Key indices languish in negative zone

Key benchmark indices hovered in a narrow range in negative zone in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was down 150.69 points or 0.54% at 27,979.15. The Nifty 50 index was currently down 38.10 points or 0.44% at 8,661.30. The Sensex was currently trading below the psychologically important 28,000 level. The index swung above and below that level in intraday trade so far. The market breadth indicating the overall health of the market was positive. On BSE, 1,333 shares rose and 1,299 shares declined. A total of 241 shares were unchanged. The BSE Mid-Cap index was currently down 0.12%. The BSE Small-Cap index was currently down 0.05%. The losses for the both these indices were lower than Sensex's decline in percentage terms. Weakness in global stocks weighed on sentiment on the domestic bourses.

In overseas stock markets, European and Asian stocks edged lower after the European Central Bank (ECB) kept its policy rate unchanged after a monetary policy meeting yesterday, 20 October 2016. Though ECB left its ultra-loose monetary policy unchanged, President Mario Draghi said the European region's central bank had left the door open to more monetary stimulus. US stocks registered small losses yesterday, 20 October 2016, after a sharp fall in oil prices, while investors parsed through key US economic data.

Pharma stocks edged lower. Cipla (down 2.55%), Strides Shasun (down 0.59%), Wockhardt (down 0.48%), Aurobindo Pharma (down 0.18%), Lupin (down 0.04%), GlaxoSmithkline Pharmaceuticals (down 0.2%), Ipca Laboratories (down 0.34%) and Sun Pharmaceutical Industries (down 0.02%) declined. Dr Reddy's Laboratories (up 1.47%), Divi's Laboratories (up 1.5%), Alkem Laboratories (up 0.33%) and Cadila Healthcare (up 0.3%) edged higher.

Capital goods were mixed. Havells India (up 0.84%), Thermax (up 0.84%), Crompton Greaves (up 0.85%), GE T&D India (up 0.15%), L&T (up 0.13%) and Siemens (up 0.05%) rose. Bharat Electronics (down 1.31%), BEML (down 1.25%), ABB India (down 0.85%), Bharat Heavy Electricals (down 0.14%) and Suzlon Energy (down 0.93%) edged lower.

Bank of Baroda (BoB) was down 1.27%. The bank said that the Capital Raising Committee of the board at its meeting held today, 21 October 2016, authorized the bank to raise funds through issuance of Basel III Compliant AT- I (Additional Tier - I Capital) bonds for Rs 1000 crore with Green shoe option of Rs 1000 crore (Total size not to exceed Rs 2000 crore) on private placement basis. The announcement was made during market hours today, 21 October 2016.

JSW Holdings dropped 1.1% after the company reported 22.63% fall in net profit to Rs 15.56 crore on 16.97% decline in income from operations to Rs 22.01 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 21 October 2016.

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