A bout of volatility was witnessed as key benchmark indices once again slipped into the negative zone after reversing intraday losses in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 31.35 points or 0.12% at 25,254.02. The 50-unit Nifty 50 index was currently down 14.05 points or 0.18% at 7,690.20. The Sensex rose 45.64 points or 0.18% at the day's high of 25,331.01 in opening trade, its highest level since 6 January 2016. The barometer index fell 107.56 points or 0.42% at the day's low of 25,177.81 in morning trade. The Nifty rose 6.85 points or 0.08% at the day's high of 7,711.10 at the onset of trading session. The index fell 35.10 points or 0.45% at the day's low of 7,669.15 in morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,234 shares rose and 808 shares fell. A total of 138 shares were unchanged. The BSE Mid-Cap index was currently up 0.68%. The BSE Small-Cap index was currently up 0.45%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. Shares of exporters led a rally in Japanese stocks on a weaker yen against the US dollar. The Nikkei 225 Average was currently up 1.6%. US stocks closed slightly higher yesterday, 21 March 2016, steadying after five straight weeks of gains, led by telecommunications and health care stocks.
State Bank of India (SBI) slipped 0.1%. SBI during market hours today, 22 March 2016, announced that the bank yesterday, 21 March 2016, issued 5,000, Basel III compliant, Tier-II bonds in the nature of debentures aggregating to Rs 500 crore on private placement basis. The tenor of the debentures is 10 years with 8.45% per annum (p.a.) coupon payable annually and a call option after 5 years.
Cement stocks declined on profit booking after recent strong gains. Ambuja Cements (down 2.18%), ACC (down 0.95%), UltraTech Cement (down 0.67%) and Shree Cement (down 1.74%) edged lower.
Grasim Industries was up 0.73% at Rs 3,757.35. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Realty stocks gained. DLF (up 1.92%), Indiabulls Real Estate (up 1.95%), Housing Development and Infrastructure (up 2.33%), D B Realty (up 1.03%), Unitech (up 1.95%), Omaxe (up 0.86%), Godrej Properties (up 1.86%), and Parsvnath Developers (up 2.19%) rose. Sobha fell 0.68%. Oberoi Realty was unchanged at Rs 240.35.
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Indoco Remedies spurted 11.41% after the company said it has received the Establishment Inspection Report from US Food and Drug Administration for its solid dosages manufacturing facility at Goa (plant I). The announcement was made after market hours yesterday, 21 March 2016.
On the macro front, data released by the Reserve Bank of India (RBI) after market hours yesterday, 21 March 2016, showed that India's current account deficit (CAD) narrowed to $7.1 billion or 1.3% of GDP in Q3 December 2015 from $8.7 billion or 1.7% of GDP in Q2 September 2015 and $7.7 billion or 1.5% of GDP in Q3 December 2014. The contraction in CAD was primarily on account of a lower trade deficit.
After moderating in Q2 September 2015, net foreign direct investment (FDI) again picked up and stood at $10.8 billion in Q3 December 2015. Net FDI inflows during April-December 2015 jumped 24.8% over the level during the corresponding period of the previous year.
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