Mid - Session

Negative market breadth

14 Feb 2017, 10:11 AM

A bout of volatility was witnessed in morning trade as key benchmark indices staged a recovery from lower level and traded near the flat line after extending initial losses and hitting fresh intraday low. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 10.67 points or 0.04% at 28,340.95. The Nifty 50 index was currently down 4.75 points or 0.05% at 8,800.30. Losses triggered due to lower Asian cues were capped by domestic data showing consumer price inflation easing in January.

Among secondary barometers, the BSE Mid-Cap index was currently down 0.38%. The BSE Small-Cap index was currently down 0.13%. The decline in both these indices was lower than the Sensexs drop in percentage terms. The market breadth indicating the overall health of the market was negative. On BSE, 1,155 shares fell and 940 shares rose. A total of 94 shares were unchanged.

Telecom stocks declined in weak market. Reliance Communications Bharti Airtel (down 0.5%), Tata Teleservices (Maharashtra) (down 2.06%) and Idea Cellular (down 0.79%) declined.

Shares of Bharti Infratel fell 0.14%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Shares of power generation and power distribution companies also edged lower. Torrent Power (down 0.48%), Tata Power Company (down 0.18%), NTPC (down 0.06%), Adani Power (down 1.24%), Power Grid Corporation of India (down 0.71%), Reliance Infrastructure (down 1.11%) and Reliance Power (down 0.23%) declined. NHPC rose 0.33%.

Shares of PSU coal mining major Coal India declined 1.23%.

MMTC jumped 5.79% after net profit surged 274.2% to Rs 74.43 crore on 37.8% rise in net sales to Rs 4939.65 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 13 February 2017.

On the macro front, the all-India general consumer price index (CPI) inflation dipped to 3.17% in January 2017 compared with 3.41% in December 2016. The CPI inflation in January 2017 has touched a lowest level for CPI inflation data with base 2012 available since January 2014. The data was announced after market hours yesterday, 13 February 2017.

The government will announce monthly inflation data based on wholesale price index (WPI) for January 2016 today, 14 February 2017. The WPI based inflation rose 3.4% in December 2016 from 3.2% in November 2016, while snapping decline for last three straight months.

Overseas, most Asian shares declined amid caution ahead of US Federal Reserve Chairwoman Janet Yellens upcoming congressional testimony. On macro front, Chinas producer price inflation picked up more than expected in January to near six-year highs. China consumer inflation also rose more than expected, nearing a three-year high as fuel and food prices jumped, data showed today, 14 February 2017.

US stocks finished at records for a third session in row yesterday, 13 February 2017, led by gains in the financials and industrials sectors. Stronger-than-expected profit reports from companies, continued improvement in the US economy and expectations for business-friendly policies from Washington have helped propel the market.

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