Key indices move in a narrow range near the flat line

Key benchmark indices hovered in a narrow range near the flat line in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was up 15.87 points or 0.06% at 26,095.35. The 50-unit Nifty 50 index was currently up 6.30 points or 0.08% at 7,935.25. The Nifty hit its highest level in four weeks when it rose 15.80 points or 0.19% at the day's high of 7,944.75 at the onset of the trading session, its highest level since 2 December 2015. The index lost 4.60 points or 0.05% at the day's low of 7,924.35 in morning trade. The Sensex rose 50.72 points or 0.19% at the day's high of 26,130.20 at the onset of the trading session. The barometer index lost 21.81 points or 0.08% at the day's low of 26,057.67 in mid-morning trade.

In overseas markets, Asian stocks were mixed. US stocks climbed sharply higher yesterday, 29 December 2015, as a rebound in oil prices helped reinvigorate bullish sentiment.

Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,436 shares rose and 970 shares fell. A total of 255 shares were unchanged. The BSE Mid-Cap index was currently up 0.52%. The BSE Small-Cap index was currently up 0.43%. Both these indices outperformed the Sensex.

IT stocks edged lower. Oracle Financial Services Software (down 0.3%), Infosys (down 0.49%), TCS (down 0.27%) and HCL Technologies (down 0.03%) declined. Tech Mahindra (up 1.18%) and Wipro (up 0.54%) gained.

Cement stocks were mostly lower. UltraTech Cement (down 1.04%) and Ambuja Cements (down 0.17%) edged lower. Shree Cement (up 0.36%) and ACC (up 0.06%) edged higher.

Grasim Industries was down 0.05% at Rs 3,727.10. Grasim has exposure to cement sector through its holding in UltraTech Cement.

IFCI rose 2.42% at Rs 27.55 after the company announced that it has made a partial disinvestment of 75,000 equity shares, or approximately 0.17% stake in the National Stock Exchange (NSE) today, 30 December 2015, to a certain buyer at Rs 3,950 per share, aggregating to Rs 29.63 crore.

IFCI held 4.05% stake in NSE as per the shareholding pattern as on 30 September 2015.

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