Market moves in a narrow range

A range bound movement was witnessed as key benchmark languished in red in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was off 105.03 points or 0.38% at 27,256.93. The 50-unit CNX Nifty was off 31.45 points or 0.38% at 8,229.10. The market breadth indicating the overall health of the market was negative. On BSE, 1,365 shares fell and 1,115 shares rose. A total of 140 shares were unchanged. The BSE Mid-Cap index was up 0.07%. The BSE Small-Cap index was up 0.16%. Both these indices outperformed the Sensex.

In overseas stocks markets, Asian stocks dropped on caution ahead of the outcome of a monetary policy review from the US Federal Reserve which could provide clues about the timing of the Fed's first interest rate hike in a decade. The Fed is widely expected to leave benchmark interest rates unchanged near zero after the conclusion of a two-day monetary policy meeting tomorrow, 28 October 2015. US stocks mostly fell yesterday, 26 October 2015, as oil prices slumped.

FMCG shares were mixed. Colgate Palmolive (India) (up 1.76%), Dabur India (up 1.10%), Jyothy Laboratories (up 0.61%), Procter & Gamble Hygiene & Health Care (up 0.51%), Marico (up 0.33%) and GlaxoSmithKline Consumer Healthcare (up 0.21%) edged higher. Hindustan Unilever (down 0.02%), Britannia Industries (down 0.21%), Bajaj Corp (down 0.4%), Godrej Consumer Products (down 0.74%) and Tata Global Beverages (down 1.52%) edged lower.

Nestle India was up 0.61% to Rs 6,373.70 after the company announced resumption of manufacturing of Maggi noodles at three of its plants. The announcement was made during market hours today, 27 October 2015. Nestle India has resumed manufacturing of Maggi noodles at its plants at Nanjangud in Karnataka, Moga in Punjab and Bicholim in Goa. The company will send samples of Maggi noodles from the newly manufactured batches for testing to the three accredited laboratories mandated by the High Court of Bombay. Nestle India also intends to commence manufacture of Maggi noodles at its other plants at the earliest. Nestle India will commence the sale of Maggi noodles in the market once the samples are cleared by these laboratories, the company said.

Realty shares were mixed. Indiabulls Real Estate (up 2.37%), Unitech (up 1.85%), Housing Development and Infrastructure (HDIL) (up 1.61%), Oberoi Realty (up 0.37%), Sobha (up 0.31%), Prestige Estates Projects (up 0.10%) and Sunteck Realty (up 0.04%), edged higher. Godrej Properties (down 0.14%), Anant Raj (down 0.25%), DLF (down 1.16%), Parsvnath Developers (down 1.16%), Peninsula Land (down 1.53%) and D B Realty (down 1.77%), edged lower.

The finance ministry has issued a clarification stating that no service tax will be applicable on sale of flats/dwellings etc. in areas under the jurisdiction of Brihanmumbai Municipal Corporation (BMC) in cases where the entire consideration for the sale of flats has been received after issue of occupancy certificate by BMC.

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