A bout of volatility was seen in afternoon trade as the key benchmark indices regained strength after trimming gains from higher levels in early afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 40.26 points or 0.16% at 25,378.84. The Nifty 50 index was currently up 10.50 points or 0.14% at 7,745.70.
Earlier, the Sensex and the Nifty, both, hit their highest level in more than 12 weeks. The Sensex rose 141.04 points, or 0.56% at the day's high of 25,479.62 in morning trade, its highest level since 6 January 2016. The index rose 2.89 points, or 0.01% at the day's low of 25,341.47 in early trade. The Nifty rose 42.40 points, or 0.54% at the day's high of 7,777.60 in morning trade, its highest level since 6 January 2016. The index fell 9.70 points, or 0.13% at the day's low of 7,725.50 in early trade.
The market may remain volatile in the last few hours of trade or so as traders roll over positions in the futures & options (F&O) segment from the near month March 2016 series to April 2016 series. The March 2016 derivatives contracts are set to expire today, 31 March 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,207 shares rose and 1,115 shares fell. A total of 174 shares were unchanged. The BSE Mid-Cap index was currently up 0.15%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.34%, outperforming the Sensex.
In the overseas stock markets, European stocks were trading lower, as investors remained cautious ahead of the release of euro zone inflation data due later in the day and as declining oil prices weighed on the mining sector. Asian stocks witnessed a mixed trend. US stocks extended gains for the third day yesterday, 30 March 2016, although shares ended well off their day's highs amid a dip in crude oil prices. Sentiment was underpinned by data from payroll firm ADP showing slightly stronger than expected private sector job growth in March.
Bank stocks rose. Among private bank stocks, HDFC Bank (up 0.83%), Kotak Mahindra Bank (up 0.09%), ICICI Bank (up 0.11%), Axis Bank (up 0.06%), IndusInd Bank (up 1.18%) and Yes Bank (up 0.15%) gained.
Among PSU bank stocks, Bank of Baroda (up 0.41%), Indian Overseas Bank (up 2.05%), Vijaya Bank (up 0.64%), Canara Bank (up 1.04%), IDBI Bank (up 1.08%), Bank of India (up 0.83%) and Union Bank of India (up 1.43%) rose. State Bank of India (SBI) fell 0.15%.
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Punjab National Bank fell 0.18% after the bank said that rating agency CARE has downgraded its ratings on the bank's Tier I and upper Tier II bonds to CARE AA+ from earlier rating of CARE AAA, mainly on account of the impairments in the credit portfolio. PNB said it has not accepted the downward revision by CARE. The announcement was made after market hours yesterday, 30 March 2016.
Shares of companies engaged in exploration & production of gas fell on reports that the government has reduced the cost of locally produced gas by about 20% for the six months period starting 1 April 2016. As per reports the price cut is likely to hurt profitability.
Cairn India (down 3.73%), ONGC (down 1.29%) and Oil India (down 0.52%) edged lower. Reliance Industries rose 0.11% to Rs 1,046. The stock hit high of Rs 1,055.95 and low of Rs 1,042 so far during the day.
Gas utility stocks rose on reports that the cut in gas price would reduce raw material costs and expand margins.
Indraprastha Gas (up 1.77%), Gujarat State Petronet (up 3.63%) and Gujarat Gas (up 2.98%) rose.
Shares of state-run gas transmission and distribution firm GAIL (India) were off 1.6% to Rs 354.
Saint-Gobain Sekurit India jumped 11.34% to Rs 41.25 after a massive bulk deal of 1.19 crore shares was executed on the scrip at Rs 41 per share at 09:33 IST on BSE today, 31 March 2016. Bulk deal boosted volume on the Saint-Gobain Sekurit India scrip. On BSE, so far 1.23 crore shares were traded in the counter, compared with an average volume of 94,772 shares in the past one quarter.
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