Market hovers in narrow range

Key benchmark indices continued trading in a range in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex was down 112.53 points or 0.40% at 28,017.31. The Nifty 50 index was currently down 25.75 points or 0.30% at 8,673.65. The Sensex was currently trading above 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, 1,353 shares rose and 1,224 shares declined. A total of 221 shares were unchanged. The BSE Mid-Cap index was currently up 0.06%. The BSE Small-Cap index was currently up 0.17%. Both these indices outperformed the Sensex.

In overseas stock markets, European shares were trading higher in early trade today, 21 October 2016, kicking off the last trading day of the week with a positive tone as merger deals and a stronger US dollar and corporate earnings support prices. Meanwhile, as widely expected, the European Central Bank (ECB) kept its policy rate unchanged after a 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.

Asian stocks edged lower after the ECB left its policy rate unchanged after the conclusion of a monetary policy meeting. US stocks registered small losses yesterday, 20 October 2016, after a sharp fall in oil prices, while investors parsed through key US economic data.

Back home, Mahindra & Mahindra (M&M) was up 0.05% to Rs 1,327.15. Mahindra Electric, part of the diversified Mahindra Group and a pioneer in the development and production of electric vehicles in India, announced the national launch of its new electric CitySmart car, the 'e20Plus'. The announcement was made during trading hours today, 21 October 2016.

With zero emission, the 'e20Plus' is set to usher in a whole new concept in urban mobility and is priced at an attractive Rs. 5.46 lakh (for the P4 variant ex-showroom Delhi, post state subsidy and FAME incentive). On a full charge, the Mahindra e20Plus can travel for upto 140 kms and can achieve a top speed of 85 kmph. Powered by the latest electric drive train technology from Mahindra Electric, the e20Plus can effortlessly cruise through city traffic and drives Mahindra's vision of the Future of Mobility. The tall-boy design and spacious interiors make for a compact city car that can comfortably seat four adults.

Most FMCG shares edged higher. Godrej Consumer Products (up 1.97%), Dabur India (up 1.50%), Hindustan Unilever (up 0.95%), Procter & Gamble Hygiene & Health Care (up 0.50%), Nestle India (up 0.34%), Marico (up 0.23%), Bajaj Corp (up 0.12%), Britannia Industries (up 0.11%) and Colgate Palmolive (India) (up 0.03%), edged higher. Jyothy Laboratories (down 0.16%), Tata Global Beverages (down 0.26%) and GlaxoSmithKline Consumer Healthcare (down 0.73%), edged lower.

Metal shares edged lower. Hindalco Industries (down 1.9%), Hindustan Zinc (down 1.62%), Vedanta (down 1.55%), Bhushan Steel (down 1.03%), NMDC (down 0.92%), JSW Steel (down 0.83%), Tata Steel (down 0.54%), Jindal Steel & Power (down 0.45%), Hindustan Copper (down 0.42%) and National Aluminium Company (down 0.39%), edged lower. Steel Authority of India was up 1.62%.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2016 delivery was currently down 0.26% at $2.0905 per pound on the COMEX.

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