority of India (down 1.46%), Hindustan Zinc (down 1.02%) and Tata Steel (down 0.94%) declined. Jindal Steel & Power (up 2.93%), NMDC (up 0.43%) and JSW Steel (up 0.51%) edged higher.

Capital goods stocks were mixed. Bharat Heavy Electricals (down 1.06%), Crompton Greaves (down 0.99%), BEML (down 0.11%) and ABB India (down 0.31%) edged lower. Thermax (up 0.52%), L&T (up 0.63%), Suzlon Energy (up 0.27%) and Siemens (up 0.33%) edged higher.

Artson Engineering jumped 12.97% at Rs 49.20 after the company said that it has received a contract of Rs 108 crore from a leading public sector undertaking. the contract is for design, detailed engineering, supply, fabrication, installation, testing, foundation work, fire protection, other civil works for double deck floating roof type crude oil storage tanks in Odisha, India. The announcement was made during market hours today, 13 December 2016.

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