Market registers modest gains

Key benchmark indices registered modest gains on provisional basis. The barometer index, the S&P BSE Sensex, rose 162.31 points or 0.61% at 26,677.55, as per the provisional closing data. The Nifty 50 index rose 43.95 points or 0.54% at 8,214.75, as per the provisional closing data. Both the Sensex and the Nifty almost hovered in positive terrain throughout the trading session after initial volatility. The two key indices extended intraday gains towards the later part of the trading session.

The Sensex rose 209.73 points or 0.79% at the day's high of 26,724.97 in late 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 58.05 points or 0.71% at the day's high of 8,228.85 in late 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 provisionally down 0.43%. The BSE Small-Cap index was provisionally off 0.07%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,306 shares fell and 1,283 shares rose. A total of 187 shares were unchanged.

Auto stocks rose. Tata Motors (up 3.62%), Eicher Motors (up 0.34%), Maruti Suzuki India (up 0.18%), Mahindra & Mahindra (up 0.23%) and Bajaj Auto (up 0.5%) edged higher. Ashok Leyland (down 1.77%) and Hero MotoCorp (down 0.17%) edged lower.

Index heavyweight and cigarette major ITC rose 1.08% at Rs 235.05. The stock hit a high of Rs 236.80 and a low of Rs 232.40 in intraday trade.

Housing Finance major HDFC was up 1.28% at Rs 1,278.50.

Software major Infosys advanced 1.28% at Rs 990.

Another index heavyweight Reliance Industries rose 1.15% at Rs 1,039.15.

Overseas, European stocks edged higher ahead of the much-awaited US Federal Reserve's monetary policy statement due tomorrow, 14 December 2016.

Asian stocks were mixed. In mainland China, the Shanghai Composite settled 0.07% higher. In Hong Kong, the Hang Seng ended 0.06% higher. 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.

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.

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