Key benchmark indices languished in negative zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 30.10 points or 0.11% at 28,093.34. The Nifty 50 index was currently down 3 points or 0.03% at 8,670.25. The Sensex fell 31.38 points, or 0.11% at the day's low of 28,092.06 in mid-morning trade. The index rose 88.86 points, or 0.32% at the day's high of 28,212.30 at the onset of trading session. The Nifty fell 9.90 points, or 0.11% at the day's low of 8,663.35 in early trade. The index rose 23.35 points, or 0.27% at the day's high of 8,696.60 at the onset of trading session, its highest level since 9 August 2016.
In overseas stock markets, gains in crude oil price failed to boost Asian stocks, with most markets trading in red. US stocks eked out gains yesterday, 18 August 2016, following upbeat earnings and forecast from Wal-Mart and as higher oil lifted energy shares. Crude oil prices rose overnight on weekly data showing decline in US stockpiles. There is also speculation that the Organization of the Petroleum Exporting Countries may cap production to support oil prices.
The market breadth indicating the overall health of the market was strong. On BSE, 1,360 shares rose and 871 shares fell. A total of 162 shares were unchanged. The BSE Mid-Cap index was currently up 0.45%. The BSE Small-Cap index was currently up 0.46%. Both these indices outperformed the Sensex.
Most FMCG shares edged higher. Godrej Consumer Products (up 1.96%), Tata Global Beverages (up 1.19%), Britannia Industries (up 0.86%), Marico (up 0.80%), Bajaj Corp (up 0.41%), Nestle India (up 0.41%), Procter & Gamble Hygiene & Health Care (up 0.16%), Jyothy Laboratories (up 0.04%) and GlaxoSmithKline Consumer Healthcare (up 0.03%), edged higher. Dabur India (down 0.17%), Hindustan Unilever (down 0.17%) and Colgate Palmolive (India) (down 0.53%) edged lower.
Cement shares were in demand. Ambuja Cements (up 1.65%) and ACC (up 0.72%), edged higher.
UltraTech Cement rose 1.72% after the company announced a proposal to issue secured redeemable non-convertible debentures amounting Rs 500 crore on private placement basis. The announcement was made after market hours yesterday, 18 August 2016. The non-convertible debentures (NCDs) have tenure of 10 years and carry coupon of 7.53% per annum. The deemed date of allotment of NCDs is 22 August 2016 and the maturity date is 21 August 2026.
Grasim Industries rose 0.56%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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IT major Tata Consultancy Services (TCS) was down 1.06%. The company after market hours yesterday, 18 August 2016, announced that it was extending its contract with US airline JetBlue and will expand its innovation centre in Pune to support the airline's digital initiatives.
Shipping Corporation of India tumbled 5.93% after net profit dropped 72.6% to Rs 55.91 crore on 23.2% decline in net sales to Rs 825.29 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 18 August 2016.
Transport Corporation of India lost 1.34% after net profit declined 26% to Rs 15.11 crore on 8.3% growth in net sales to Rs 427.42 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 18 August 2016.
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