Benchmark indices traded in a range-bound fashion with small gains in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 27.86 points or 0.11% at 26,335.84. The Nifty 50 index was currently up 4.70 points or 0.06% at 8,087.10. Trading so far was lacklustre by large in the absence of any significant global cues. Subdued market sentiment on the Asian bourses also restricted key domestic indices to the range-bound movement.
The Sensex rose 86.16 points or 0.32% at the day's high of 26,394.14 in morning trade. It lost 11.72 points or 0.04% at the day's low of 26,296.26 in early trade. The Nifty rose 30.15 points or 0.37% at the day's high of 8,112.55 in morning trade. It fell 6.55 points or 0.08% at the day's low of 8,075.85 in early trade.
After witnessing a higher opening triggered by modest gains in Asian stocks, the two key indices viz. Sensex and the Nifty hovered in positive terrain with small gains so far amid intermittent bouts of volatility.
The BSE Mid-Cap index was currently up 0.03%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.23%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,204 shares rose and 1,141 shares declined. A total of 154 shares were unchanged.
Among sectoral stocks, IT stocks were mixed. Oracle Financial Services Software (up 0.9%), Persistent Systems (up 0.68%), Infosys (up 0.85%) and Tech Mahindra (up 0.14%) edged higher. TCS (down 0.78%), Wipro (down 0.13%) and HCL Technologies (down 0.12%) edged lower.
Pharma stocks were mostly higher after previous trading session's weakness in the sector. Strides Shasun (up 1.19%), Divi's Laboratories (up 0.91%), Ipca Laboratories (up 0.87%), Glenmark Pharmaceuticals (up 0.68%), Alkem Laboratories (up 0.69%), Lupin (up 0.68%), GlaxoSmithkline Pharmaceuticals (up 0.42%), Cipla (up 0.22%) and Aurobindo Pharma (up 0.04%) advanced. Cadila Healthcare (down 0.69%) and Wockhardt (down 0.07%) edged lower. Dr Reddy's Laboratories was unchanged at Rs 3,046.10.
Sun Pharmaceutical Industries was down 1.47%. The company announced that all the formalities for the closure and the process for acquisition of 85.1% of JSC Biosintez, a Russian pharmaceutical company have been concluded. The company had announced about the transaction on 23 November 2016. JSC Biosintez is engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region. The announcement was made after market hours yesterday, 20 December 2016.
Vascon Engineers rose 2.64% at Rs 29.15 after the company said it sold its stake in Viorica Hotels today, 21 December 2016, for Rs 15.60 crore.
Vitan Agro Industries hit an upper circuit limit of 20% at Rs 19.65 on the BSE after the company said that a meeting of its board of directors will be held on 28 December 2016 to consider the disinvestment of 100% paid up-share capital of Amirdham Food, a wholly-owned subsidiary of the company.
Overseas, Asian stocks were mixed amid volatility after overnight advances in US stocks. Mainland China's Shanghai Composite ended 1.11% higher. Japan's Nikkei 225 Average settled 0.26% lower for the day.
The Japanese government raised its overall assessment of the domestic economy for the first time in 21 months today, 21 December 2016, though it still took a cautious line on uncertainties in the global economy. The government said in its monthly report for December that the economy is continuing on a moderate recovery path. Previously, the government said there were spots of weakness while noting that a gradual recovery was under way.
US stocks rose yesterday, 20 December 2016, with the Dow Jones Industrials Average and Nasdaq hitting their latest in a series of records, as the market's recent upward trend, led by a rally in bank stocks continued unabated. The market extended a rally fuelled by hopes of stronger economic growth under Donald Trump's presidency.
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