The barometer index, the S&P BSE Sensex, alternately swung between positive and negative zone and the Nifty 50 index languished in negative zone in morning trade. At 11:15 IST, the Sensex was up 7.79 points or 0.03% at 27,815.93. The Nifty was currently down 10.65 points or 0.12% at 8,510.40.
The Sensex fell 38.47 points or 0.14% at the day's low of 27,769.67 in mid-morning trade. The barometer index gained 120.62 points or 0.43% at the day's high of 27,928.76 at the onset of trading session, its highest level since 20 August 2015. The Nifty fell 20.60 points or 0.24% at the day's low of 8,500.45 in mid-morning trade. The index gained 29.20 points or 0.34% at the day's high of 8,550.25 at onset of trading day, its highest level since 11 August 2015.
The market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,471 shares fell and 805 shares rose. A total of 103 shares were unchanged. The BSE Mid-Cap index was currently off 0.72%. The BSE Small-Cap index was currently off 0.88%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
In overseas stock markets, most Asian stocks rose, adding to the gains in the past few sessions amid improved risk appetite following the positive lead overnight from Wall Street. Japanese shares extended strong gains registered early this week after Japan's Chief Cabinet Secretary Yoshihide Suga said that the the government is planning to introduce a comprehensive and bold economic stimulus. The Nikkei 225 Average was currently up 0.88%. The Nikkei surged early this week after Prime Minister Shinzo Abe's ruling-coalition victory in the upper-house election stoked speculation of more fiscal stimulus. Meanwhile, Suga today, 13 July 2016, denied a local media report that said aides to Prime Minister Abe are considering the so-called helicopter money that involves a central bank directly buying government bonds to finance government spending or tax cuts as a possible policy measure.
US stocks edged higher yesterday, 12 July 2016, with Dow Jones Industrial Average and the S&P 500 index, both, finishing at record high, reflecting hopes about stimulus from Japan and China along with optimism that the Bank of England will lower rates to help the UK economy sidestep the pitfalls of the so-called Brexit.
FMCG stocks saw mixed trend. Colgate-Palmolive (India) (down 1.29%), Britannia Industries (down 0.28%), Godrej Consumer Products (down 0.85%), Hindustan Unilever (down 0.09%), Tata Global Beverages (down 0.64%), Procter & Gamble Hygiene and Health Care (down 0.13%) fell.
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Nestle India (up 1.34%), GlaxoSmithkline Consumer Healthcare (up 0.15%), Dabur India (up 0.46%), Marico (up 0.59%), Jyothy Laboratories (up 0.27%), Bajaj Corp (up 0.37%) rose.
Jubilant FoodWorks fell 0.52%. The company before market hours today, 13 July 2016, announced the launch of BurgerPizza for Indian market. The new BurgerPizza is an exciting innovation from Domino's and is a result of the company's focus on innovation and growth, Jubilant FoodWorks said. With BurgerPizza, the company aims to grow its share in the 'all day, individual consumption' occasion and further grow its share of the chained Indian food service industry that is pegged to grow three-fold to Rs 25000 crore within five years, the company said. Starting at Rs 89, the BurgerPizza range is available in two vegetarian and two non-vegetarian variants at the 100 plus Domino's Pizza restaurants across India, Jubilant FoodWorks said. The BurgerPizza is also available for ordering on the Domino's online ordering website and the Domino's Pizza mobile app, the company said.
Realty stocks declined. DLF (down 2.42%), Indiabulls Real Estate (down 7.31%), Housing Development and Infrastructure (down 3.61%), D B Realty (down 1.24%), Unitech (down 4.93%), Sobha (down 0.23%), Godrej Properties (down 1.06%), Peninsula Land (down 1.8%) declined. Oberoi Realty (up 1.99%) and Parsvnath Developers (up 0.42%) rose.
Great Eastern Shipping Company rose 1.12% after the company announced that it has signed a contract to buy a medium-range product tanker of about 48,539 deadweight tonnage (dwt). The 2005 Japanese built vessel is expected to join the company's fleet in Q2 September 2016, GE Shipping said. The announcement was made after market hours yesterday, 12 July 2016.
On the macro front, data released by government after market hours yesterday, 12 July 2016, showed that India's industrial production increased 1.2% in May 2016 over May 2015, while snapping 1.35% dip recorded in the previous month. The manufacturing sector production rebounded 0.7%, after two months of decline, contributing to the rise in industrial output in May 2016.
Another data released by government after market hours yesterday, 12 July 2016, showed that inflation based on the consumer price index (CPI) accelerated to 5.77% in June 2016 from 5.76% in May 2016. Increase in food prices was responsible for the acceleration in consumer price inflation. The consumer food price index rose to 7.79% in June 2016 from 7.47% in May 2016. The core CPI inflation fell to 4.39% in June 2016 from 4.49% in May 2016.
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