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Bank stocks slide

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Key benchmark indices trimmed intraday losses in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 13.79 points or 0.05% at 26,684.03. The Nifty 50 index was currently down 9.30 points or 0.11% at 8,212.50. Domestic market was trading on a lacklustre note, tracking subdued trading on the bourses of its European & Asian peers ahead of a crucial US Federal Reserve meeting.

The BSE Mid-Cap index was currently down 0.38%. The BSE Small-Cap index was currently down 0.35%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

Overseas, European and Asian stocks edged lower as investors kept an eye on a key US Federal Reserve meeting due today, 14 December 2016. US equities closed higher yesterday, 13 December 2016, while the Dow Jones industrial average closed in on another milestone.

The Fed is expected to raise interest rates for only the second time in a decade amid recent data suggesting the US recovery is gaining traction. Higher US interest rates would attract foreign investments from the emerging markets towards the US.

Closer home, the market breadth, indicating the overall health of the market, was weak. On the BSE, 1,495 shares declined and 992 shares rose. A total of 155 shares were unchanged.

Bank stocks edged lower. Among public sector banks, Union Bank of India (down 1.09%), Bank of Baroda (down 0.97%), Indian Bank (down 0.67%), Punjab National Bank (down 0.54%), IDBI Bank (down 0.49%) and State Bank of India (down 0.49%) declined. Punjab & Sind Bank (up 0.31%) edged higher.

Among private sector banks, IndusInd Bank (down 1.36%), ICICI Bank (down 1.25%), RBL Bank (down 1.14%), HDFC Bank (down 0.65%), Kotak Mahindra Bank (down 0.3%) and Yes Bank (down 0.06%) edged lower. Axis Bank (up 3.57%) edged higher.

Capital goods stocks declined. Bharat Electronics (down 2.22%), Crompton Greaves (down 1.42%), Suzlon Energy (down 1.36%), GE T&D India (down 1.16%), L&T (down 0.63%), Siemens (down 0.4%), Thermax (down 0.14%) and Bharat Heavy Electricals (down 0.08%) edged lower. ABB India (up 0.22%) and Havells India (up 0.65%) edged higher.

Lupin was up 0.09% after the company announced that it has received final approval for its Desoximetasone ointment USP, 0.05% from the United States Food & Drug Administration (FDA) to market a generic version of Taro Pharms North's Topicort ointment, 0.05%. The product filing is from Lupin's Pithampur (Indore) manufacturing facility. It is indicated for the relief of the inflammotory and pruritic manifestations of corticosteroid-responsive dermatoses. Topicort ointment had annual US sales of $12.1 million (IMS MAT September 2016). The announcement was made during market hours today, 14 December 2016.

On the macro front, data released by the government during market hours today, 14 December 2016 showed that the annual rate of inflation, based on monthly wholesale price index (WPI), stood at 3.15% for the month of November 2016 as compared to 3.39% for the previous month and minus 2.04% during the corresponding month of the previous year.

Data released by the government after market hours yesterday, 13 December 2016 showed that the all-India general CPI inflation dipped to 24-months low of 3.63% in November 2016 compared with 4.2% in October 2016. The core CPI inflation was nearly flat 4.9% in November 2016 from 4.86% in October 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 14 2016. 14:19 IST
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