Shares hover in range

Key benchmark indices were range bound in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 54.86 points or 0.21% at 26,749.14. The Nifty 50 index was up 8.65 points or 0.10% at 8,255.50.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,340 shares rose and 827 shares fell. A total of 129 shares were unchanged. The BSE Mid-Cap index was currently up 0.15%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.55%, outperforming the Sensex.

FMCG shares edged lower. Bajaj Corp (down 1.28%), Marico (down 1.07%), Godrej Consumer Products (down 0.99%), Dabur India (down 0.48%), Hindustan Unilever (down 0.38%), Procter & Gamble Hygiene & Health Care (down 0.18%), Nestle India (down 0.15%), Colgate Palmolive (India) (down 0.07%) and Tata Global Beverages (down 0.04%), edged lower. Jyothy Laboratories (up 0.13%), Britannia Industries (up 0.25%) and GlaxoSmithKline Consumer Healthcare (up 0.33%), edged higher.

Metal shares were mixed. Hindalco Industries (up 1.43%), Jindal Steel & Power (up 1.16%), Bhushan Steel (up 0.24%), Hindustan Copper (up 0.16%) and Vedanta (up 0.08%), edged higher. Tata Steel (down 0.02%), NMDC (down 0.43%), Hindustan Zinc (down 0.46%), JSW Steel (down 0.48%), Steel Authority of India (down 0.56%) and National Aluminium Company (down 2.45%), edged lower.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2017 delivery was currently up 1.05% at $2.6535 per pound on the COMEX.

NLC India dropped 1.12% after net profit fell 13.62% to Rs 300.42 crore on 15.79% rise in total income to Rs 2148.28 crore in Q2 September 2016 over Q2 September 2015. NLC India said that Q2 net profit was impacted due to discharge of Rs 52.66 crore towards one time voluntary retirement compensation. In the first half of the year net profit was impacted mainly due to surrender of power of 722.27 million units (MU) by distribution companies with an estimated financial impact of Rs 219.30 crore. The result was announced after market hours yesterday, 8 December 2016.

Overseas, Asian shares were mixed after the European Central Bank (ECB) trimmed the size of its asset purchase programme. US stocks closed at record levels yesterday, 8 December 2016, after ECB outcome.

ECB yesterday, 8 December 2016, pledged to continue with its programme of money printing to shore up the euro zone recovery but surprised financial markets by reducing the amount of stimulus it expects to provide each month. ECB left interest rates unchanged and said it would continue its programme of quantitative easing (QE) to next December or beyond if necessary. But the central bank said it would reduce its monthly asset buys to 60 billion euros as of April, from the current 80 billion euros. It, however, said it reserved the right to increase the size of purchases again.

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