Shares hover in range

Key benchmark indices were hovering in a narrow range in negative territory in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 21.84 points or 0.08% at 26,737.39. The Nifty 50 index was currently down 4.70 points or 0.06% at 8,239.10. Market sentiment was sombre amid mixed trend among Asian peers.

The BSE Mid-Cap index was currently up 0.27%. The BSE Small-Cap index was currently up 0.48%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,520 shares rose and 1,077 shares declined. A total of 111 shares were unchanged.

FMCG shares were mixed. Bajaj Corp (up 0.98%), GlaxoSmithKline Consumer Healthcare (up 0.91%), Nestle India (up 0.89%), Godrej Consumer Products (up 0.50%), Britannia Industries (up 0.34%) and Hindustan Unilever (up 0.16%), edged higher. Marico (down 0.08%), Tata Global Beverages (down 0.12%), Procter & Gamble Hygiene & Health Care (down 0.55%), Colgate Palmolive (India) (down 0.68%), Dabur India (down 0.81%) and Jyothy Laboratories (down 0.96%), edged lower.

Metal shares were in demand. Hindustan Copper (up 4.35%), Hindustan Zinc (up 2.19%), Bhushan Steel (up 1.78%), Steel Authority of India (up 1.06%), NMDC (up 0.77%), Vedanta (up 0.61%), JSW Steel (up 0.37%), National Aluminium Company (up 0.31%), Tata Steel (up 0.27%) and Jindal Steel & Power (up 0.14%), edged higher. Hindalco Industries was down 1.27%.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2017 delivery was currently down 0.06% at $2.545 per pound on the COMEX.

On the macro front, as per the first advances estimates of real gross domestic product (GDP) released by the Central Statistics Office (CSO), the GDP growth is estimated at 7.1% for FY 2017, showing moderation from 7.6% in FY 2016. Real gross value added (GVA) is anticipated to increase 7% in FY 2017 against 7.2% growth in FY 2016. The data was announced after market hours on Friday, 6 January 2017.

Overseas, Asian stocks were mixed. Japan stock market was shut for a holiday. In mainland China, the Shanghai Composite was up 0.54%. In Hong Kong, the Hang Seng was up 0.20%. Data over the weekend showed China's foreign-exchange reserves fell to the lowest level in nearly six years last month. The People's Bank of China said that the world's largest stockpile of foreign currency fell $41.08 billion in December to $3.011 trillion, the lowest level since March 2011. The decline was smaller than the previous month's drop of $69.06 billion.

US stocks registered modest gains on Friday, 6 January 2017 as gains in the technology, industrials and healthcare sectors led shares higher. US nonfarm payrolls rose by 156,000 jobs last month, the Labor Department said on Friday, 6 January 2017. The number of jobs created fell from an upwardly revised 204,000 in November. The jobless rate edged up last month to 4.7% from 4.6%.

Chicago Federal Reserve President Charles Evans on Friday, 6 January 2017 reportedly said that US economic conditions are likely to call for two interest-rate hikes in 2017, but a forecast of three hikes is not implausible. Evans said he was sticking with expectation of two rate hikes that he made in September even though things are now a little bit stronger than they were then.

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