Market breadth turns negative

The barometer index, the S&P BSE Sensex, pared gains after hitting a fresh intraday high, while the Nifty 50 index hovered in narrow range in afternoon trade. At 13:15 IST, the Sensex, was up 69.91 points or 0.26% at 26,585.15. The Nifty was currently up 11.25 points or 0.14% at 8,182.05.

The Sensex rose 104.82 points or 0.40% at the day's high of 26,620.06 in early 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 30.15 points or 0.36% at the day's high of 8,200.95 in morning 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 0.70%. The BSE Small-Cap index was currently down 0.20%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,213 shares fell and 1,190 shares declined. A total of 133 shares were unchanged.

FMCG shares were mixed. Bajaj Corp (up 1.53%), Marico (up 0.76%), GlaxoSmithKline Consumer Healthcare (up 0.43%), Colgate Palmolive (India) (up 0.21%), Tata Global Beverages (up 0.20%) and Nestle India (up 0.16%), edged higher. Dabur India (down 0.31%), Procter & Gamble Hygiene & Health Care (down 0.69%), Hindustan Unilever (down 0.76%), Godrej Consumer Products (down 0.8%), Jyothy Laboratories (down 1.01%) and Britannia Industries (down 1.22%), edged lower.

Most pharmaceutical shares edged higher. Alkem Laboratories (up 0.89%), Sun Pharmaceutical Industries (up 0.75%), Piramal Enterprises (up 0.59%), Wockhardt (up 0.45%), Aurobindo Pharma (up 0.41%), Dr Reddy's Laboratories (up 0.38%), Divi's Laboratories (up 0.20%), IPCA Laboratories (up 0.15%) and Cipla (up 0.03%), edged higher. Strides Shasun (down 0.11%), GlaxoSmithKline Pharmaceuticals (down 0.37%), Lupin (down 1.08%) and Cadila Healthcare (down 1.74%), edged lower.

Glenmark Pharmaceuticals rose 0.54% at Rs 917.50 after the company's US subsidiary announced the launch of first and only generic version of Zetia in the United States. Glenmark Pharmaceuticals Inc., USA announced the availability of ezetimibe, the first and only generic version of ZETIA (Merck) in the United States for the treatment of high cholesterol. According to IMS Health data for the 12-month period ended October 2016, annual US sales of Zetia 10 mg were approximately $2.3 billion in the US.

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

In mainland China, the Shanghai Composite was currently up 0.1%. In Hong Kong, the Hang Seng was currently off 0.09%. 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.

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