The two key benchmark indices viz. the S&P BSE Sensex and the Nifty 50 index traded with small gains in mid-afternoon trade. At 14:17 IST, the Sensex was up 76.32 points or 0.28% at 27,216.73. The Nifty was up 15.70 points or 0.19% at 8,396.35. The BSE Mid-Cap index was up 0.03%. The BSE Small-Cap index was down 0.15%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,509 shares declined and 1,114 shares rose. A total of 147 shares were unchanged.
Overseas, European stocks edged lower after US President-elect Donald Trump accused pharmaceuticals of getting away with murder and recommitted to a border tax in the US. Asian stocks witnessed a mixed trend. 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The President-elect said Obamacare would be repealed and replaced “on the same day” and a Supreme Court justice would be chosen “within two weeks” of his inauguration.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.
Back home, capital goods stocks were mixed. Crompton Greaves (up 4.34%), L&T (up 2.33%), Bharat Electronics (up 1.95%), Thermax (up 1.66%) and BEML (up 0.22%) edged higher. Praj Industries (down 1.7%), Bharat Heavy Electricals (down 1.2%), Havells India (down 0.97%), ABB India (down 0.56%) and Siemens (down 0.19%) edged lower.
Auto stocks also witnessed mixed trend. Ashok Leyland (down 1.58%), Eicher Motors (down 1.27%), Tata Motors (down 0.94%) and Mahindra & Mahindra (down 0.81%) edged lower. TVS Motor Company (up 1.27%), Maruti Suzuki India (up 0.34%), Hero MotoCorp (up 0.23%) and Bajaj Auto (up 0.2%) edged higher.
Dr Reddy's Laboratories (DRL) was down 1.59%. The company during market hours today, 12 January 2017 in its clarification on media reports that the United States Food and Drug Administration (USFDA) to re-audit three of the company's plants said that scheduling of audit by the USFDA is a usual activity in the normal course of pharmaceutical industries' business operations.
Tata Power Company rose 2.99% after the company said that its wholly owned subsidiary Tata Power Renewable Energy (TPREL) announced the commissioning of 36 megawatts (MW) wind capacity of a 100 MW wind farm (under construction) at Nimbagallu in Andhra Pradesh, and 49 MW solar plant at Kayathar, Tamil Nadu, under Welspun Renewable Energy (WREPL). With these, the operating renewable energy capacity of TPREL grows to 1,876 MW, comprising 841 MW wind, 915 MW solar, and 120 MW waste heat recovery capacity. In FY 2016, TPREL increased its operational capacity by 1,169 MW. The announcement was made during market hours today, 12 January 2017.
TPREL completed the acquisition of WREPL last year to become the largest renewable energy company in lndia. In 2016, TPREL has won 320 MW of solar bids, which are under development and will be commissioned in 2017. The company has also added 304 MW wind capacity in 2016, which are under development and construction in Gujarat, Andhra Pradesh, Madhya Pradesh and Karnataka.
Powered by Capital Market - Live News