Benchmark indices clock small gains

Key benchmark indices registered small gains as index heavyweights Reliance Industries, HDFC and ITC moved higher. The barometer index, the S&P BSE Sensex, rose 69.07 points or 0.24% at 28,441.30, as per the provisional closing data. The Nifty 50 index rose 22.75 points or 0.26% to 8,749.35, as per the provisional closing data. The Sensex and the Nifty alternately moved between positive and negative zone in intraday trade.

The Sensex rose 71.71 points, or 0.25% at the day's high of 28,443.94 in late trade, its highest level since 12 September 2016. The index fell 61.12 points, or 0.22% at the day's low of 28,311.11 in mid-morning trade. The Nifty rose 22.60 points, or 0.26% at the day's high of 8,749.20 in late trade, its highest level since 9 September 2016. The index fell 22.25 points, or 0.25% at the day's low of 8,704.35 in mid-morning trade.

In overseas stock markets, European stocks were mixed ahead of monetary policy decision from the Bank of England. No interest rate changes are expected from UK's central bank. Policy makers have to assess whether the outlook for Britain after its vote to leave the European Union warrants a change in strategy. Most Asian stocks fell as investors grappled with the seemingly diminishing ability of major central banks to stimulate growth, while a tumble in crude oil inflamed already heightened risk aversion. In US, the Dow industrials and the S&P 500 closed in negative territory yesterday, 14 September 2016, in the wake of slumping crude-oil prices, erasing earlier gains for the major benchmarks, while the tech-heavy Nasdaq bucked the losing trend.

Back home, the market breadth indicating the overall health of the market was positive. On BSE, 1,471 shares rose and 1,258 shares fell. A total of 197 shares were unchanged. The BSE Mid-Cap index provisionally fell 0.25%. The BSE Small-Cap index provisionally rose 0.22%. Both these indices underperformed the Sensex.

The total turnover on BSE amounted to Rs 3789 crore, higher than turnover of Rs 3616.03 crore registered during the previous trading session.

Pharmaceutical shares were mixed. Piramal Enterprises (up 2.32%), Divi's Laboratories (up 1.74%), Strides Shasun (up 1.60%), Cipla (up 1.10%), Wockhardt (up 0.85%), Lupin (up 0.72%), Sun Pharmaceutical Industries (up 0.66%) and GlaxoSmithKline Pharmaceuticals (up 0.53%), edged higher. Alkem Laboratories (down 0.06%), Aurobindo Pharma (down 0.38%), IPCA Laboratories (down 0.42%), Dr Reddy's Laboratories (down 0.56%), Glenmark Pharmaceuticals (down 0.62%) and Cadila Healthcare (down 1.41%), edged lower.

Most FMCG shares edged lower. Bajaj Corp (down 1.09%), Jyothy Laboratories (down 1.09%), Procter & Gamble Hygiene & Health Care (down 0.83%), Colgate Palmolive (India) (down 0.73%), GlaxoSmithKline Consumer Healthcare (down 0.64%), Tata Global Beverages (down 0.33%), Nestle India (down 0.31%) and Britannia Industries (down 0.25%), edged lower. Dabur India (up 0.21%), Marico (up 0.60%), Hindustan Unilever (up 0.68%) and Godrej Consumer Products (up 1%), edged higher.

Index heavyweight and cigarette major ITC rose 1.23% to Rs 255.10 after the company's chief operating officer (COO) Sanjiv Puri was quoted as saying that the firm's consumer goods business presents the maximum potential for value creation. The company reportedly aims to strengthen its footprints in the FMCG sector by bringing in innovative, differentiated and first time products to the market, Puri added. ITC expects to ramp up revenue from branded packaged foods and personal care products to Rs 1 lakh crore by 2030.

Powered by Capital Market - Live News