Market trims gains

After remaining firm in morning trade, key benchmark indices trimmed gains in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 82.55 points or 0.32% at 25,704.72. The 50-unit CNX Nifty was up 24.80 points or 0.32% at 7,812.90. The broad market depicted strength. On BSE, there were more than two gainers against every loser. 1,495 shares rose and 661 shares fell. A total of 80 shares were unchanged. The BSE Mid-Cap index was up 0.62%. The BSE Small-Cap index was up 0.86%. Both these indices outperformed the Sensex.

GAIL (India) (down 2.74%), Tata Motors (down 2.19%) and Tata Steel (down 2.16%) were the major losers from the Sensex pack.

In sector trends, IT stocks advanced. Tech Mahindra (up 0.73%), Infosys (up 1.78%), HCL Technologies (up 0.32%), TCS (up 0.78%), and Wipro (up 1.69%) edged higher.

Tyre stocks rose on renewed buying. Apollo Tyres (up 1.36%), JK Tyre & Industries (up 3.44%), Dunlop India (up 7.3%) and CEAT (up 1.55%) gained. Goodyear India declined 0.38%.

MRF rose 1.16% after the company announced signing a memorandum of understanding (MoU) with the Government of Tamil Nadu. MRF will invest not less than Rs 4500 crore in its plants at Perambalur and Arakonam in Tamil Nadu over a period of 7 years.

Airline stocks jumped. Jet Airways (India) (up 6.35%) and SpiceJet (up 6.72%) surged.

Sugar stocks edged higher. Bajaj Hindusthan (up 1.24%), Balrampur Chini Mills (up 0.22%) and Shree Renuka Sugars (up 0.14%) edged higher.

Arvind rose 2.16% after the company struck a deal to run the Indian operations of cosmetics and beauty retailer Sephora, owned by a French luxury conglomerate LVMH Moet Hennessy Louis Vuitton. Arvind will manage Sephora's portfolio of 3 stores in Delhi and one in Pune. Arvind will lead the geographical retail expansion of Sephora with a focus on urban centres through the key beauty categories of makeup, fragrances, skincare and hair care.

In overseas stock markets, Asian stocks witnessed a mixed trend amid uncertainty on whether the US Federal Reserve's first interest rate hike in a decade will come at Fed's monetary policy meeting next week. Mixed US economic data overnight offered no clarity on whether the Federal Reserve will raise interest rates next week. A hike in interest rate in the US is likely to drain liquidity from emerging markets like India and redirect it to developed economies. The Fed's policy-making committee holds a two-day meeting on 16 and 17 September 2015.

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