Key benchmark indices continued to move in a small range in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex was up 88.06 points or 0.33% at 26,483.77. The Nifty 50 index was currently up 22.30 points or 0.28% at 8,131.15. Positive Asian stocks boosted sentiment on domestic bourses.
In overseas markets, Chinese mainland markets rose, shrugging off a decision by stock index provider MSCI saying yesterday, 14 June 2016 to delay inclusion of mainland-traded Chinese A shares in its key emerging market index. In mainland China, the Shanghai Composite index was currently up 1.5%. In Hong Kong, the Hang Seng index was currently up 0.25%. In Japan, the Nikkei 225 index was currently up 0.57%. Most other Asian stocks were trading mixed as investors awaited outcome of the central bank meetings in the US and Japan. The US Federal Open Market Committee concludes its two-day meeting today, 15 June 2016 while the Bank of Japan will start its two-day meeting today, 15 June 2016. US stocks declined yesterday, 14 June 2016 as investors grappled with mixed signals from lower oil prices, stronger-than-expected retail sales and geopolitical uncertainty roiling European markets.
Closer home, the broad market depicted strength. There were more than two gainers for every loser on BSE. 1,492 shares gained and 727 shares declined. A total of 134 shares were unchanged. The BSE Mid-Cap index was currently up 0.5%. The BSE Small-Cap index was currently up 0.77%. Both these indices outperformed the Sensex.
Index heavyweight and engineering and construction major L&T advanced 1.53% to Rs 1,482.95. The stock hit high of Rs 1,484.10 and low of Rs 1,461.10 so far during the day.
Metal and mining stocks declined. Jindal Steel & Power (down 1.61%), Hindalco Industries (down 0.74%), Hindustan Zinc (down 1.42%), JSW Steel (down 0.45%), Hindustan Copper (down 0.03%), Tata Steel (down 0.14%), Steel Authority of India (Sail) (down 0.67%) fell. Vedanta (up 1.26%), National Aluminium Company (up 0.06%) and NMDC (up 0.5%) edged higher.
High Grade Copper for July 2016 delivery was currently up 0.59% at $2.525 per pound on the COMEX.
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Auto stocks rose. Bajaj Auto (up 0.62%), Hero MotoCorp (up 2.04%), TVS Motor Company (up 0.43%), Tata Motors (up 0.06%), Maruti Suzuki India (up 0.62%) rose. Mahindra & Mahindra (M&M) (down 0.03%), Eicher Motors (down 0.85%) and Ashok Leyland (down 1.14%) fell.
Transport Corporation of India was up 2.01% after High Court of Telangana and Andhra Pradesh approved the proposed demerger of the division of the company that provides express courier and cargo delivery services. The High Court of Judicature at Hyderabad for the state of Telangana and for the state of Andhra Pradesh yesterday, 14 June 2016, approved the proposed demerger of the division of the company that provides express door-to-door service for time sensitive and high value parcels. As per the demerger scheme, Transport Corporation of India's (TCIL) door to door courier and cargo business will be transferred to a separate company to be called TCI Express Limited. As per the demerger scheme, one equity share of Rs 2 each TCI Express will be issued for every 2 equity share of Rs 2 each held in TCIL. As part of the demerger scheme, TCI Express will seek listing of its shares on the stock exchanges in due course.
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