Market trades in a narrow range

Key benchmark indices traded in a narrow range in positive zone in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex was up 135.51 points or 0.48% at 28,119.88. The Nifty 50 index was currently up 35.90 points or 0.41% at 8,695.

The Sensex rose 228.13 points or 0.81% at the day's high of 28,212.50 in morning trade, its highest level since 10 October 2016. The barometer index rose 47.20 points or 0.16% at the day's low of 28,031.57 in opening trade. The Nifty rose 67.90 points or 0.78% at the day's high of 8,727 in morning trade, its highest level since 10 October 2016. The index rose 25.95 points or 0.29% at the day's low of 8,685.05 in early afternoon trade.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered small gains yesterday, 19 October 2016, helped by better-than-expected earnings and rising oil prices. The Federal Reserve released the latest iteration of its Beige Book, which summarizes economic conditions in the US. In it, the Fed said economic activity increased at a modest pace in most regions.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,510 shares rose and 992 shares declined. A total of 190 shares were unchanged. The BSE Mid-Cap index was currently up 0.15%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.59%, outperforming the Sensex.

Realty stocks edged higher. Unitech (up 4.36%), DLF (up 2.43%), Indiabulls Real Estate (up 0.96%), Housing Development & Infrastructure (up 1.2%), Godrej Properties (up 0.93%), D B Realty (up 0.53%) and Prestige Estates Projects (up 0.82%) rose. Oberoi Realty (down 0.31%) and Sobha (down 0.17%) edged lower.

Pharma stocks edged lower. Ipca Laboratories (down 1.64%), Glenmark Pharmaceuticals (down 1.21%), Divi's Laboratories (down 1.01%), Strides Shasun (down 0.85%), Cadila Healthcare (down 0.19%), Aurobindo Pharma (down 0.33%), GlaxoSmithkline Pharmaceuticals (down 0.03%), Sun Pharmaceutical Industries (down 0.32%), Lupin (down 0.45%), Dr Reddy's Laboratories (down 0.31%), Wockhardt (down 0.17%) and Alkem Laboratories (down 0.22%) declined. Cipla (up 0.13%) edged higher.

Index heavyweight Reliance Industries was down 0.03% at Rs 1,086.60. The stock hit a high of Rs 1,097.80 and a low of Rs 1,086 so far during the day. The company is scheduled to announce Q2 September 2016 results today, 20 October 2016.

CEAT rose 0.36% at Rs 1,292.50 after the company announced rollout of a new breed of 'Puncture Safe' tyres for the two-wheeler market. This new range will offer a technology to consumers that will allow tyres to resist punctures with no loss of air pressure and allow a hassle free and safe ride, CEAT said. This new range is currently available only in the states of Andhra Pradesh and Telangana and the company proposes to roll out the "Puncture Safe" tyre range in the other markets in a phased manner, the company said. The announcement was made after market hours yesterday, 19 October 2016.

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