Market hits fresh intraday low; breadth strong

Key benchmark indices hit fresh intraday low in mid-morning trade as selling intensified. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 137.40 points or 0.52% at 26,489.06. The Nifty 50 index was down 39.10 points or 0.48% at 8,146.70.

The Sensex and the Nifty, both, declined after hitting their highest intraday levels in 2-1/2 weeks at the onset of trading session. The Sensex fell 179.40 points, or 0.67% at the day's low of 26,447.06 in mid-morning trade. The index rose 94.52 points, or 0.35% at the day's high of 26,720.98 at the onset of trading session, its highest level since 15 December 2016. The Nifty fell 52 points, or 0.64% at the day's low of 8,133.80 in mid-morning trade. The index rose 26.20 points, or 0.32% at the day's high of 8,212 at the onset of trading session, its highest level since 15 December 2016.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,407 shares rose and 806 shares fell. A total of 88 shares were unchanged. The BSE Mid-Cap index was currently up 0.13%. The BSE Small-Cap index was currently up 0.52%. Both these indices outperformed the Sensex.

Most IT shares edged higher. Hexaware Technologies (up 1.11%), Oracle Financial Services Software (up 0.67%), Wipro (up 0.66%), MindTree (up 0.61%), Persistent Systems (up 0.42%), TCS (up 0.38%), HCL Technologies (up 0.37%) and Tech Mahindra (up 0.01%), edged higher. MphasiS (down 0.1%) and Infosys (down 0.37%), edged lower.

Most pharmaceutical shares rose. Divi's Laboratories (up 1.20%), Strides Shasun (up 0.95%), Dr Reddy's Laboratories (up 0.70%), Wockhardt (up 0.62%), IPCA Laboratories (up 0.56%), Cipla (up 0.51%), Lupin (up 0.32%), Alkem Laboratories (up 0.21%), Glenmark Pharmaceuticals (up 0.17%), Sun Pharmaceutical Industries (up 0.17%), Cadila Healthcare (up 0.11%) and Aurobindo Pharma (up 0.07%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.2%) and Piramal Enterprises (down 0.24%), edged lower.

Ujaas Energy gained 3.15% after the company announced that it has received letter of intent from MOIL for design, engineering, procurement & supply, construction, erection, testing & commissioning of solar photovoltaic (PV) plant with tracking system on turnkey basis of 5 megawatts (MW) (AC) capacity in Maharashtra. The announcement was made on Saturday, 31 December 2016.

Overseas, Asian stocks were shut for public holiday. South Korea's Seoul Composite was up 0.02%. US stocks fell on Friday, 30 December 2016, as investors took profits on some of 2016's high-flying sectors.

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