Market hovers near flat line

Key benchmark indices once again slipped into the red after hovering in positive terrain in mid-morning trade. Losses were small and indices continued to hover near the flat line. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 4.81 points or 0.02% at 26,074.67. The 50-unit Nifty 50 index was down 0.85 points or 0.01% at 7,928.10.

The Sensex shed 21.81 points or 0.08% at the day's low of 26,057.67 in mid-morning trade. The index gained 50.72 points or 0.19% at the day's high of 26,130.20 in early trade. The Nifty fell 4.60 points or 0.05% at the day's low of 7,924.35 in morning trade. 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 market breadth indicating the overall health of the market was strong. On BSE, 1,364 shares rose and 861 shares fell. A total of 221 shares were unchanged. The BSE Mid-Cap index was currently up 0.48%. The BSE Small-Cap index was currently up 0.33%. Both these indices outperformed the Sensex.

Realty stocks rose. Indiabulls Real Estate (up 0.56%), Unitech (up 0.3%), DLF (up 0.66%), Housing Development & Infrastructure (HDIL) (up 0.41%), Phoenix Mills (up 0.62%) edged higher. Sobha (down 1.25%) and Oberoi Realty (down 1.02%) declined.

Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 0.67%), Ashok Leyland (up 0.61%), and Tata Motors (up 0.45%) gained. TVS Motor Company (down 0.27%), Maruti Suzuki India (down 0.01%), Eicher Motors (down 0.46%), Bajaj Auto (down 0.29%), and Hero MotoCorp (down 0.44%) declined.

SKS Microfinance rose 1.84% after the company said that it has completed the third securitization transaction for a pool value of Rs 372.47 crore during the financial year ending 31 March 2016 (FY 2016). With this transaction, the total sum of securitization completed during FY 2016 (year-to-date) is Rs 699.20 crore. The announcement was made after trading hours yesterday, 29 December 2015.

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.

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