Key benchmark indices were trading lower in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 7.33 points or 0.03% at 28,057.28. The Nifty 50 index was up 2.25 points or 0.03% at 8,644.80. The Sensex was trading above the psychologically important 28,000 mark. Mixed cues from Asian market spoiled investors' sentiment.
The market breadth indicating the overall health of the market was positive. On BSE, 743 shares rose and 414 shares fell. A total of 44 shares were unchanged. The BSE Mid-Cap index was currently up 0.25%. The BSE Small-Cap index was currently up 0.27%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian shares were mixed today, 17 August 2016, after New York Fed President William Dudley said the Fed could raise interest rates as soon as September, prompting investors to pause after rallies in recent weeks. US stocks eased from record highs yesterday, 16 August 2016, with the S&P 500 losing 0.55% as investors weighed hawkish comments by Federal Reserve officials against sharp gains for oil futures, a weakening dollar and fresh consumer-price data that showed US inflation remains tepid. Dudley said a rate hike in September was possible, while Atlanta Fed President Dennis Lockhart said the US economy is likely strong enough for at least one rate increase before the end of 2016, with two a possibility. Dudley cited evidence of wage gains and a tighter labor market that could boost inflation. Their comments came ahead of an annual meeting of central bankers from around the world in Jackson Hole, Wyoming, next week.
Power generation stocks were mixed. Torrent Power (up 1.29%), JSW Energy (up 0.83%), NTPC (up 0.43%), Reliance Power (up 0.29%) and CESC (up 0.20%), edged higher. Reliance Infrastructure (down 0.06%), Jaiprakash Power Ventures (down 0.19%), GMR Infrastructure (down 0.23%) and Adani Power (down 0.92%), edgd lower.
Tata Power Company was up 0.52%. The company announced after market hours yesterday, 16 August 2016, that its wholly owned subsidiary, Tata Power International (TPIPL), had signed an agreement for sale of its 50% stake in OTP Geothermal, Singapore (OTP) to KS Orka Renewables (KS Orka) in April 2016. TPIPL has now completed the sale of its stake in OTP to KS Orka. OTP, a 50:50 joint venture with Origin Energy, holds a 95% interest in Indonesia's PT Sorik Marapi Geothermal Power (SMGP). SMGP is currently pursuing development of 240 megawatts Sorik Marapi Geothermal Power Project in North Sumatra.
Wipro was up 0.05%. The company announced after market hours yesterday, 16 August 2016, that it has successfully launched its Managed File Transfer as a Service (MFTaaS) platform on Microsoft Azure. The Software as a Service (SaaS) platform will help enterprises in seamless digital integration and cost-effective collaboration with their clients, partners and employees. The Wipro MFTaaS platform has been published on Azure Marketplace. The platform enables customers widen their reach to new markets by seamlessly integrating with their partner ecosystem. It makes use of Microsoft's cognitive capabilities and collaboration workflows to increase productivity and eliminate wastages in business processes.
Hero MotoCorp was up 1.49%. The company said before market hours today, 17 August 2016, that Sunil Kant Munjal's tenure as Joint Managing Director of the company ended on 16 August 2016. He has also resigned from the board of directors of the company with effect from the same date. In addition, the company said it has received a communication from the individual promoters of the company stating that pursuant to the aforesaid realignment, Sunil Kant Munjal will henceforth, not be classified as a promoter of the company. However, Sunil Kant Munjal will continue to hold 32,500 equity shares of the company representing 0.02% of the issued and paid up share capital of the company in his individual capacity. In July this year company had informed regarding realignment of business interests amongst the promoters of the company.
Powered by Capital Market - Live News