Key benchmark indices gyrated between positive and negative zone in early trade as trading resumed after a long weekend as India's stock market had remained closed on Friday, 25 September 2015, on account of Bakri Id. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 17.95 points or 0.07% at 25,881.45. The 50-unit CNX Nifty was up 4.95 points or 0.06% at 7,873.45.
The market breadth indicating the overall health of the market was strong. On BSE, 867 shares rose and 384 shares fell. A total of 51 shares were unchanged. The BSE Mid-Cap index was up 0.4%. The BSE Small-Cap index was up 0.51%. Both these indices outperformed the Sensex.
In overseas markets, Asian markets were trading lower on concerns of deepening slowdown in China. Markets in Hong Kong, Taiwan and South Korea are closed for holiday. US markets ended on a mixed note on Friday, 25 September 2015 due to a sharp sell-off in biotech and healthcare stocks. Prospects for the US economy generally appear solid, Federal Reserve Chairwoman Janet Yellen said in her speech late Thursday, 24 September 2015 after US markets had closed. She argued in favor of hiking interest rates this year, giving more clarity to Fed watchers.
Among the key domestic upcoming event, the Reserve Bank of India's (RBI) fourth bi-monthly monetary policy review for the year 2015-16 is scheduled tomorrow, 29 September 2015. The RBI had kept its benchmark lending rate viz. the repo rate unchanged at 7.25% after a monetary policy review on 4 August 2015. RBI Governor Dr. Raghuram G. Rajan had at that time indicated in his written monetary policy statement that going ahead RBI will monitor developments for emerging room for further reduction in the policy rate. The RBI has cut the benchmark lending rate viz. the repo rate by 75 basis points since January 2015.
Among stocks, Bharat Heavy Electricals (Bhel) shed 0.6%. Bhel announced on Friday, 25 September 2015, that it successfully commissioned a 250 megawatts (MW) coal-based thermal power plant in Gujarat. The unit has been commissioned at Gujarat State Electricity Corporation's (GSECL) Sikka Thermal Power Station (TPS) by Bhel, on Engineering, Procurement and Construction (EPC) basis. Sikka TPS is located near Jamnagar in Gujarat.
This is the second unit of 250 MW rating to be commissioned by Bhel at Sikka TPS. The company had earlier commissioned the first 250 MW unit at Sikka in March, 2015. In addition, two units of 120 MW each, supplied and executed earlier by Bhel, are already in operation at Sikka.
Adani Ports and Special Economic Zone (APSEZ) rose 1.56%. NMDC slipped 0.32%. APSEZ replaced NMDC as a constituent in the 50-unit CNX Nifty index with effect from today, 28 September 2015.
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Power Grid Corporation of India (PGCIL) fell 0.09%. PGCIL said after market hours on Thursday, 24 September 2015 that Pole-I of 800kV Agra-Bishwanath Chariali HVDC Line has been completed and power flow has commenced. This project is first 800kV HVDC Transmission Line in the country and world's longest multi terminal HVDC transmission line with line length of about 1,750 kilometres (KM) and capacity of 6,000 MW HVDC bipole line from Bishwanath Chariali (3,000 MW HVDC Station) in Assam to Agra (6,000 MW HVDC Station) in UP via Alipurduar (3,000 MW) in West Bengal, PGCIL said.
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