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Key benchmarks hover in positive terrain
(12-Jan-2017  , 13:11 Hours IST)

Key benchmark indices continued to hover in positive terrain in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 118.22 points or 0.44% at 27,258.63. The Nifty 50 index was up 30.75 points or 0.37% at 8,411.40. Broader market, however, witnessed selling pressure.

The BSE Mid-Cap index was up 0.09%. The BSE Small-Cap index was down 0.01%. Both these indices underperformed the Sensex.

Closer home, the market breadth, indicating the overall health of the market, was negative. On the BSE, 1,419 shares declined and 1,148 shares rose. A total of 137 shares were unchanged.

Metal shares were mixed. Vedanta (up 1.24%), Hindalco Industries (up 1.15%), National Aluminium Company (up 0.90%), Hindustan Copper (up 0.74%), Steel Authority of India (up 0.27%) and JSW Steel (up 0.24%), edged higher. NMDC (down 0.04%), Tata Steel (down 0.22%), Bhushan Steel (down 1.13%), Jindal Steel & Power (down 1.28%) and Hindustan Zinc (down 1.33%), edged lower.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2017 delivery was currently up 0.15% at $2.6145 per pound on the COMEX.

FMCG shares were mixed. Tata Global Beverages (down 1.92%), Hindustan Unilever (down 0.87%), Britannia Industries (down 0.59%), Procter & Gamble Hygiene & Health Care (down 0.53%), Colgate Palmolive (India) (down 0.5%), Marico (down 0.38%) and Nestle India (down 0.12%), edged lower. Godrej Consumer Products (up 0.03%), Jyothy Laboratories (up 0.03%), GlaxoSmithKline Consumer Healthcare (up 0.19%), Bajaj Corp (up 0.47%) and Dabur India (up 1.06%), edged higher.

NTPC advanced 3.28% after the company signed a non-binding memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Utpadan and Rajasthan Urja Vikas Nigam for take-over of Chhabra thermal power plant stage-I (4x 250 MW) and stage-II (2x660 MW) of Rajasthan Urja Vikas Nigam. The announcement was made during market hours today, 12 January 2017. In a separate announcement made after market hours yesterday, 11 January 2017, NTPC said that the company's board of directors has accorded investment approval for Dulanga coal mining project having rated production capacity of 7 MTPA at an appraised estimated cost of Rs 1053.41 crore.

Mahindra Holidays & Resorts India rose 1% after the company, through its step-down subsidiary, increased its stake in Holiday Club Resorts Oy, Finland by acquiring additional 6.33% stake in the share capital of HCR. The consideration for the additional stake is Euro 4.37 million. Consequently, its stake in HCR has been increased to 91.94% from 85.61% earlier. HCR is a subsidiary of MHRIL and is into vacation ownership business. HCR is Europe's leading vacation ownership company, with 31 resorts in Finland, Sweden and Spain. For eighteen months period ended 31 March 2016 (FY 2016), HCR clocked turnover of Euro 183 million. The announcement was made after market hours yesterday, 11 January 2017.

Overseas, Asian stocks were mixed. US stocks registered modest gains yesterday, 11 January 2017, shrugging off a sharp decline in health care stocks following remarks made by President-elect Donald Trump.

Trump held his first press conference since winning the presidency yesterday, 11 January 2017, touching on many of the issues that will dominate the opening weeks of his presidency. Looming over the proceedings was a newly-published, and entirely unverified, dossier claiming the Russian government had collected compromising information on him.

The President-elect said Obamacare would be repealed and replaced “on the same day” and a Supreme Court justice would be chosen “within two weeks” of his inauguration. He also reaffirmed commitments to build a wall on the border with Mexico and said he would bring in a border tax for companies that chose to move operations offshore.

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