A bout of volatility was witnessed as key benchmark indices hovered around the flat line in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex was down 4.13 points or 0.02% at 26,294.56. The Nifty 50 index was currently down 9.85 points or 0.12% at 8,101.75. The market breadth indicating the overall health of the market turned negative from positive in morning trade. On BSE, 1,128 shares declined and 830 shares rose. A total of 101 shares were unchanged. The BSE Mid-Cap index was currently down 0.1%. The BSE Small-Cap index was currently off 0.45%. The losses for both these indices were higher than the Sensex's decline in percentage terms.
The Sensex lost 49.39 points or 0.18% at the day's low of 26,249.30 in morning trade. The barometer index rose 151.18 points or 0.57% at the day's high of 26,449.87 in early trade. The Nifty lost 18.85 points or 0.23% at the day's low of 8,092.75 in morning trade. The index rose 39.65 points or 0.48% at the day's high of 8,151.25 in early trade.
In overseas stock markets, Asian stocks edged lower as crude oil prices extended recent slide. Foreign direct investment (FDI) into the Chinese mainland rose 4.2% year on year to reach 666.3 billion yuan (around 98 billion US dollars) in the first ten months of the year, official data showed today, 17 November 2016. In mainland China, the Shanghai Composite was currently down 0.31%. In Hong Kong, the Hang Seng was currently off 0.12%. US stocks closed mostly lower yesterday, 16 November 2016, as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. Philadelphia Federal Reserve President Patrick Harker reportedly said yesterday, 16 November 2016 that he favored raising interest rates and that the US central bank might have to hike more aggressively if the incoming Trump administration enacts a fiscal stimulus. The Fed has said it expects to raise rates gradually.
Telecom stocks edged higher. Idea Cellular (up 0.28%) rose.
Bharti Infratel was up 0.4%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Bharti Airtel rose 0.21% after the company announced the completion of the merger of its subsidiary Airtel Bangladesh with Robi Axiata, a unit ofAxiata Group Berhad. The merger was completed following the fulfilment of the condition precedents to the agreement and filing of the merger order with the registrar of joint stock companies and firms of Bangladesh Court. Post the merger, Axiata will hold 68.7% stake in the combined entity, while Airtel will hold 25%. The remaining 6.3% stake will be held by NTT DoCoMo. The announcement was made after market hours yersterday, 16 November 2016.
The combined entity will be the second largest mobile operator in Bangladesh with approximately 32.2 million customers and will operate under the Robi Axiata brand. It is well positioned to deliver an unparalleled portfolio of innovative mobile and broadband offerings at affordable rates with deep network coverage.
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The joint strengths of Robi and Airtel sets the stage for the company to deliver the widest mobile network coverage across Bangladesh, enhancing its stronghold in the mobile Internet segment as well as consolidating its position as the second largest operator in the country.
Reliance Communications (RCom) was off 0.26%. RCom, through its wholly-owned subsidiary Reliance Globalcom Services Inc, acquired a newly incorporated company named Onyx NewCo LLC (ONL), a Delaware Registered Company, on 15 November 2016. Delaware is a state located in the United States. ONL will be a telecommunications company, which is yet to commence its business operations. The announcement was made after market hours yersterday, 16 November 2016.
Cement stocks edged lower. Shree Cement (down 2.53%), ACC (down 1.04%), Ambuja Cements (down 1.04%) and UltraTech Cement (down 0.05%) declined.
Grasim Industries was up 0.25% Grasim has exposure to cement sector through its holding in UltraTech Cement.
Engineers India gained 0.33% after net profit rose 21.42% to Rs 93.75 crore on 22.6% decline in total income to Rs 394.98 crore in Q2 September 2016 over Q2 September 2015. In a separate announcement, Engineers India said that its board approved 1:1 bonus issue of shares. The announcement was made after market hours yesterday, 16 November 2016.
Indraprastha Gas rose 3.21% after net profit rose 41.87% to Rs 144.18 crore on 1.21% rise in total income to Rs 987.57 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 16 November 2016.
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