Key indices languish in negative zone

Key benchmark indices languished in negative zone in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was down 55.71 points or 0.20% at 28,067.73. The Nifty 50 index was currently down 11.95 points or 0.14% at 8,661.30. Sentiment was weak as European stocks drifted lower. The Sensex lost 97.32 points, or 0.35% at the day's low of 28,026.12 in afternoon trade, its lowest level since 17 August 2016. The index rose 88.86 points, or 0.32% at the day's high of 28,212.30 at the onset of trading session. The Nifty fell 26.15 points, or 0.3% at the day's low of 8,647.10 in afternoon trade, its lowest level since 17 August 2016. The index rose 23.35 points, or 0.27% at the day's high of 8,696.60 at the onset of trading session, its highest level since 9 August 2016.

In overseas stock markets, European stocks edged lower amid uncertainty over the trajectory of US monetary policy. Asian stocks witnessed a mixed trend after some Federal Reserve officials reiterated the case for raising US interest rates in coming months. US stocks eked out gains yesterday, 18 August 2016, following upbeat earnings and forecast from Wal-Mart and as higher oil lifted energy shares.

The market breadth indicating the overall health of the market was positive. On BSE, 1,412 shares rose and 1,165 shares fell. A total of 178 shares were unchanged. The BSE Mid-Cap index was up 0.35%. The BSE Small-Cap index was currently up 0.38%. Both these indices outperformed the Sensex.

Coal India extended losses registered during the previous trading session triggered by reports that the government proposes to divest 5-10% stake in the company in Q4 March 2017. The stock was down 1.49% at Rs 333.75. The stock had declined 2.59% to settle at Rs 338.80 yesterday, 18 August 2016. GoI currently holds 79.65% in Coal India (as on 30 June 2016).

Auto stocks fell across the board. Escorts (down 2.33%), Eicher Motors (down 1.43%), Ashok Leyland (down 0.85%), Hero MotoCorp (down 0.62%), Bajaj Auto (down 0.49%), Tata Motors (down 0.48%), Maruti Suzuki (India) (down 0.25%), Mahindra & Mahindra (down 0.24%) and TVS Motor Company (down 0.21%) edged lower.

Pharmaceutical shares were mixed. Strides Shasun (down 2.56%), Biocon (down 1.01%), Glenmark Pharmaceuticals (down 0.75%), Alkem Laboratories (down 0.68%), Lupin (down 0.6%), Dr Reddy's Laboratories (down 0.54%), GlaxoSmithKline Pharmaceuticals (down 0.47%), Sun Pharmaceutical Industries (down 0.35%) and IPCA Laboratories (down 0.07%), edged lower. Wockhardt (up 0.64%), Aurobindo Pharma (up 0.71%), Cipla (up 0.73%), Cadila Healthcare (up 1.18%), Divi's Laboratories (up 1.87%) and Piramal Enterprises (up 3.33%), edged higher.

NHPC rose 0.18% to Rs 27.35 after the company announced the commencement of commercial operation of a 40 megawatts unit of Teesta Low Dam H.E. Project, Stage IV (TLDP-IV) in West Bengal. The entire power generated from TLDP-IV has been allocated to West Bengal state and the same shall be supplied through West Bengal State Electricity Distribution Company (WBSEDCL), NHPC said.

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