Key benchmark indices traded with small losses in mid-morning trade in a lacklustre session so far. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 27.35 points or 0.1% at 26,731.88. The Nifty 50 index was currently down 6.85 points or 0.08% at 8,236.95. Market sentiment was sombre amid mixed trend among Asian peers.
The Sensex lost 58.05 points or 0.21% at the day's low of 26,701.18 in mid-morning trade, its lowest level since 4 January 2017. It rose 101.65 points or 0.37% at the day's high of 26,860.88 in early trade. The Nifty lost 16.05 points or 0.19% at the day's low of 8,227.75 in mid-morning trade, its lowest level since 5 January 2017. It rose 19.20 points or 0.23% at the day's high of 8,263 in early trade.
The BSE Mid-Cap index was currently up 0.27%. The BSE Small-Cap index was currently up 0.46%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market was strong. On the BSE, 1,417 shares rose and 916 shares declined. A total of 106 shares were unchanged.
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.
Back to market, auto stocks edged higher. Eicher Motors (up 1.48%), Tata Motors (up 1.08%), Bajaj Auto (up 0.41%), Hero MotoCorp (up 0.24%) and Ashok Leyland (up 0.29%) rose. Mahindra & Mahindra (down 1.27%), Escorts (down 0.69%) and TVS Motor Company (down 0.16%) edged lower.
Maruti Suzuki India was up 0.68%. The company before market hours today, 9 January 2017 reported total production of 1.07 lakh units in December 2016, almost same as in December 2015.
Realty stocks were mixed inline with dull market mood. Prestige Estates (up 0.93%), Unitech (up 0.86%), DLF (up 0.79%), Indiabulls Real Estate (up 0.56%) and Oberoi Realty (up 0.57%) gained. Sobha (down 0.86%), D B Realty (down 0.13%), Godrej Properties (down 0.62%) and Housing Development & Infrastructure (down 0.24%) edged lower.
Apcotex Industries lost 3.93% after the company informed that workmen union at its Taloja plant has given notice of strike effective today, 9 January 2017. The company said that the management is making all efforts to settle the issue amicably. The management has also made all the necessary arrangements to try and ensure that the production activities are not hampered in any way and will try and ensure to maintain normal level of operations during this period, the company said. The announcement was made 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 0.4%. In Hong Kong, the Hang Seng was up 0.2%. 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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