A divergent trend was witnessed between the two key benchmark indices as the barometer index, the S&P BSE Sensex, traded with minuscule losses and the Nifty 50 index traded with tiny gains. At 10:19 IST, the Sensex was down 6.79 points or 0.03% at 24,876.80. The Nifty 50 index was currently up 4.90 points or 0.06% at 7,608.10. The Sensex failed to retain the psychologically important 25,000 level which it had crossed at the onset of trading session.
The Sensex rose 117.06 points or 0.47% at the day's high of 25,000.65 at the onset of the trading session. The barometer index lost 25.54 points or 0.1% at the day's low of 24,858.05 in early trade. The Nifty rose 35.45 points or 0.46% at the day's high of 7,638.65 at the onset of the trading session. The index lost 9 points or 0.11% at the day's low of 7,594.20 in early trade.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks closed lower yesterday, 5 April 2016, on concerns about corporate results and slowdown in global growth.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,116 shares rose and 592 shares fell. A total of 70 shares were unchanged. The BSE Mid-Cap index was currently off 0.09%. The decline in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.29%, outperforming the Sensex.
Cement stocks edged higher. UltraTech Cement (up 2.22%), Shree Cement (up 2.66%), ACC (up 2.2%) and Ambuja Cements (up 1.7%) rose.
Grasim Industries was up 0.83%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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Shares of public sector oil marketing companies (PSU OMCs) edged lower on rebound in crude oil prices. BPCL (down 0.91%), HPCL (down 0.61%) and Indian Oil Corporation (down 0.39%) declined. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Shares of oil exploration and production (E&P) companies were mixed. Cairn India (up 0.82%) and ONGC (up 0.27%) edged higher. Oil India (down 0.6%) edged lower.
Index heavyweight Reliance Industries was off 0.04% at Rs 1,027.70. The stock hit a high of Rs 1,032.70 and a low of Rs 1,022.20 so far during the day.
In the global commodities markets, crude oil futures edged higher after Kuwait reportedly said an oil output freeze proposal by major oil producers would proceed without Iran's support. Brent for June settlement was currently up 68 cents at $38.55 a barrel. The contract had risen 18 cents or 0.47% to settle at $37.87 a barrel during the previous trading session.
The world's major crude oil producers led by Russia and Saudi Arabia have convened a meeting on 17 April 2016 in Doha, Qatar to discuss measures to stabilise prices, including a proposal to freeze output. Saudi Arabia on 1 April 2016 said that it would freeze oil production only if Iran follows suit. Iran has ruled out freezing output until its production recovers to pre-sanction levels.
Hindustan Zinc dropped 13.12% at Rs 162.50 on turning ex-dividend for special dividend of Rs 24 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 12.83% based on the stock's closing price of Rs 187.05 on the BSE yesterday, 5 April 2016. It may be recalled that the board of directors of the company at a meeting held on 30 March 2016, had declared a special golden jubilee dividend of Rs 24 per share for the financial year ended 31 March 2016.
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