Key indices hover in narrow range

Key benchmark indices were range bound in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 105.79 points or 0.40% at 26,454.89. The Nifty 50 index was up 34.20 points or 0.42% at 8,162.95. Positive leads from Asian markets and overnight rally on the Wall Street boosted investors sentiment in the domestic market.

The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,622 shares rose and 833 shares fell. A total of 152 shares were unchanged. The BSE Mid-Cap index was currently up 0.80%. The BSE Small-Cap index was currently up 0.75%. Both these indices outperformed the Sensex.

Most auto stocks declined. Eicher Motors (down 0.89%), Hero MotoCorp (down 0.46%), Maruti Suzuki India (down 0.41%), Bajaj Auto (down 0.39%), Mahindra & Mahindra (down 0.28%) and TVS Motor Company (down 0.18%), edged lower. Escorts (up 0.83%), Tata Motors (up 0.86%) and Ashok Leyland (up 2.07%), edged higher.

Sugar shares were in demand. Empee Sugars and Chemicals (up 2.70%), Simbhaoli Sugars (up 1.86%), Balrampur Chini Mills (up 1.74%), Triveni Engineering & Industries (up 1.67%), Upper Ganges Sugar & Industries (up 1.46%), Rana Sugars (up 1.43%), EID Parry (India) (up 1.10%), Dwarikesh Sugar Industries (up 1.03%), Oudh Sugar Mills (up 0.86%), Shree Renuka Sugar (up 0.43%), DCM Shriram Industries (up 0.41%), Sakthi Sugars (up 0.29%), Bajaj Hindusthan Sugar (up 0.21%) and Dhampur Sugar Mills (up 0.13%), edged higher. KCP Sugar & Industries Corporation was down 0.35%.

Overseas, Asian shares were trading higher as investors judged the selloff after Italy's referendum was overdone, with robust US economic data also helping sentiment. In US, the Dow Jones Industrial Average finished at a record yesterday, 5 December 2016, as solid economic data offset concerns about Europe's stability in the wake of a rejection of Italy's vote on Sunday, 4 December 2016, to reform existing constitutional rules. The broader stock market rose after a survey showed that the services side of the economy grew at its fastest pace in November in a year. The Institute of Supply Management non-manufacturing index climbed to 57.2 last month. Any reading over 50 indicates economic expansion.

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