After a lacklustre and rangebound session of trade, key benchmark indices provisionally settled with small gains. The barometer index, the S&P BSE Sensex, rose 50.96 points or 0.19% at 27,308.60, as per the provisional closing data. The Nifty 50 index rose 18.10 points or 0.22% at 8,435.10, as per the provisional closing data.
Trading on the bourses was restricted within a small range near the flat line. After witnessing initial swing between the gains and losses near the flat line amid mixed Asian cues, key indices hovered in positive terrain amid volatility after consolidating initial gains.
After witnessing good gains during the last week, key indices saw lacklustre trading on the bourses this week, with indices consolidating amid rangebound trade.
The BSE Mid-Cap index provisionally rose 0.41%. The BSE Small-Cap index provisionally rose 0.33%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,422 shares rose and 1,310 shares declined. A total of 194 shares were unchanged.
The total turnover on BSE amounted to Rs 3230.04 crore, higher than turnover of Rs 3094.42 crore registered during the previous trading session.
Yes Bank rose 0.09% after the bank's net profit rose 30.61% to Rs 882.63 crore on 26.87% rise in total income to Rs 5229.96 crore in Q3 December 2016 over Q3 December 2015. The result was announced during market hours today, 19 January 2017.
Shares of most power generation and power distribution companies gained. Torrent Power (up 7.36%), Tata Power Company (up 0.51%), NTPC (up 0.52%), Adani Power (up 2.64%), Power Grid Corporation of India (up 2.12%), Reliance Infrastructure (up 1.59%) and Reliance Power (up 1.13%) gained.
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NHPC slumped 7.2% as the stock turned ex-dividend today, 19 January 2017 for an interim dividend of Rs 1.70 per share for the year ending 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 6.03% based on the closing price of Rs 28.15 yesterday, 18 January 2017.
On 12 January 2017, NHPC's board of directors had approved interim dividend of Rs 1.70 per share for the year ending 31 March 2017.
Meanwhile, NHPC announced that TLDP-III (4 X 33) 132 megawatts (MW) power station in West Bengal has been completely restored on 18 January 2017 which was under complete shutdown for restoration work of GIS (Line-I Bay). The announcement was made after market hours yesterday, 18 January 2017.
Shares of state run coal mining major Coal India fell 0.05% to Rs 303.50. The stock hit high of Rs 310.10 and low of Rs 306.95 in intraday trade.
Tata Steel declined 0.13% after the company said that according to CARE Ratings, the uncertainties relating to the disposal/restructuring of the company's UK business triggered a revision of company's credit rating and the rating has been downgraded by one notch.
The revision in the ratings of the company takes into account the continuing uncertainties relating to the disposal/restructuring of its stressed UK business, the moderate financial risk profile of the company as reflected in its high gearing and below average debt coverage indicators in the category as well as low visibility in the short to medium term of sustainability of margins achieved in recent past. The announcement was made at the fag end of the session today, 19 January 2017.
Overseas, most European stocks edged lower amid volatility ahead of a European Central Bank rate decision today, 19 January 2017. The ECB will announce its January rate decision with Mario Draghi's regular press conference following later in Frankfurt.
No change is expected in either the bank's key lending rates or its quantitative easing program, investors will nonetheless remain focused on Draghi's assessment of the improved growth and inflation dynamics in the Eurozone economy for any signals of intention in the months ahead.
Asian stocks were mixed. In the US, the Dow Jones Industrial Average yesterday, 18 January 2017, closed at the lowest level of 2017, marking a fourth straight day in the red for the blue-chip gauge, but the broader stock market managed modest gains. Federal Reserve Chairwoman Janet Yellen said she expects rate hikes a few times a year until the end of 2019.
Among economic data in US, industrial output accelerated last month at its strongest pace in two years. The housing-market index from the National Association of Homebuilders showed that builder sentiment slipped in January after notching its highest reading of the business cycle in December. Despite the drop, the January number was the second-highest reading of the cycle.
Wall Street trading over the past several days has been subdued as investors await signs that the stock-market rally that followed President-elect Donald Trump's November election victory, supported by his campaign promises to increase fiscal spending, cut taxes and roll back regulations, is based in reality and underpinned by solid corporate quarterly results.
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