Key benchmark indices were hovering in narrow range in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 369.77 points or 1.38% at 26,449.05. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was down 147.10 points or 1.77% at 8,149.20.
The broad market depicted weakness. There were more than seven losers against every gainer on BSE. 2,255 shares fell and 293 shares rose. A total of 109 shares were unchanged. The BSE Mid-Cap index was currently down 4.01%. The BSE Small-Cap index was currently down 4.70%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
Drug major Lupin was down 1.96% at Rs 1,431.50. The company announced during trading hours today, 15 November 2016, that its US subsidiary, Lupin Pharmaceuticals, Inc. has launched its Amabelz Tablets (Estradiol arid Norethindrone Acetate Tablets USP, 0.5 mg / 0.1 mg and 1 mg / 0.5 mg) having received an approval from the United States Food and Drug Administration (FDA) earlier to market a generic version of Amneal Pharmaceuticals' Activella Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg / 0.1 mg and 1 mg / 0.5 mg). Amabelz Tablets are indicated in a woman with a uterus for treatment of moderate to severe vasomotor symptoms due to menopause and prevention of postmenopausal osteoporosis. It is also indicated n a woman with a uterus for treatment of moderate to severe symptoms of vulvar and vaginal atrophy due to menopause.
State-run Bharat Heavy Electricals (Bhel) was down 1.14% to Rs 134.90. The company announced during trading hours today, 15 November 2016, that it has achieved yet another milestone in expanding and consolidating its footprint in the international market by securing export orders for supply of industrial motors to Togo and Benin. Scancem International DA, Norway (Heidelberg Cement group) has placed the order for the motors for their cement plants, Ciments Du Togo S.A. & Cimbenin S.A, Benin. The motors will be manufactured and supplied by Bhel's Bhopal unit.
FMCG shares declined. Britannia Industries (down 8.03%), Jyothy Laboratories (down 6.1%), Godrej Consumer Products (down 5.97%), GlaxoSmithKline Consumer Healthcare (down 5.78%), Procter & Gamble Hygiene & Health Care (down 4.34%), Colgate Palmolive (India) (down 4.2%), Marico (down 4.04%), Nestle India (down 3.05%), Dabur India (down 2.85%), Bajaj Corp (down 1.45%) and Hindustan Unilever (down 0.02%), edged lower.
Power generation stocks declined. JSW Energy (down 6.21%), Reliance Infrastructure (down 5.41%), Torrent Power (down 3.93%), Tata Power (down 3.75%), Reliance Power (down 2.77%), NHPC (down 2.56%), GMR Infrastructure (down 2.12%), Jaiprakash Power Ventures (down 1.95%), Adani Power (down 1.59%), CESC (down 1.57%) and NTPC (down 1.09%), edged lower.
State-run Coal India was down 2.73%. State-run Power Grid Corporation of India was up 0.46%.
In overseas markets, Asian stocks trade mixed. US stocks closed little changed yesterday, 14 November 2016, after rising dramatically the week before and a decline in the technology sector offset a steep rise in financial stocks as investors bet on higher interest rates. The Dow Jones Industrial Average settled at another record closing high.
Back home, likely short term negative impact on the economy of the recent demonetization of higher denomination notes by the Indian government and uncertainty over the future policies of newly elected US president Donald Trump and their impact on the global economy continued to weigh on sentiment. The Indian government on 8 November 2016, removed legal tender of Rs 500 and Rs 1000 with effect from 9 November 2016, and gave time till December end to deposit these notes in the banks in a biggest crackdown on black money. The move is likely to affect consumption due to cash liquidity crunch and will pull down the growth of economy in short term while in the long term it is expected have a positive impact on the economy.
The recent selling by the foreign portfolio investors (FPIs) of Indian stocks also affected sentiment. FPIs sold shares worth a net Rs 1493.27 crore on Friday, 11 November 2016, as per provisional data released by the stock exchanges, when indices slumped around 2.5% on that day.
On macro front, inflation based on wholesale price index (WPI) eased slightly to 3.39% (provisional) in October 2016 over October 2015, as compared to 3.57% (provisional) for the September 2016 and -3.7% in October 2015. Build up inflation rate in the financial year so far was 4.34% compared to a build up rate of 0.45% in the corresponding period of the previous year. The data was announced during market hours today, 15 November 2016.
The government will announce monthly inflation data based on consumer price index (CPI) for October 2016 after market hours today, 15 November 2016. India's consumer prices increased by 4.31% year-on-year in September 2016, easing from a 5.05% growth in August.
The industrial production (IIP) data announced after market hours on Friday, 11 November 2016 showed that IIP rose 0.7% in September 2016 over September 2015. The IIP contracted 0.7% in August, and shrank 2.5% in July.
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