Key benchmark indices gyrated in small range in positive zone in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 97.30 points or 0.38% at 25,941.48. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 17.10 points or 0.22% at 7,931.85. The Sensex was currently hovering below the psychologically important 26,000 mark. The index had surpassed the psychologically important mark in early trade on the back of higher Asian stocks.
The Sensex rose 63.24 points or 0.24% at the day's low of 25,907.42 in afternoon trade. The barometer index hit its highest level in more than 15 weeks when it gained 235.89 points or 0.91% at the day's high of 26,080.07 in morning trade. The Nifty rose 9.95 points or 0.12% at the day's low of 7,924.70 in afternoon trade. The index hit its highest level in more than 20 weeks when it rose 63.70 points or 0.8% at the day's high of 7,978.45 in morning trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,313 shares declined and 1,142 shares rose. A total of 144 shares were unchanged. The BSE Mid-Cap index was currently off 0.1%. The BSE Small-Cap index was currently off 0.03%. Both these indices underperformed the Sensex.
In overseas stock markets, main European markets witnessed a mixed trend ahead of monetary policy meeting from the European Central Bank (ECB). The ECB is widely expected to hold interest rates steady at record low level after a monetary policy review later in the global day today, 21 April 2016.
In Asia, Japan and Hong Kong markets led gains. Japanese stocks rose as the yen weakened against the dollar overnight. The Nikkei 225 index settled 2.7% higher. Exporters benefit from a weak currency, which makes their products more competitive overseas. Chinese stocks ended on a mixed note after the nation's central bank announced net cash injection of 220 billion yuan into the financial system in its bid to ease worries about a short-term liquidity squeeze. In mainland China, the Shanghai Composite index settled 0.65% lower. In Hong Kong, the Hang Seng index settled 1.82% higher. US stocks clocked small gains yesterday, 20 April 2016, after upbeat housing data.
Metal and mining stocks rose. Hindustan Copper (up 2.29%), National Aluminium Company (up 1.02%), Vedanta (up 0.09%), Steel Authority of India (Sail) (up 0.11%), Hindalco Industries (up 0.59%) and NMDC (up 0.49%) edged higher. Jindal Steel & Power (down 1.07%) and JSW Steel (down 0.32%) fell.
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Copper edged higher in the global commodities market. High Grade Copper for May 2016 delivery was currently up 0.34% at $2.2455 per pound on the COMEX.
Tata Steel rose 0.14% after Tata Steel Europe after market hours in India yesterday, 20 April 2016, said that it welcomes credible expressions of interest for Tata Steel UK's operations. The company issued the clarification after recent media reports suggesting a possible management buyout of Tata Steels' Port Talbot manufacturing facilities in UK. Port Talbot is Tata Steel's biggest UK plant with about 4,000 workers, according to reports.
Hindustan Zinc fell 0.26% ahead of its Q4 March 2016 results today, 21 April 2016.
IT stocks declined. Infosys (down 1.42%), Oracle Financial Services Software (down 0.99%), Tech Mahindra (down 0.35%), Hexaware Technologies (down 0.62%) and MphasiS (down 0.47%) declined. HCL Technologies rose 1.49%.
Wipro dropped after the company reported weak Q4 results and issued muted guidance for Q1 June 2016. The stock was currently off 6.49%. Wipro's consolidated net profit fell 2% to Rs 2240 crore on 12% rise in gross revenue to Rs 13630 crore in Q4 March 2016 over Q4 March 2015. The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours yesterday, 20 April 2016.
Revenue from IT services business rose 2.4% to $1,882 million in Q4 March 2016 over Q3 December 2015. On sequential basis, the company expects 1% to 3.02% growth in revenue from IT services business at between $1,901 million to $1,939 million in Q1 June 2016. On an annualized basis, the employee attrition rate dropped to 14.9% in Q4 March 2016 from 16.3% in Q3 December 2015.
Wipro's board of directors approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount of up to Rs 2500 crore, being 1.62% of the total paid up equity share capital. The buyback will be through the tender offer route at Rs 625 per share. The promoters of the company have indicated their intention to participate in the proposed buyback.
TCS slipped 0.36%. TCS announced the release of a new TCS Intelligent Urban Exchange (IUX) application for Intelligent Water. The new urban analytics application offers pre-built 'use cases' to cost-effectively reduce Non Revenue Water (NRW) loss and ensure delivery of safe, reliable water. The application leverages IUX's scalable analytics platform to allow cities and partners to easily integrate and localize, in order to accelerate the deployment of smart city solutions and enable a future-ready infrastructure for cross domain urban solutions. The announcement was made after market hours yesterday, 20 April 2016.
IndusInd Bank lost 0.95%. The bank's net profit rose 25.25% to Rs 620.35 crore on 23.38% growth in total income to Rs 4044.49 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours today, 21 April 2016.
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