Market continued to trade with small gains in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 84.87 points or 0.32% at 26,600.11. The Nifty 50 index was currently up 16.25 points or 0.2% at 8.185.85.
The BSE Mid-Cap index was currently down 0.29%. The BSE Small-Cap index was currently up 0.11%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,232 shares rose and 1,057 shares declined. A total of 133 shares were unchanged.
Overseas, Asian stocks were mixed ahead of the much-awaited US Federal Reserve's monetary policy statement due tomorrow, 14 December 2016. The Fed is expected to raise interest rates for only the second time in a decade amid recent data suggesting the US recovery is gaining traction. Higher US interest rates would attract foreign investments from the emerging markets towards the US.
In mainland China, the Shanghai Composite was currently up 0.1%. In Hong Kong, the Hang Seng was currently off 0.09%. Industrial production in China rose unexpectedly last month, official data showed today, 13 December 2016. In a report, National Bureau of Statistics of China said that chinese industrial production rose to 6.2% in November, from 6.1% in the preceding month.
US stocks struggled for direction yesterday, 12 December 2016, with the Dow notching the latest in a string of record closes, while the S&P 500 and Nasdaq finished lower. Major indexes had fluctuated between positive and negative territory with investors appearing reluctant to push shares higher following pronounced gains for Wall Street ahead of a key meeting by the Federal Reserve.
Back home, bank stocks were mixed. Among public sector banks, State Bank of India (up 0.11%), Indian Bank (up 1.31%) and Union Bank of India (up 0.18%) edged higher. Bank of Baroda (down 0.66%), Punjab National Bank (down 0.69%), Bank of India (down 0.43%) and IDBI Bank (down 0.5%) edged lower.
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Among private sector banks, ICICI Bank (down 0.02%), IndusInd Bank (down 0.52%), Kotak Mahindra Bank (down 0.42%) and HDFC Bank (down 0.06%) edged lower.
Axis Bank was up 0.38% after the bank announced that it proposes to raise funds by issuing non-convertible debentures aggregating to Rs 3500 crore. The board of directors of the bank will consider the proposal to issue and allot the above securities through circular resolution. The announcement was made after market hours yesterday, 12 December 2016.
Yes Bank was up 0.01%. The bank during market hours today, 13 December 2016 said it has partnered with Grofers, the on-demand e-commerce mobile and web application. With this partnership, Grofers customers will be able to get currency notes delivered to their doorstep along with their grocery order for up to Rs 2,000 through Yes Bank's PoS machines.
Yes Bank has partnered Grofers for supplying cash across 3 cities - Mumbai, Gurgaon and Bengaluru. Grofers customers in these cities will have an option to get home delivery of cash, along with their grocery order.
Separately, Yes Bank during market hours today, 13 December 2016 said that the bank has been upgraded by MSCI ESG Research to AAA rating from AA rating. The MSCI ESG Report has highlighted Yes Bank's key strengths in Financial Product Safety, Corporate Governance, and Financial System Instability, and has also highlighted that there are no significant risks for the bank from an ESG perspective.
The AAA rating reaffirms Yes Bank's 360 degree risk framework which includes pertinent ESG parameters and underscores the bank's ability to proactively mitigate emerging risks and create new opportunities in India's sunrise sectors.
Auto stocks rose. Tata Motors (up 2.08%), Eicher Motors (up 0.97%), Maruti Suzuki India (up 0.68%), Mahindra & Mahindra (up 0.34%), Bajaj Auto (up 0.27%), Ashok Leyland (up 0.19%) and Hero MotoCorp (up 0.14%) edged higher.
Syngene International fell 5.14% after a massive fire engulfed the premises of the company in Bengaluru yesterday, 12 December 2016.There was a fire last night within one of the laboratory building (Building-S2) at Syngene International, which has since been bought under control. There has been no loss of life or any injury reported.
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